The effectiveness of business comes with the consistency of progress along with all different factors. The aspects of budget variance are also discussed. However, while considering the different non-financial factors; environmental and competitive analysis is also being done in the paper in order to complete form of analysis. It is rightly said that customer satisfaction is assumed as the main factor to which easyJet becomes successful for company that always brings changes, which is based on customers in order to offer the low cost
5. Advise the CFO on securities trading on physical exchanges or over-the-counter market. Base your analysis upon what you know about Jagdambay Exports and discuss why you advise one method over the other. The components of a financial
The paper will calculate the financial ratios of company that will be interpreted with the implications of ratios. Moreover, the paper will describe the indicators of fraudulent reporting. Discussion Purpose of Income Statement It is also called profit and loss statement or income or expense statement. The main purpose of income statement is to indicate managers and investors whether the organisation was cost-effective
Financial Accounting is a field of accounting concerned with a company’s financial transactions. It uses standardized accounting guidelines to record, summarize and present the transactions to mainly external users periodically by means of Financial Statements. Creditors and other lenders like banks and other financial institutions, Government Authorities, Prospective Investors, Customers, Competitors and Regulatory Authorities are some of the External Users who may use these Accounting information for various decision making purposes. Managerial Accounting also referred to as Cost Accounting is a branch of accounting that helps in identifying, analyzing interpreting, preparing and communicating both Financial and Non-Financial information
Working in accounting department means that all accountants are fully responsible for each work they produce and the report they give to their managers that shows the financial statement for each period. Accountants should follow the law and the basics of accounting ethics and their function, to avoid legal and financial trouble and be legally defensible in case the auditor comes to check the accounts that had been entered in the system and check if the accountant are following the ethics procedures and working legally. If the business didn’t hire a professional accountant who collect and presents data in the clearest and most accurate way possible to show it to the government if needed. “My accounts, which I can swear to have kept faithfully, I have, indeed, never got audited, still less accepted, still less paid and settled” (Previts, 1976). These quote show that accountants are honest in following their morals and
In this essay I will explain the requirements to become an accountant, why I choose to study accounting, and the pros and cons of this career. Accounting is a career that requires a skills in finance and mathematics. It offers a competitive salary, benefits, and has a flexible job market. An accountant’s responsibilities are to Examine statements to ensure they are accurate, Ensure that statements and records goes with the laws and regulations of the company, prepare tax returns, Inspect account books and accounting systems to them keep updated, Organize and maintain financial records to Improve small business or large companies sales, budget and come up with best recommendations to improve the business.
Preparing the financial statements is the most important steps in the accounting cycle. Balance sheet, income statement, statement of changes in equity and statement of cash flows will be prepared in order to provide useful financial information to the external users. The income statement or known as profit and loss statement is a report that display the income and expenses of the company during the accounting period. The income statement also served to calculate the net income or loss of a company by deducting the total expenses from the total income and this calculation shows investors and creditors the overall profitability of the company as well as how efficiently the company is at generating profits from total
The main important purpose of the accounting information system is to promote the activity of the enterprise and to form a reliable and real picture of it. In addition, the accounting information system promotes the activity of the enterprise effectively by preparing up-to-date information statements, providing as much information as possible so that the data should be understandable all users not only for the experts(bookkeepers) and tracking liquidity. Nowadays accounting software is a programme which makes accounting work processes easier and faster and which makes it possible to meet the information demand of the management. It also can support the accountants’ work, helping to compile reports by in helping to compile reports by recording and processing the events concerning the
2.1 Conceptual Framework This section elaborates on concepts such as accounting, history of accounting, it roles and function in organization, its components and branches and the concept of Small and medium enterprises was discussed and their adoption of accounting practices. These concepts were examined based on the ideas of experts and scholars in this field. This is to ensure that adequate understanding is gained on these issues. 2.1.1 Concept of Accounting Many times, accounting has been described as the language of business.