(“Business & the Role of Accounting Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
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(Business & The Role of Accounting Essay Example | Topics and Well Written Essays - 500 Words)
“Business & The Role of Accounting Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.net/miscellaneous/328812-business-the-role-of-accounting.
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This is because all activities and transactions that occur before the balance sheet date must be included in the financial statements. This is required to present fair and true picture of the company’s financial position to the…
The specific tasks and duties of an accountant are detailed herein, based on answers provided by a real-life accountant who has been requested to be a part of this research endeavor. An account of the owners of the business enterprise - as the employer of the account - is also included.
Thus having a small business is not as easy as it seems, it requires proper knowledge and skills to be able to successfully pull it of. Also, added technology is needed for it to reach its full product quality, service efficiency and cost-effectivity.
The total selling price is given by the expression Y*$5= $ 5y…………………………….. (3). Therefore, $ 5y = $3y + $ 200. Factoring out $ we get; 5y = 3y + 200……………………… (4). Bringing like terms together; 5y-3y = 200 This implies; 2y = 200 and, therefore, y= 100 Substituting for y in equation 3 above, we get $ 500.
According to the author, management accounting has failed in the application of qualitative features of management as well as the strategic thinking in management. As a result of the failure of management accounting, strategic management has been introduced in the profession of accounting hoping it will be effective in areas of management.
Traditionally, cost accounting is considered as the technique and process of ascertaining costs of a given thing, In sixties, the definition of cost accounting was modified as the application of costing and cost accounting principles, method and techniques to the science art and practice of cost control and ascertainment of profitability of goods, or services.
Like every other professional field, professional accounting is governed by a set of principles which guide the accountant in the performance of his/her task(s). These principles are inscribed in the context of a code of ethics which rules the behavior of the professional and sets up a code of conduct which regulates behavior in the field.
"Management accounting produces information for managers within an organization. It is the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information that helps managers fulfill organization objectives" " (Horngren, Sundem, & Stratton, 2005, p. 5).
Although marketing and supply chain requires input, it should not add excessive expenditure in the total cost as it might lead to customer suppression in the final product price. To override the cost larger volumes of the commodity should be
it is financially and economically strong to compete with other leading organizations and to makes sure whether it is making the right progress to attain a sustainable position as compared to other companies.
Management accounting has to make note of various objects that are