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Financial and Management Accounting: The Contribution to Effective Business and Management
Finance & Accounting
Pages 12 (3012 words)
Financial and Management Accounting: The Contribution to Effective Business and Management Table of Contents Table of Contents 1 Introduction 2 Financial Accounting 3 Management Accounting 4 Differences between Two Approaches 5 Benefits of Two Approaches 6 Limitations 8 Conclusion 9 Reference 10 Appendices 12 Introduction For efficiently running a business the management of a company should make it sure that the money available to them is utilized at the best manner.
For achieving the goal the accountants make it sure that the accounts are recorded properly and they have to prepare financial statements periodically based on these. The stakeholders of the company i.e. the shareholders, the customers, banks, government, the management of the company are interested in the financial statements. Their future decisions about the company depend on the financial statements which describes the financial condition of the company at a certain date. The shareholder of the company takes decisions about whether or not to invest in the company further; the customers get interested if the company is performing well. The role of the management accountants also depend on those financial statements. They have to plan for the future based on the statements. This paper is an attempt to analyze the role of management and financial accounting and the benefits, limitations of the approaches with the help of some current practices. ...
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