2037 words - 8 pagesManagerialaccountingFinancial Accounting - Develops in formationFinancial accounting is external for the outside worldGoal is to publish the financial statementsIncome statementBalance sheetCash flowsAccording to the rulesManagerialaccounting is internal and stays in the companyNo rules!!!Is usually confidentialIPhoneSales = Units x PriceCost? Plastic Research: - SalariesMetal - Equipment + spaceLabor Market studyShipping AdvertisingBattery Legal FeesDutyMr. Young's story: MedtronicAll product sold in Europe went through the DutchVIEW DOCUMENT
2039 words - 8 pagesWhat is the difference between financial accounting and managerialaccounting and who benefits from the information derived for the reports and advice offered by these accountants? Financial accounting is typically used for external oriented groups and results in the development of a balance sheet and financial statements. Managerialaccounting, on the other hand, uses the information in the balance sheet and on the profit and loss statement in a comparative manner to allow the manager to make decisions to better plan, organize, and control the operations of the business. These internal reports consists of financial and non-financial information that includes both historical andVIEW DOCUMENT
2578 words - 10 pages
Final Essay: Accounting 206
Final Essay: ManagerialAccounting versus Financial AccountingHeather SpencerAcc 206Instructor Lisa FoleyMay 17, 2010In this essay I will discuss what management accounting is and what the sources of data are. I will also divulge the differences in these accounting methods. In my learning of accounting principles, I have learned that there is a difference between financial accounting and managerialaccounting. The main difference between the two is that managerial mainly focuses on the business itself and is really a significant role in the business being able to withstand the market and current economyVIEW DOCUMENT
1117 words - 4 pagesManagerial and Financial Accounting � PAGE \* Arabic �1�
Running Head: Managerial and Financial AccountingManagerial and Financial AccountingACC 300�Managerial and Financial AccountingAccounting is a large field of study which can be broken down into many different categories. Managerial and financial accounting is two main areas of the cost accounting system. Many similarities and differences lie between managerial and financial accounting, not only between these categories but also in their rules and regulations, reporting requirements and management information. Accounting is an important factor in theVIEW DOCUMENT
933 words - 4 pagesManagerial and Financial Accounting Paper � PAGE �1�
Running Head: Managerial and Financial AccountingManagerial and Financial Accounting PaperTeam AUniversity of Phoenix-AustinACC/300 Principles of AccountingManagerial and Financial Accounting PaperIn today's corporate world, it is common to find financial statements relating to managerial and financial accounting. The financial statements are critical to both external users of the corporation as well as internal managers within the corporation. The purpose of this paper is to define the differences between managerial and financial accounting, identify theVIEW DOCUMENT
902 words - 4 pagesFinancial statements are a necessity when it comes to businesses. They are used by both internal managers as well as outside users and provide information about the entire company. Managerialaccounting is primarily used by individuals within a company or organization. The main purpose of financial accounting is to prepare financial reports that provide information about an organization's performance to external parties like creditors, investors and tax authorities (Hilton, 2006).There are several key differences between both managerial and financial accounting. The first key difference is in the purpose of each method. For example, managerial accountings' purpose is in decisionVIEW DOCUMENT
742 words - 3 pagesIn today's fast paced world, Ethics have emerged as an integral part of every system. With the growing number of organizations worldwide and fierce competition, every firm wants a larger share of the pie. It is just a matter of time before businesses collapse and financial markets stumble on a worldwide scale. In order to avoid such a catastrophe, today's accountants have been given more challenges to face and higher roles to play within their organizations. Managerial and financial accountants are required to operate with highest ethical standards.ManagerialAccounting is the process of identifying, measuring, analyzing, interpreting and communicating information in order toVIEW DOCUMENT
915 words - 4 pagesManagerial and financial accounting are two very different types of accounting. They differ so much, that many schools offer separate classes on both. The uses and users of both types of accounting vary as much as the information provided by each. In this paper, the differences between managerial and financial accounting will be discussed. The users and decisions that are able to be made with both will also be discussed.ManagerialVIEW DOCUMENT
760 words - 3 pagesBoth Managerial and financial accounting play an important role within Today's business companies. Understanding the difference and similarities of managerial and financial accounting will strengthen a company as a whole. Though, managerial and financial accountings seem to contain similar information; managerialaccounting provides information that financial accounting does not. Managerialaccounting is the progression of identifying, measuring, analyzing, interpreting, and communicating information for the progression of a company's success (Phillip, Libby, Libby, 2006). Information that managerialaccounting includes are financial and non financial data that are related to productsVIEW DOCUMENT
992 words - 4 pagesFinancial and Managerialaccounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerialaccounting is concern with providing information that deals with the internal viability of the organization and isVIEW DOCUMENT
605 words - 2 pagesThere are two broad categories in accounting, financial accounting and managerialaccounting. They differ in the type of user of the information presented. Financial accounting is concerned with preparing financial statements for external decision makers, such as stockholders and creditors. Managerialaccounting presents information for internal decision making my managers.Financial accounting involves record keeping. A major objective is the preparation of financial statements. These statements include the balance sheet, statement of cash flows, income statement, and change in owner's equity (Introduction to financial accounts, 2005). This information will help external usersVIEW DOCUMENT
873 words - 3 pagesIntroductionManagement has been described as the process whereby resources are combined into an integrated system to accomplish the objectives of the system. In most organizations, management, at its many levels, plans and sets goal and objectives and strives to ensure that they are met. ManagerialAccounting is considered to be the backbone to a business's operation. It's the spreadsheets that show not only the numbers for the financial accounting reports but it also shows everything from scheduling to toilet paper inventory. Financial Accounting provides the hard facts delivered by numbersVIEW DOCUMENT
2668 words - 11 pagesManagerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems.
The Definition of ManagerialAccountingManagerialaccounting which is a synonym for management accounting refers to the provisionVIEW DOCUMENT
3430 words - 14 pagesA day doesn't go by without ManagerialAccounting in our capitalistic world we call, America. Whether we recognize it or not it's in our lives everywhere we turn. It can be seen in the company you work at to the fast-food chain you buy breakfast. ManagerialAccounting is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization's goals.An organization needs resources and people to carry out the activities. The management team of the organization must achieve the goals with the resources, people andVIEW DOCUMENT
1610 words - 6 pagesManagerialAccounting, Applied to Successful Project Management Accounting Practices
1.1 Introduction to ManagerialAccounting in Project Work Environments
This paper provides research and pertinent ManagerialAccounting strategies that support the overall financial goals of project management professionals within the context of project management work environments. Many industries rely on project management as an important part of a successful business strategy. Project managers are under extreme pressure to plan and respond effectively within the context of a fast-paced project environment where the budget has the potential of changing multiple times. Within this context, it isVIEW DOCUMENT
2912 words - 12 pagesFinancial and ManagerialAccounting: What's The Difference?
Whether it is a sole proprietorship, partnership, corporation, or a limited liability company, all businesses survive on the buying/selling of goods and services for cash or credit. They may buy land and build office complexes, stores, or factories. They may buy supplies, equipment, merchandise to sell, and/or the raw materials required to manufacture goods. They hire employees, pay salaries and benefits. All of these "business" activities need to be measured, analyzed, and recorded. Accounting is the set of procedures usedVIEW DOCUMENT
1099 words - 4 pagesManagerialaccounting comprises all the financial information needed to help managers make educated decisions and do their job duties efficiently. A typical manager’s responsibilities with managerialaccounting include interpreting finance reports and projections and using those to make financial decisions that will affect the company. Since managers have to make routine decisions and finalize reports periodically, it is vital that they are able to conduct healthy decision making processes and are able to come to make quick educated conclusions. While there are plenty of decision making models to utilize with business situations, when it comes to making maximizing decisions the best oneVIEW DOCUMENT
1301 words - 5 pagesManagerialAccounting: John Deere Component Works
John Deere Component Works (JDCW), subdivision of John Deere and Co. was in charged specifically of the manufacturing of tractor component parts. The demand for JDCW’s products had problems due to the collapse of farmland value and commodity prices. Numerous and constant failures in JDCW’s competition for bids, alerted top management to start questioning their current costing methods. As an outcome, the analysis has to be guided to research on the current costing methods with the intention of establishing legitimacy and to help the company in adopting a more appropriate costing system.
Q1. How did the competitive environment changeVIEW DOCUMENT
811 words - 3 pagesIn today's fast paced world, Ethics have emerged as an integral part of every system. With the growing number of organizations worldwide and fierce competition, every firm wants a larger share of the pie. It is just a matter of time before businesses collapse and financial markets stumble on a worldwide scale. In order to avoid such a catastrophe, today's accountants have been given more challenges to face and higher roles to play within their organizations. Managerial and financial accountants are required to operate with highest ethical standards.ManagerialAccounting is the process of identifying, measuring, analyzing, interpreting and communicating information in order toVIEW DOCUMENT
708 words - 3 pagesFinancial AccountingFinancial accounting involves the preparation of a business's financial statements, mainly for users outside the business. These reports are used by owners, potential owners of a business, and by people who have loaned a company money. Some government agencies that regulate business and the stock market require companies to submit financial statements to them. Additionally, stockholders, suppliers, and banks also benefit from the financial reports that are generated. (Horngreen, Stratton, & Sundem, p. 5)ManagerialAccountingManagerialaccounting helps managers plan and control a company's operations. Accountants prepare budgets to expressVIEW DOCUMENT
857 words - 3 pages (2007) is Reporting and Analyzing Receivables. Receivables are "amounts due from individuals and companies that are expected to be collected in cash" (Kimmel, Weygandt, & Kieso, 2007, p. 396). Chapter 9 of Financial and ManagerialAccounting: The Basis for Business Decisions by Williams, Haka, and Bettner (2005) is Plant and Intangible Assets. Plant assets are "longVIEW DOCUMENT
1355 words - 5 pages supports the pricing decision of Seligram, this existing accounting system uses one cost pool system. All overhead allocation only bases on direct labor dollar base. To be specific, all overhead is divided by direct labor dollar in order to get the burden rate, and then to calculate each lot's resulting burden cost. Finally, plus actual labor dollar to get the lot's cost. Each lot's cost as follows:
Burden Rate=Total Burden/Direct Labor=$4,712,982/$3,260,015=144.6%
1087 words - 4 pages
Filip Castelyns Master OM Jonas De Maere 2008-2009 Katrien Dullaert Joke Van der Gucht Rob Van Remoortere
Strategic Management Accounting Oefeningen Hoofdstuk 14
i.o.v. Prof. Weyns
Indirecte kosten Book publishing Print media Broadcasting Multimedia
Financiële kosten - - 6,5$ 3,5$
Oorzaak-gevolg : de kosten van de leningen werden specifiek aangegaan voor deze divisies
Personeelskosten 1500/8000*150= 28,125$ 2500/8000*150=46,875$ 3000/8000x150=56,25$ 1000/8000*150=18,75$
Oorzaak-gevolg : Personeelskosten stijgen als er meer werknemers in dienst worden genomenVIEW DOCUMENT
793 words - 3 pagesThe article that I chose discussed the differences between financial and managerialaccounting, as well as what they do. The article covered the rules and regulations of theses two types of accounting based on the GAAP that were established by the FASB.Financial accounting involvesVIEW DOCUMENT
1329 words - 5 pagesSimply stated, the financial accountant is the number cruncher while the managerial accountant is the analyzer. However, it is not that simple. Most experts are fairly consistent with their definitions of what the financial accounting entails, however, defining managerialaccounting appears to be opinion dependent. As the population of the occupation grows so does the defined responsibilities involved.The general consensus of financial accounting is that it reports past results using historical-cost accounting. Financial accounting is backward-looking and sacrifices decision relevancy for objectivity (Bromwich, 1988, p. 26). According to Answers.com accounting is defined as "theVIEW DOCUMENT
1558 words - 6 pagesIntroduction
The purpose is to explain the similarities and differences between financial and managerialaccounting. Provide examples of managerialaccounting reports that she could see within EEC. This paper will explain both financial and managerial representing Eddison Electronic Company (EEC). They will both have the same usage which is to get ready and examine money related information related to the organization. The motivation behind both of these bookkeeping routines is to furnish the clients with enough data to settle on sound investment choices in regards to the organization. Consequently, both of these bookkeeping techniques will be exceptionally weighty in figuring out theVIEW DOCUMENT
850 words - 3 pages tool for management decision.
Unlike financial accounting, which produces annual reports mainly for external stakeholders, management accounting generates monthly or weekly reports for an organization's internal audiences such as department managers and the chief executive officer. These reports show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics. Also called managerialaccounting. Management accounting is a profession that involves partnering in management decision making, devisingVIEW DOCUMENT
1794 words - 7 pages, “CPA is always an accountant, but not all accountants are CPA.” Hence, there are a number of accountants who never pass the CPA exam and though they can perform a variety of accountancy task, they are not allowed to perform certain tasks that only a CPA can do. Hence, no matter if you are, a certified accountant or not you there will be a place for you in the accounting field. The larger companies will go out and hire a CPA (Certified Public Accountant) in order to maintain some form ethics within the company. However, the small businesses might hire an accountant to perform duties as a managerialaccounting, cost accounting, and financial accounting. Certified Public Accountants handle aVIEW DOCUMENT
980 words - 4 pages do not occur. Accounting is so significant because it summarizes the financial condition of a company, which is done through financial statements. Financial statements also provide insight about whether or not the management of a company is participating in ethical behavior.
Types of Accounting
The two main types of accounting are financial accounting and managerialaccounting. Financial accounting presents information to external users such as creditors, investors, the government and the public. ManagerialAccounting provides information for internal users, such as top management in the form of budgets and forecasts so they can make informed decisions. All of the people that useVIEW DOCUMENT
596 words - 2 pagesMANAGERIAL AND FINANCIAL ACCOUNTING AND THEIRRELEVANCE IN BUSINESSWEEK 1: INTRODUCTION TO MANAGEMENT ACCOUNTINGBYNAME: ISRAEL OHIADATE: 18TH JANUARY 2014.MODULE: MANAGING FINANCEINSTRUCTOR: Albert SalinasINTRODUCTION:Financial decisions are reached based on accounting information. These information are usually of a quantitative nature and helps the manager in an organization to determine when to either increase or decrease the price of a product, take a loan to finance the business, develop a new product or service, decrease or increaseVIEW DOCUMENT
1168 words - 5 pages who don't fully understand financial reporting and accounting systems. You can easily track financial information using accrual accounting, but still report to the government that you are using a cash accounting system. Accrual accounting captures all the information a cash system does, plus more. Therefore, you can still file your compliance (tax) documents using a cash basis accounting system while relying on the accrual system information for managerial decisions.In sum, accrual accounting systems provide significant advantages over cash-based accounting. You can better track income and expenditures to insure projects are on budget and make changes if there are problems. You canVIEW DOCUMENT
1306 words - 5 pages-monetary information which are used to consider the concepts of determining topics such as budgeting, break-even analysis, product costing, profit planning, and costs analysis which is important in decision-making including projections and predictions for planning and control decisions (“ManagerialAccounting Concepts and Principles”).
The objectives of management accounting can be enumerated as follows (Prasad and Sinha, 1990):
1. It provides valuable guidelines for planning future policies and setting company or organization goals.
2. It provides assistance for directing and coordinating business transactions and operations.
3. It provides assistance in the analyzing and interpreting financialVIEW DOCUMENT
576 words - 2 pages financial information for decision making and for accounting information to be of use to the manager, it should be relevant, reliable, comparable, understandable and above all, it should be regarded a material (Atrill & McLaney, 2012, p.16-18).MAJOR DIFFERENCES BETWEEN MANAGERIAL AND FINANCIAL ACCOUNTING:According to (Atrill & McLaney, 2012, pp.32-33), major differences that differentiate management accounting from financial accounting are dependent on the type of groups of people that are intended to direct the information. While the information is directed toVIEW DOCUMENT
842 words - 3 pages on time, profits for the company are decreased which can drastically impact the net income in the income statement. For financial reporting, in order to meet the standards given by generally accepted accounting principles (GAAP), the accrual basis of accounting is the best form of accounting to be used by the companies these days.ReferencesD. E. Van Gieson (1995) "Cash Basis vs. Accrual Basis of Accounting" accessed on 14 February 2007 http://kalama.doe.hawaii.edu/hern95/pt035/Accounting/LEVEL_1INDEPENDENT/CASH-ACR.HTMReichelstein, S. (1998) "Providing Managerial Incentives: Cash Flows versus Accrual Accounting," Working paper, Haas School of Business, University of California, Berkeley. http://citeseer.ist.psu.edu/reichelstein98providing.htmlVIEW DOCUMENT
1157 words - 5 pages time frame). Any costs that where incurred during that period of time that are related to the production of the product (Q-finance, 2012). This applies for industries like drilling and cement work, hospitals and hotels (a per day bed rate).
Operating budget is a plan that is needed to make a business run and help prevent the unexpected dues to the reason of lack of money, inventory, etc. Therefore, an accurate operating budget is helpful in order for a business stay in business. Managerial and cost accounting are measures that are major financial drivers in everyday business and financial decision making that affect the aspect of the business. It is vital to have good cost accountingVIEW DOCUMENT
1474 words - 6 pages receivables are literally received or if the payments are paid (Zarandi, et al., 2013). The accrual accounting method is considered the most favourable for businesses and Zarandi, et al. (2013, p. 245) supports this by summing up their argument that the accrual system is "understandable, reliable, comparable and relevant" and argue that the accrual method has become popular in the UK and the reason is because the information gained from accrual accounting provides a full reflection of the overall impact of 'managerial actions or endeavors on future cash flows than cash flow realizations in any given period.' Hence this clearly shows that the accrual method is more effective as the results fromVIEW DOCUMENT
6097 words - 24 pages potential drivers of both convergence and divergence. We built our argument of "it's a small world of financial and management accounting practices" on the fact that we are continuously encountering evidence of the appearance of similar managerial ideas or system designs in written materials, consultancy activities, executive seminars and most remarkably, in current corporate practices all over the industrialized/ post-industrial world.In our attempt to explain the global trend of homogenization in macrolevel financial and management accounting practices, an issue worthy of special emphasis relates to corporate strategies and strategic positioning (Porter 1996). While the macro-levelVIEW DOCUMENT
1115 words - 4 pages to financial statement users and firm managers” (p. 76). They then narrow the focus to “the joint deployment of traditional accounting processes and computer and telecommunications technology for financial and managerialaccounting purposes” (p. 76). As they also point out, when accounting analysis is done by hand, not only is it time consuming, but “reliability may be questionable” (p. 78, quoting Krippendorf, 2004).
Is a New Accounting Software System Needed?
If data management solutions do not fix the problem, then it begs the question whether a new accounting software system is needed (France, 2013). Ciftci (2010) suggests that the chief financial officer’s choice of accountingVIEW DOCUMENT
816 words - 3 pages, whereas managerialaccounting is prepared for managers inside the organization. This contrast in basic orientation results in a number of major differences between financial and managerialaccounting, even though both financial and managerialaccounting often rely on the underlying financial data. In addition to the difference in who the reports are prepared for, financial and managerialaccounting also differ in their emphasis between the past and the future, in the types of data provided to users, and in several other ways.Financial accounting is on summaries of financial consequences of past activities, while managerialaccounting is emphasis is on decisions affecting the futureVIEW DOCUMENT
3368 words - 13 pagesIntro
In this day and age, it is almost unthinkable to perform accounting functions without the help of information technology (IT). Accounting dates back to 3600 BC when the oldest business event was recorded and there is evidence accounting systems were utilized in ancient Greece, China, and Rome (Knežević, Stanković, & Tepavac, 2012). Managerialaccounting is a relatively new function of accounting and provides information such as capital investment status, payback period, planning and controlling, budget, etc. to internal users and decision makers (Moorthy et. al, 2012). With managerialaccounting having such an integral role in an organization it makes good business sense to integrateVIEW DOCUMENT
1253 words - 5 pages realized that there are many different fields of accounting to look into.There are four different types of accounting: public, management, government and internal. Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. Some public accountants specialize in forensic accounting, investigating and interpreting white collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, such as money laundering by organized criminals. Management accountants, alsoVIEW DOCUMENT
1422 words - 6 pages Board of Examiners of the AICPA, is responsible for preparing the Uniform CPA Examinations and for operating the Advisory Grading Service, both adopted by the boards of accountancy in all fifty states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. The Examination is given twice each year, in May and November, and its duration is 15 ½ hours long. The exam is administered over a two day period within the boundaries of the fifty-four jurisdictions that use the exam. It is given and graded in English only. The exam consists of four sections: Business Law & Professional Responsibilities; Auditing; Accounting & Reporting- Taxation, Managerial, and Governmental andVIEW DOCUMENT
1102 words - 4 pages Group Publishing">Emerald Group Publishing Limited, 9 Editor(s): Ron Sanchez, Aimé Heene ISBN: 0-7623-1170-3Borgida, E. (1989) Social Hypothesis Testing and the Role of Expertise, Personality and Social Psychology Bulletin, Pers Soc Psychol Bull June 1989 vol. 15 no. 2 212-221Bushman, R. M. (1995) Aggregate Performance Measures in Business Unit Manager Compensation: The Role of Intrafirm Interdependencies, Journal of Accounting Research, Vol 33, SupplementBushman, R. M. (2003) What is a Global Manager? Harvard Business ReviewCharters, S. (2008). An exploration of managerial expertise in the VIEW DOCUMENT
998 words - 4 pages Capital Formation. Retrieved March 24, 2006 from http://www.sec.gov/about/whatwedo.shtmlPCAOB (2006). Standards Setting. Retrieved March 24, 2006 from http://www.pcaobus.org/Standards/Standards_Setting.aspxDavid H. Marshall, Wayne W. McManus, Daniel F. Viele. (2003). Accounting:What the Numbers Mean, 6e. [University of Phoenix Custom Edition e-text]. New York. McGraw-Hill. Retrieved February 8, 2006, from University of Phoenix, Resource, ACC-539 Accounting for Managerial Decision Making Course Website: https://ecampus.phoenix.edu/secure/resource/resource.aspVIEW DOCUMENT
1242 words - 5 pages four years you will be acquiring a Bachelor of Science In Accounting. At the University of Albany, this will teach you all about financial accounting, managerialaccounting, marketing, taxation, and accounting information systems (“Bachelor of Science.” 2014). The actual mission statement of the accounting program is “To provide a high-quality learning environment for students, conduct and disseminate research, and positively contribute to our external constituents in the profession and wider community (“Accounting at Albany,” n.d., para. 9).”
After the completion of your Bachelor of Science in Accounting at Albany, one would look to get their Masters of Science in Public Accountancy (AtVIEW DOCUMENT
855 words - 3 pages working in China.
I will also benefit from the multiple track preferences and the diverse course offerings of the program. I plan to choose Financial Reporting & Assurance and ManagerialAccounting & Control tracks because there is also a chance that I will work as a managerial accountant in an organization.
The MPA program designs the internship program which allows me to complete an internship during the spring or the summer semester. I highly value the opportunity of an internship because I will gain a real-life experience of accounting, and I may be able to turn an internship into a full-time job.
Because of my undergraduate experience at Kelley and my experiences in tutoring, I can use theVIEW DOCUMENT
970 words - 4 pagesAccounting is the art of recording, summarizing, reporting, and analyzing financial transactions. Many accountants, produce and analyze financial reports. A good accountant can develop a system that will capture all of the necessary details to make the business successful, weather it is managerial, projection, analysis, financial reporting and tax reports. In any business, doesn’t matter how big or small, financial statements are very crucial if achieving success is your ultimate goal. Accounting can be a really broad topic and this paper will focus more in tax accounting and the requirements tone must need to reach a good job position.
In order to become a tax accountant you need to beVIEW DOCUMENT
1413 words - 6 pages).
Manufacturers employ various system of accounting which requires a timely, relevant and accurate measure of cost, resources consumed in manufacturing their product and managerial decision making. Since the system of accounting used by industries is one of the key things that determine industrial growth and profitability, they must make use of a system of accounting which will enable them determine the volume of sales, cost of product and profitability at any given time (Okoli, 2011). Despite these efforts, most small scale industries in Nigeria still fail mostly because of lack of sound professional principle that is capable of providing information on the activities and decision process ofVIEW DOCUMENT
984 words - 4 pages techniques are usually Accounting or Managerial in their nature. However one of the most important technique is both an Accounting and a Managerial technique and is called "The just in time method".
Just in time manufacturing "was an inventory control approach that was developed by Taiichi Ohno at Toyota Motor Company of Japan. Specifically it requires that "the exact quantity of defect-free raw materials, parts and subassemblies are produced just in time for the next stage of the manufacturing stage" (Ivancevich-Lorenzi-Skinner, p 427). That actually means an inventory is never large and by this wayVIEW DOCUMENT
1050 words - 4 pages the company. In fact, accounting is necessary to every organization for instance offices, schools, hospitals, supermarkets, government agencies because each organization requires a full-fill reports about finished work to analyze and make the plan for future work. For example, a company which is selling milk and butter have to do the accounting for analyzing the sales, profits and debts of the company, and then give the strategies to increase profit, pay the debt, improve the services and attract more customers to buy their products.
Secondly, the accounting system is divided into two categories of tasks which are financial accounting and managerialaccounting. The flow of accounting isVIEW DOCUMENT