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Give examples of non financial information that users of accounting information often need?
non financial information in accouting which is used for decision making can explained depending on certain type of industries/companies e.g. non financial information for airline company include
- number of route
- number of passengers
- number of flights per day, week etc
- comments of passengers
etc
What else can I help you with?
What is accounting about?
Accounting is an information science. It is used in collecting, classifying, as well as manipulating financial data for individuals and organizations.
How can forensic accounting be explained?
Forensic accounting is a type of accounting used to investigate financial crimes such as fraud or embezzlement. The information found is often used in legal proceedings and trials.
Why accounting is called the language of business?
Because it communicates financial information, accounting is often called "the language of business." The information that a user of financial information needs depends upon the kinds of of decisions the user makers. The differences in the decisions divide the users of financial information into two broad groups: internal users and external users.
Cost accounting and financial accounting?
Financial accounting refers to the branch that prepared financial reports (known as financial statements) that are for general use. Primarily however, they are prepared for external users (owners, investors, government, suppliers, creditors). The goal of financial accounting is to provide financial statements that follow generally accepted accounting standards or GAAP. Cost accounting is the branch that focuses on manufacturing costs, i.e. direct materials, direct labor, and factory overhead. It is often considered part of management accounting, the branch that provides information for internal purposes and focuses on helping management make decisions instead of strictly complying with GAAP. Cost accounting deals with manufacturing concerns.
What is Financial information?
The financial information system enables you to run evaluations for the general ledger, accounts receivable, and Accounts Payable. The Financial Accounting application component is the primary database of the financial information system. This application is a central data pool that collects all accounting data from within an organization. The function of the financial information system is to evaluate this extensive database online and display the information on the screen in an easy-to-read form. Within the accounts receivable and payable information systems, you can analyze individual operational areas as often as you require. You can evaluate, among other things, payment history, cash discount history, currency exposure among customers and vendors, or aging reports.
Why is accounting the language pf business?
Accounting is often referred to as the language of business because it provides a standardized framework for communicating financial information. It translates complex financial data into understandable reports, enabling stakeholders—such as investors, management, and regulators—to make informed decisions. By documenting and analyzing a company's financial performance and position, accounting helps convey the economic health and potential of a business. Ultimately, it facilitates transparency and accountability, which are crucial for effective business operations.
Who is a sub-accounting officer?
A sub-accounting officer is a financial professional responsible for managing specific aspects of accounting within an organization, typically under the supervision of a senior accounting officer or manager. Their duties may include maintaining financial records, processing transactions, and preparing reports for specific departments or projects. This role often involves ensuring compliance with financial regulations and supporting the overall financial management of the organization. Sub-accounting officers play a crucial role in contributing to the accuracy and efficiency of financial operations.
What is financial information system?
The financial information system enables you to run evaluations for the general ledger, accounts receivable, and accounts payable. The Financial Accounting application component is the primary database of the financial information system. This application is a central data pool that collects all accounting data from within an organization. The function of the financial information system is to evaluate this extensive database online and display the information on the screen in an easy-to-read form. Within the accounts receivable and payable information systems, you can analyze individual operational areas as often as you require. You can evaluate, among other things, payment history, cash discount history, currency exposure among customers and vendors, or aging reports.
The statutory and regulatory framework for accounting profession of Nigeria?
Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.
What are the occupation for a CPA?
A Certified Public Accountant (CPA) can engage in various occupations, including auditing, tax preparation, consulting, and financial planning. They often work in public accounting firms, corporate finance departments, or as independent practitioners. CPAs may also specialize in areas such as forensic accounting, management accounting, or accounting information systems. Additionally, they can hold roles in regulatory agencies, non-profits, or academia, leveraging their expertise in financial reporting and compliance.
Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though in theory this may be a violation of the accounting concept of?
Consistency
What is Principal of account's about?
The Principal of Accounts refers to the foundational concepts and principles governing accounting practices. It includes the recognition of financial transactions, measurement of economic events, and the presentation of financial statements. Key principles often encompass the accrual basis of accounting, the matching concept, and the consistency principle, which ensure that financial information is accurate, reliable, and comparable over time. Understanding these principles is essential for effective financial reporting and decision-making.
