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Economic and financial aspects of business - Essay Example

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Summary
Accounting is the art of recording, classifying and summarizing the financial information of business (business transactions) in a significant manner, and finally the preparation of financial statements and then generating and interpreting its results. As it provides information…
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Economic and financial aspects of business
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Economic and financial aspects of business

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Environmental accounting: - It shows the role played by natural environment in economy. It provides data which shows contribution of natural resources in economy and costs born by economy due to pollution and other environmental factors.
Financial accounting is purely related to the record of daily transactions. In it only those transactions are considered in which money is directly or indirectly involved. It provides information to the present and potential shareholders and stakeholders of a business such as investors, creditors, debtors, suppliers, customers, financial analysts and government agencies, about the financial condition of the business. As it has to serve the information needs of a diversified base of users who have diversified needs, so it presents the financial accounts in a very structured manner and strictly follows certain rules, these rules are called “Generally Accepted Accounting Principles” or GAAP.
Managerial accounting is defined in following words “The process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organizations goals.”[INVESTOPEDIA]
It fulfills the information needs of internal stakeholders of business as managers and employees. It provides useful accounting information to management of organization, to support them in making more educated and informed decisions. It is mostly related with such decisions as continue or shut-down a factory, make or buy decision, drop a product or not etc..
Financial accounting information is generated for the use of external stakeholders of organization such as stockholders, investors, creditors, debtors, suppliers, customers, government agencies, financial analysts and other regulatory bodies.
Managerial accounting system generates information for the internal stakeholders of organization especially for management to support them in effective ...Download file to see next pagesRead More
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