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An accounting system can either be a manual system or a computerised one and both produce similar results when properly applied.
An accounting system is part of the organisation's management information system therefore a good or decent accounting system must be able to produce reports like trial balance, aged debtors and aged creditors. Accounting systems must provide data that should enable the production of management accounts, statutory accounts and must also assist the managers and Accountants in discharging their stewardship roles.
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Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Enumerate various sub - fields of accounting?
enumerate and define the fields of accounting and the sub category
Define book keeping and explain how it differs from accounting?
which is different from accounting,refers to the mechanical aspects off accounting, such as recording,classifying,and summarising transactions.bookkeeping is therefore a part off accounting....
How much does a person working in accounting earn?
define witch country?? and what Post?
Define the three components of the accounting equation?
The accounting equation is as follows: ASSETS = LIABILITIES + EQUITY
Define the purpose of accounting and identify the four basic financial statements?
The purpose of accounting is provide information to the users like investors ,financial institutions and to other clients. The four basic financial statements are balance sheet,income statement,cash flow,statement of retained earning.
Define social responsibility accounting?
Its a new phase to development of accounting and its birth to increase the social awareness. the social effects of business decisions in addition to the economic effects.
Define and distinguish between entries on the books and entries on the workpapers and explain why such an entries on the books and on the workpapers are required in the consolidation process?
what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting?
Why Accounting is a means to an end and not an end in itself?
I think the accounting statement indicates that accounting is merely a tool, or a means, for measuring and determining the state of a business. Accounting is not an end in and of itself. Accounting doesn't define a business' purpose or goal. It's strategy and financing of a business plan that is actually the main purpose.
Define contingent liabilities?
types of liabilities also used in accounting matter in business level accounting. when use this liabilities at money goes outside also get some types of loss but not actual loss of the company's accounting departmental also.
Define management accounting system?
The definition of management accounting system is a system that was designed for a company that provides the information that is necessary for the company to make projections and decisions. It provides accurate and current information.
How does accounting conceptual framework define useful information?
Data whose absence would affect the decision or choice to be made.
