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    Accounting 2
    Accounting 2
    Accounting 2
    Ebook55 pages32 minutes

    Accounting 2

    By BarCharts, Inc.

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    About this ebook

    Our best-selling Accounting 2 guide has now gotten even better, thanks to the latest up-to-date information added to the original text. The new material within this 3-panel (6 page) guide goes further into the various accounting practices that businesses use to keep financially afloat; mathematical equations, charts, and tables are also included in an easy-to-use format.

    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateNov 30, 2009
    ISBN9781423211891
    Accounting 2

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      Book preview

      Accounting 2 - BarCharts, Inc.

      ACCOUNTING 2

      ACCOUNTING FUNCTIONS

      Accounting helps an organization to achieve its goals and objectivesby gathering, organizing, and communicating information about itsactivities

      Two distinct accounting disciplines: Financial accounting and managerial accounting

      Accounting 2 focus: Managerial accounting

      Financial accounting

      Concerned with the preparation of financial statements for decision makers and stakeholders such as stockholders, suppliers, creditors and banks, employees, government agencies, and customers

      Suppliers provide products and services

      Creditors and banks provide loans, leasing and other services

      Employees provide time and effort

      Governments provide permission to operate, municipal services, regulation, and protection

      Customers provide cash

      Managerial accounting

      Concerned with providing accounting information to managers within organizations, allowing them to manage, make decisions, and perform control functions

      Concerned with providing strategic information, supporting performance management, and risk management

      Strategic management: The management accountant is a strategic partner in the organization

      Performance management: The management accountant is a partner in developing the practice of business decision making and managing the performance of the organization

      Risk management: The management accountant contributes to frameworks and practices for identifying, measuring, managing, and reporting risks to the accomplishment of organizational objectives

      An accounting system uses three types of activities

      Score keeping to accumulate and classify data

      Attention directing to focus on problems and opportunities

      Problem solving to recommend the best course of action

      Accounting system design is guided by themes

      Cost/benefit criteria

      The benefits of information should outweigh the cost to generate and distribute the information

      Weighing costs against benefits is done in all decisions

      Behavioral implications; effects on the manager’s decision making

      Accounting’s position in the organization can be both line and staff

      Line authority: Downward over subordinates

      Staff authority: Downward, laterally, or upward

      Controller:

      Top accounting officer in an organization; measures and reports on operating performance

      Responsible for accounting records, internal controls, preparation of financials, tax returns, and internal reports

      Accountants are expected to adhere to standards of ethical conduct

      American Institute of Certified Public Accountants (AICPA): CPAs must adhere to professional ethical standards (www.aicpa.org)

      Institute of Management Accountants: CMAs must adhere to ethical standards (www.imanet.org)

      Ethical standards of Institute of Management Accountants:

      Competence – maintain

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