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Financial and Management Accounting: The Contribution to Effective Business and Management - Essay Example
Finance & Accounting
Pages 12 (3012 words)
FINANCIAL AND MANAGEMENT ACCOUNTING: THE CONTRIBUTION TO EFFECTIVE BUSINESS AND MANAGEMENT Table of Contents FINANCIAL AND MANAGEMENT ACCOUNTING: THE CONTRIBUTION TO EFFECTIVE BUSINESS AND MANAGEMENT 1 Table of Contents 2 1. Introduction 3 2. Financial Accounting 3 2.1 Role of Financial Accounting in Business 3 3…
Benefits to Business Operations 9 7. Limitations of Financial and Management Accounting 9 8. Conclusion 10 References 12 13 Bibliography 14 1. Introduction Accounting is the process of representing financial information of any business entity in the form of various financial statements which can be used by the stakeholders to help in various decision making process. Accounting can be of two forms, viz. management accounting, used for internal purposes and financial accounting, used for external purposes. Both of these accounting forms play a very critical role in any form of business. All the accounting records serve as an evidence of the occurrence of a particular monetary transaction. A reliable and relevant accounting record helps any government institutions manage its various resources and also the accountability of any business management while taking any decisions is held responsible through correct and proper financial information (Bhimani, 2003, p. 3). Earlier, accounting procedures followed by any business entity followed a traditional approach which gave way to measuring the business performance quantitatively. ...
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