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Determining Finacial Variability - Assignment Example
Finance & Accounting
Pages 3 (753 words)
Name: Title: Course: Tutor: Date: Financial Viability Financial management has been a critical study because the involved concepts have implications for not only professional but also personal behavior. The study has also proved rewarding in modern day healthcare and probably even in future, as managers have been hard pressed to consider financial implications in making operational decisions…
Accounting deals with keeping financial records; producing periodic statements, reports and analyses; and disseminating information to managers, investors and other relevant external parties. It is involved with the timeliness, relevance and quality of information output. Accounting could be divided into various components depending on their traits. Financial accounting serves to verify the work of auditors with regard to legal regulations in calculation of income tax and similar legal norms. It ensures that the information given is proved and trustworthy. Managerial accounting is a qualitative type of accounting that examines and depicts economic reality and focuses on incorporation, grouping and analysis of the acquired information to make it usable by executives in making decisions. Inter-organizational accounting, also referred to as cost accounting by Cleverley W., Song and Cleverley, J. (2011) would be inclined to an organization’s phenomena proceeding. Finally, tax accounting operates on income tax law conditions for cost spheres. Therefore, accounting gives a picture of an organization’s economic activities and identifies existing problems giving background data necessary for the decision-making process. ...
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