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Drawing from key readings (e.g., Chandler, 1990 Hoskin et al, 2006 Drury, 2012) and your answer in part a) and part b), critical
Finance & Accounting
Pages 4 (1004 words)
(Name) (Instructors’ name) (Course) (Date) c) The use of accounting information by managers may not necessarily lead them toward the best decision The main concern of financial accounting is reporting to the relevant external parties. This includes the owners, creditors and analysts.
The presentation of this information is normally done by a company representative. This mandate normally falls on the manager and he is faced with the task of deciding what ought to be presented and what to withhold. The reporting structure of every company is often standardized and well defined. The methods that are sued in the preparation and the reports that are to be presented are governed by standard rules that are set by the organizations in question. Additionally, the external parties are only presented with the aggregated and summarized data (Chandler, 1990 pg 7). This is in great contrast with organizational managers that need a more detailed report and information. In most cases, the information required can be adopted from familiar formats. The subsequent chapters of the report are dedicated to revealing typical examples of budgets and segment income reports among others. A manager needs to have a fundamental awareness of the processes involved in financial accounting (Hoskin, Macve & Stone, 2006 pg 9). It is also important for them to be aware of the resulting financial statements that are important requirements to understanding the framework used in these distinctive managerial accounting reports. ...
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