Accounting Synoptic - Essay Example

Only on StudentShare

Extract of sample
Accounting Synoptic

The criticisms laid by Beyond Budgeting Round Table are more applicable to non-profit organizations than profit organizations. It is said so because the objectives of non-profit organizations are not specific and often link to multiple activities which necessitates trade off. Non-profit organizations are dominated by professionals and thus are less accessible to control systems and measures. Non-profit organizations incur a huge amount of discretionary fixed cost and the relationship between outputs and inputs are difficult to specify which raises difficulty in ascertaining profit. Non-profit organizations with their rigid rules and guidelines face problems in adapting to the changing policies, regulations and measures. Non-profit organizations use the concepts of traditional budgets to ascertain cost and reduction of cost of activities, but the members are very little concerned to the developments, improvements and benefits which the activities are pursuing or shall pursue. The strict governance under which non-profit organizations operate has made it static, inflexible, not responsive to the changing environment, not focused on the formulation of procedural strategic plans, has lead to increase in discretionary fixed cost and lacks vertical control and supervision. Thus the shortcomings of traditional budget have decreased the value of non-profit organization in the current scenario inspite of creation of value, which have in turn lead to decrease in its significance. ...Show more


The main purpose of this paper "Accounting Synoptic" is to answer some questions related to different types of organizations in the profit perspective (profit and non-profit organizations), budgeting operations aspects and its structure overall…
Author : tamiabraun
Save Your Time for More Important Things
Let us write a custom essay on your topic
"Accounting Synoptic"
with a personal 20% discount.
Find out more

Related Essays

Accounting Companies should be required to use the same accounting method for inventory. That would ensure that there is no exploitation of the customers because of the inventory methods that are been used by companies. The other advantage of that is the fact that there will be uniformity in the reporting of financial statements by the various companies.
3 pages (750 words) Assignment
An introduction to accounting
Without accounting resources cannot be managed effectively."It is irrefutable that any business organization requires the use of accounting. In fact, the use of accounting dates back from the time a business organization is formed.
3 pages (750 words) Essay
ated organization in the private sector for establishing standards of financial accounting and reporting since 1973” (FASB Statements and Standards par. 1). The main aim of the Accounting Standards is to regulate the various accounting practices and policies, with a vision to
1 pages (250 words) Thesis
Application of Financial Statement
All people use accounting statements in their daily life. According to Smith (2009), every time people balance their checkbooks to their bank statement, an aspect of
3 pages (750 words) Term Paper
The difference between opening bank balance and the closing bank balance gives a cash flow statement. Income statement on the other hand is given by the difference between revenues and expense (Gill & Chatton, 1999). A
1 pages (250 words) Essay
Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in equity (20 Marks: 2 marks for each transaction). Problem 2. Transactions
2 pages (500 words) Research Paper
Generally accepted accounting principles (GAAP) follow the accrual basis of accounting as a sound method of reporting income, since it matches income with the relevant costs that produced that income. (Larson & Jensen, 2010) If an organization uses the cash basis
1 pages (250 words) Essay
8). This comprehensive information has been important in cost accounting, permitting accountants to embed function-based costing systems. These new
5 pages (1250 words) Research Paper
They allow the users of the information presented to make financial decisions, which influence the financial health of organizations. 2. While financial accounting is a statutory requirement for organizations, management accounting is
1 pages (250 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email