Financial and Management Accounting: The Contribution to Effective Business and Management - Essay Example

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Financial and Management Accounting: The Contribution to Effective Business and Management

According to the research 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. Earlier, accounting procedures followed by any business entity followed a traditional approach which gave way to measuring the business performance quantitatively. But now days, any modern business is more concentrated using non-financial measures to measure the business performance and it is the daily routine task of either a public or private financial institution to prepare the business performance report accordingly. Any financial institution has its own financial limitation and thus has to work within that limitation to work for the betterment of the organisation and justify the investor’s investment in the organisation. Thus, the function of Financial and Management accounting system in business organizations lies in effectively managing its financial assets, resources and regulations. ...Show more

Summary

The purpose of this paper is to evaluate and present financial and management accounting; their role in business; importance of financial and management accounting; benefits to business operations and limitations of financial and management accounting…
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