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Management of income , expenses and other financial activities of a business are done by accounting system . Accounting system is divided into two parts : Financial accounting system and managerial accounting system .
- Managerial accounting system : It provides information for organization’s operations like decision making , planning and controlling etc . This accounting system is used by internal user . It is based on future emphasis .Segments of the organization such as Product lines, sales territories, divisions, departments, etc. are mostly highlighted by this system .It does not required any prescribed format .It is not necessary to create this type of managerial accounting system .No GAAP boumdation is required.
- Financial accounting system : Financial track of the company is managed time to time .This accounting is used by external user .It is based on historical perspectives .Whole organization is highlighted by this system.Prescribed format is necessary in this system .It is necessary for external reports .Financial accounting system is bounded by GAAP.
Managerial Accounting is the process of analyzing, interpreting and classifying financial information that helps managers to take right decisions at right time. Accounting is the art of recording and analyzing financial information and keeping them safe and secure but the managerial accounting is the process that helps managers to take right financial decisions. Managerial accounting or Management accounting is anxious by the requirements and use of accounting information to decision makers in any organizations. Managerial accounting gives them the basis to make informed business decisions that will allow managers to take right decisions at right time.
The purpose of managerial accounting is to give functional information to the managers in any organization to take right decisions at right time whenever required. Managers can do this via organization, collecting and reporting information that is required in demand by their users. A large quantity of managerial accounting involves assembly information regarding costs meant for scheduling and control decisions. All the managers have to follow planning, controlling and decision making. In planning managers have to do planning of budgeting through managerial context. All this kind of planning has to be done in this manner that a company’s targets are corresponded to all workforces.
Our Financial and Managerial Accounting Assignment help tutors help with topics like roles management accounting systems have in organizations; management accounting system changes; Theoretical and research based knowledge , management accounting , primary contemporary management accounting techniques.
Topics for Managerial Accounting homework help :
- Structure of Profit and Loss Account,Nature of Profit and Loss Account;Expenditure and Expenses;Income;Accrual Basis of Accounting;Structure of Profit and Loss Account;Extraordinary Items; Prior-Period Items; Accounting Standards on Net Profit or Loss for the period, prior period items and changes in Accounting Policies
- Cash Flow Statements,Preparation of Cash Flow Statement;Presentation of Cash Flow Statement: Operating Activities;Investing Activities; Financing Activities;
Foreign Currency Cash Flows; and Analysis;Accounting Standard on Cash Flow Statement , Inventory Valuation,Definition;General Principles;Inventory Costs;Use of Standard Cost Method and Retail Method; Cost Formulas;Net Realizable Value (NRV);
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Tabulation and Analysis of Data,Business Statistics,Receivable Management:Long Term Sources of Finance,Cost and Management Accounting
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