accounting intro

Essay by ghanemUniversity, Master's August 2014

download word file, 5 pages 0.0

Accounting is significant organizational function that the influence all Features of financial and management all fields, financial management's concepts and aspects will confront professionals. As we know, financial management is developed from three concepts the management accounting, corporate finance, and financial accounting.

Atrill & McLaney (2014) in their book "finance and accounting for managers" focus on the management accounting and financial accounting as they are the decision-making pillars for organizations and firms. From the readings, I have noticed that, financial accounting associated with information that describe liabilities, equity and resources within any firm. The role of financial accounting information is to invest and raise the business' funds (Atrill & McLaney, 2014, PP.2; Atrill & McLaney, 2012).

From the stakeholder diversity perspective, the investors anxious about risk-return or risk inherent investments. The information what will help them to deiced if they may buy, sell otherwise hold the shares.

Management accounting allies are accounting information's' interpretation to assist managers handling the business.

Atrill & McLaney (2014a, PP.2; 2012) states that the ultimate purpose of accounting and accountants is to provide the people superior financial information to assist those making better decisions.

From my experience in the manufacturing field, Management Accounting agrees with management's information and budgeting such as comparing sales' volume with production costs, ensuring organizational objectives by controlling the budgets. On the other hand, financial counting agrees with annual reports: cash flow statement, loss and profit accounts, and balance sheet as well as accounting conventions, and to measure liabilities and assets.

The assignment scenario argues the substantiation that accountant information being useful to the stakeholders and the main users, stakeholders as owners, managers, suppliers, lenders, customers, employees, and the list goes on. In my current occupation, Insuwrap co. Producing accounting information more than required info according to costumed regulation, this...