This report encompasses the differences in accounting responsibilities of a Financial Accountant compared to a Management Accountant, and validates the need for an additional resource in the firm. It specifies the current workload being addressed by the Financial Accountant and…
Download file to see previous pages...
Particularly focusing on the financial monitoring aspect of the company, Creative Ltd. requires additional accounting resources to ensure an optimum level of efficiency and transparency in its financial reporting activities.
Accounting is the monitoring and controlling of all financial transactions that take place, or are liable to take place, and it provides a transparent view of where the company stands financially at any given point in time. However within itself, we can classify it into two major segments (1) Financial, and (2) Managerial. They are discernible as follows:
remains balanced. These activities include recording financial transactions, posting the double entries to general ledger, maintaining and adjusting general ledgers, closing the books and preparing financial statements. Managerial Accounting is more about monitoring financial performance, conducting variance analysis, following through with revised targets. It also encompasses the forecasting of sales, revenues, costs, budgeting activities of the firm etc.
Financial Accountancy is conducted for external stakeholders of the company such as investors, Stockholders, Debt Providers, Regulatory Bodies etc. whereas Managerial Accountancy is executed for decision making within the firm and the information is mostly employed by middle and upper level management of the company.
Financial Accounting is solely based on the past performance of the company, while Managerial Accounting focuses on the current predicaments and the possible future outcomes based on the previous performance of the company. (Diffen Online)
Financial Accountancy requires that the data be completely objective and verifiable, whereas in the case of Managerial Accountancy, the data need not be completely objective or verifiable. This is because financial accountancy is primarily an overview of how the company has performed, thus it must be backed by accurate and concrete figures. However,
...Download file to see next pagesRead More
Cite this document
(“MANAGERIAL FINANCE AND ACCOUNTING Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1569416-managerial-finance-and-accounting
(MANAGERIAL FINANCE AND ACCOUNTING Essay Example | Topics and Well Written Essays - 1250 Words)
“MANAGERIAL FINANCE AND ACCOUNTING Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1569416-managerial-finance-and-accounting.
“The acquisition of Woolworth by Paternoster made ways for a fairly small chain consisting of home development stores, known as B&Q. This was the commencement of decade comprising of chief expansions that led to one of the widest retail conglomerates of Europe.
Introduction “Liturgy is not adapted to culture, but culture to liturgy.” Such was the admonition of Fr. Aidan Kavanagh in his publication, “The Elements of Rite”. His remark also serves as some kind of commentary on the direction that reforms in liturgical forms and arrangements seem to be taking in relation to culture.
The Institute of Management Accountants has defined managerial accounting as “the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of and accountability for its resources” (qtd in Davis & Davis, 3).
However, with an overall gloom and recessionary fears in the market, it is high time that we look into certain important policy matters failing which, it may not be able to restore its previous market leadership
For this purpose, cash budget is prepared by a company since cash budget is an extremely important tool used by financial managers for managing cash.
A cash budget is a schedule that shows cash receipts, cash disbursements, and cash balances
this case the equipment is sold in the same year in which it was purchased, this may imply that no depreciation would be accounted for in the year-end adjustments and thus scrap value could be subtracted from the initial purchasing cost to find the book value. But under IAS 16,
The chain of Comet electrical was bought by the company in 1984 followed by buying stores of Superdrug health and beauty in 1987”. (Kingfisher, 2011)
In the meantime, B&Q was expanding its out of town appearance in order to become the leader of home
Once the management makes good decisions, the future of the business becomes more certain and it also ensures that the profitability of the business is guaranteed (Epstein & Lee, 2004). The role of the management accountants have been changing and advancing
ty. Solely with respect to religion, Title VII also requires reasonable accommodation of employees’ sincerely held religious beliefs, observances, and practices when requested, unless accommodation would impose an undue hardship on business operations. Title VII prohibits
2 Pages(500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic MANAGERIAL FINANCE AND ACCOUNTING for FREE!