History and development of accounting record
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Accounting and finance for managers MBA CH1
Accounting and finance for managers MBA CH1
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MANAGEMENT ACCOUNTNG DEFINED
Accounting Roles:
Language
of Business
Decision
making tool
Create
accountability and control
As
an Information system
DECISION TOOLKIT
Are the business operations profitable?
Does the business rely mainly on debt or equity to finance its assets?
Does the business generate sufficient cash from operations to fund its investing activities?
Is the company using its assets effectively?
Is the company maintaining an adequate margin between sales and expenses?
Can the company meet its short-term obligations?
Can the company meet its long-term obligations?
MANAGEMENT
ACCOUNTNG DEFINED
Management accounting is the presentation of accounting information in such a way so as to assist management in the creation of policy and in the day-to-day operations of an undertaking.
Management
Accounting
Objectives
To assist the management in promoting efficiency.
To interpret financial statements to enable the management to formulate future plans.
To arrange for the systematic allocation of responsibility for implementation of plans and budgets.
To analyze monetary and non monetary transactions.
To compare the actual performance with plan & identifying deviations and their causes.
To prepare budget covering all functions of business.
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