This document provides an overview of accounting as an information system. It discusses how accounting identifies, records, and communicates economic events to interested users. Accounting fulfills this role through the accounting process of recording transactions, preparing financial reports, and communicating information. The summary also notes that accounting information supports various decisions by internal and external users and is governed by standards and regulations to ensure integrity.
Framework For Evaluating Internal Controls Over Financial Reporting In Sovere...icgfmconference
Framework for Evaluating Internal Controls over Financial Reporting in Sovereign Governments This paper develops a proposed framework for evaluating government financial reporting systems. It is based on an international study of financial reporting and their associated internal controls. The framework provides a generic model for evaluating internal controls over financial reporting at three different levels. Sovereign governments publish their financial statements which have far reaching implications. The size and scale of economic activity of sovereign governments means that their financial reports are more susceptible to errors. Their significance has also increased with globalization. The challenge is greater than for private sector accounting because of the lack in uniformity in government accounting. In contrast, most private enterprises produce accounts based on commercial principles and a double entry accounting system. Government accounting ranges from modified cash based systems in most countries to full accrual accounting in New Zealand and a few other countries. We would welcome a debate over our proposed framework.
Accounting for Managers - Brief Overview'Nipun Jain'
The presentation discusses about the basics of accounting required for commerce and management students.
Contents:
Introduction to Accounting
Basic Accounting Terminologies
Generally Accepted Principles (G.A.A.P.)
Approaches to Accounting
Primary Book – Journal
Secondary Book – Ledger
Trial Balance
Sample Question
The presentation includes animations and can be used for display in seminars or lectures as well.
For further details, write to TheNipunJain@gmail.com
Framework For Evaluating Internal Controls Over Financial Reporting In Sovere...icgfmconference
Framework for Evaluating Internal Controls over Financial Reporting in Sovereign Governments This paper develops a proposed framework for evaluating government financial reporting systems. It is based on an international study of financial reporting and their associated internal controls. The framework provides a generic model for evaluating internal controls over financial reporting at three different levels. Sovereign governments publish their financial statements which have far reaching implications. The size and scale of economic activity of sovereign governments means that their financial reports are more susceptible to errors. Their significance has also increased with globalization. The challenge is greater than for private sector accounting because of the lack in uniformity in government accounting. In contrast, most private enterprises produce accounts based on commercial principles and a double entry accounting system. Government accounting ranges from modified cash based systems in most countries to full accrual accounting in New Zealand and a few other countries. We would welcome a debate over our proposed framework.
Accounting for Managers - Brief Overview'Nipun Jain'
The presentation discusses about the basics of accounting required for commerce and management students.
Contents:
Introduction to Accounting
Basic Accounting Terminologies
Generally Accepted Principles (G.A.A.P.)
Approaches to Accounting
Primary Book – Journal
Secondary Book – Ledger
Trial Balance
Sample Question
The presentation includes animations and can be used for display in seminars or lectures as well.
For further details, write to TheNipunJain@gmail.com
Financial accounting is a method by which a company records and reports revenue, expenses, and income for a specific period. We follow strict guidelines to ensure that our financial statements are accurate and comply with statutory, financial, legal and regulatory requirements. The data in these reports helps outsiders perform a comprehensive financial analysis of company operations and allocate resources more effectively to business owners, investors, and creditors.
Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Mahatma Gandhi University provides presentation for " Accounting & Finance" .For more Information about "Accounting & Finance". Visit Online: http://www.mgu.edu.in/
3. Accounting information The accounting process Decision makers Economic activities Actions (decisions) Accounting “links” decision makers with economic activities and with the results of their decisions.
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5. Identification Select economic events (transactions) Recording Record, classify and summarize Prepare accounting reports Analyze and interpret for users Communication ILLUSTRATION 1-1 THE ACCOUNTING PROCESS Accounting Reports SOFTBYTE Annual Report
8. Accounting Systems An accounting system consists of the personnel, procedures, technology, and records used by an organization to develop accounting information and to communicate this information to decision makers.
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11. Components of Internal Control Control Environment Risk Assessment Control Activities Information and Communication Monitoring
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13. ILLUSTRATION 1-3 QUESTIONS ASKED BY EXTERNAL USERS Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? How does the company compare in size and profitability with its competitors? What do we do if they catch us?
14. Objectives of External Financial Reporting Provide information about economic resources, claims to resources, and changes in resources and claims. Provide information useful in assessing amount, timing and uncertainty of future cash flows. Provide information useful in making investment and credit decisions. (Specific) (General)
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16. Characteristics of Externally Reported Information A Means to an End Broader than Financial Statements Historical in Nature Results from Inexact and Approximate Measures Based on General-Purpose Assumption Usefulness Enhanced via Explanation
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18. ILLUSTRATION 1-2 QUESTIONS ASKED BY INTERNAL USERS Is cash sufficient to pay bills? What is the cost of manufacturing each unit of product? Can we afford to give employee pay raises this year? Which product line is the most profitable?
19. Objectives of Management Accounting Information To help achieve goals and missions To help evaluate and reward decision makers
20. Characteristics of Management Accounting Information Timeliness Identify Decision Maker Oriented Toward Future Measures of Efficiency and Effectiveness A Means to an End
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25. ACCOUNTING CAREER LADDER 10+ years 6 to 8 years 2 to 4+ years Entry level Partner Public Accounting Audit Manager Senior Auditor Junior Auditor Private Accounting VP Finance and Chief Financial Officer Corporate Controller Senior Accountant Junior Accountant