Acf 1200 Tri-A-29 2019 Financial Accounting For Mba

ACF1200 TRI-A-29 2019Week 11.2 The role of Accounting People all works of line rely on accounting information to make daily decisions concerning the allegations of scares resources.1.3 Overview with Some Key ConceptsGood financial information can have a positive impact on business as it provides the opportunity to make inform decision making. Introduction to Accounting & Business Decision Making Accounting Process- Identify - Recording- Communicating Entity is a term used to describe a business that is operated independently from owners.Who are the users of accounting information?Internal - owners and management - Use for important decisions External - stakeholders - Each user may have different information needs Financial Accounting General Purpose Financial Statement- Income Statement- Statement of Changes in Equity - Balance Sheet- Statement of Cash FlowsThese reports follow a standard format as they are designed to meet the needs of a wide range of usersInformation contain is highly summarised Aimed at external usersManagement AccountingTo provide information to internal users, such as managers and owners.Information provided is confidential Management report do not have any specific format and can be made at anytimeAimed at internal usersReports look into the future - forecasting Role of AccountingAccounting information is useful- Establish - Operate- Planning -