Illustrate the general role of accounting
Briefly illustrate the general role of accounting?
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The general role of accounting that is to assist people in making informed business decisions. All forms of accounting, comprising management accounting, are mainly concerned with collecting and analyzing financial information and then communicating this information to such making decisions.
Briefly list out the main users of the accounting information which are related to the business?
What is the various information that a manager need to make a decision?
Write a short note on the main working areas of the Finance department?
Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform
What are the key qualities or characteristics which accounting information should possess?
How have you observed the regulations which affect both your industry and your accounting place?
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
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