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Engineering Management - Essay Example

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Engineering Management

The ledge must always balance at all times. There are basics to know when making cashbook entries. The assets increase with a debit and decreases with credit .The revenues and the liabilities decrease with a debit and increases with a credit. Finally , the expenses are increased with a debit and decreases with a credit. Accounting is always subject to interpretation, opinion and consistency.
The most important topics in this section are role of accounting and finance. The topic will help me appreciate accounting as an important entity in any thriving institution. Financial statements as a topic will help with interpretation of my personal bank statements .Accounting basics and double entry as topics will help management and development of my own personal cashbook for a local business. Journal entries as a topic will help in reconciling cash book statements of my business with the statement as per the bank.
Financial analysis is very important in accounting .It helps in identifying whether the business or the company has made profits or losses. Financial analysis is always done from period to period, when a significant change has been noted or between companies to company. There are various types of financial analysis. These are: current ratios, profitability analysis ratios, activity analysis ratios, capital structure analysis ratios and capital market analysis ratio.
Budget is another function of the managers. The financial analysis and statements helps managers to make financial allocations and plans for oncoming activities that require funding. Budgeting is always done annually and allocated to the respective departments. During budgeting, financial history, assumptions, external factors and flexibility must be put into consideration to make the budgeting process effective.
Financial accounting also helps in planning. Financial planning helps in control of resources, coordination of activities, time management and improved productivity. Budgeting ...Show more

Summary

Accounting is very important in our day to day activities. It helps us in coming up with financial statements, external reports and regulating cash flow in any organization. For the managers,…
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