Financial accounting is one kind of accounting different from the management accounting in the accounting system. As management accounting is for “internal” whereas financial accounting is for “external”. The following is a detailed explanation and analysis of the major objective and role of financial accounting. The purpose of financial accounting is to measure the performance of the entity and therefore provides the financial information to different stakeholders. Stakeholders will have their
Premium Balance sheet Resource allocation Economics
and disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash) to the entity to be useful‚ information must have the fundamental
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
Week 3 Assignment IT/284 Scenario: Bill‚ a project manager from a financial firm‚ calls the computer support hotline and expresses his frustrations with the software he has just purchased from your company. He is a new customer and has little experience with how to use the software. After receiving the call from Bill the project manager I could tell by tone in his voice that he was very frustrated and irritated with his new software purchase. Therefore‚ in order to maintain the relationship
Premium Frustration Resolution
ACKNOWLEDGEMENT I am personally indebted to so many people that a complete acknowledgment would be encyclopedic. My sincere thanks and profound sense of gratitude goes to my respected Chairman‚ Hon’ble. Dr. Jeppiaar‚ M.A.‚ B.L.‚ Ph.D.‚ for all his efforts and administration in educating us in premiere institution. I take this opportunity to thank our Director. Dr. Babu Manoharan‚ M.A.‚ M.B.A.‚ Ph.D. I would like to express my gratitude to our Principal. Dr. Jolly Abraham‚ M.E.‚ M.I.E.‚ Ph.D.‚ and
Premium Stock exchange Stock market Stock
week each for tractors‚ trailers‚ and wheel assembly. However‚ the wheel department can only produce wheels at the rate of 100‚000 a week. The manager plans to use the wheel department to full capacity‚ starting in week 2 of the schedule‚ and order additional wheels from a supplier as needed. Ordered wheels come in sets of 6‚400. The lead time for delivery from the supplier is expected to be two to three weeks. Questions a. How many wheels sets should the manager order? b. When should the wheels sets
Premium Wheel Truck Transport
12. Ratios Inputs RATIOS Items July 1‚ 2005 July 1‚ 2006 June 30‚ 2007 June 30‚ 2008 June 30‚ 2009 June 30‚ 2010 19.1% 3.2% 20.3% 2.6% 17.4% 20.3% 2.9% 18.7% 20.1% 2.9% 19.4% 20.1% 2.9% 18.6% 20.1% 2.8% 16.9% 9.9% 2.2% 8.5% 25.1% 48.5% 10.8% 3.3% 12.3% 36.0% 66.0% 11.3% 3.2% 12.1% 35.4% 62.1% 10.4% 3.7% 13.3% 39.3% 71.5% 9.4% 4.0% 13.4% 38.4% 79.4% 3.78 7.34 13.79 1.23 16.92 13.69 14.11 22.37 3.79
Premium Financial ratios Balance sheet Revenue
a) Five Users of Company Financial Statements There are various internal and external users of company financial statements. Internal users include employees‚ directors and shareholders‚ while external users include the government‚ the public‚ suppliers and creditors. 1. Investors Both current and potential shareholders/investors are the providers of capital in a company. They are interested in information that will help them determine whether to invest in the company. They are comparing different
Premium Tax Finance Investment
business and financial performance of Primark stores limited over the three year period 2007 to 2009. This report highlights more on the operations‚ strategy‚ business and financial performance of Primark stores limited. This is written in comparison to one of its competitors‚ BHS Limited. REASON FOR CHOOSING THIS TOPIC The reason why I have chosen this topic is that‚ as a student accountant‚ business and financial analysis is very important as it will widen my understanding of financial analysis of
Premium Financial ratios Financial statements Revenue
The Information technology industry‚ where nothing is predictable and constant change has become a usual trend‚ is now on its new phase of its evolution stages. According to Richard L. Nolan‚ MBA Class of 1942 Professor of Business Administration: “Information Technology is no longer being used as just a tactical resource‚ it’s now fundamentally influencing business strategy and competition” (http://www.alumni.hbs.edu/bulletin/1997/april/text/theory_text.html 04.02.06). This paper will examine and
Premium Knowledge management Information systems Strategic management
Week 9 Final Assignment: Financial Analysis Korina Mitchell XACC280/Financial Accounting Concepts and Principles July 10‚ 2010 Tonya Brewer The Coca-Cola company has been in business since its inventor began selling it in drug stores in 1886 (The Coca-Cola Company‚ 2009). Pepsi-Cola was invented a short time later in 1898‚ but at the time it was called “Brad’s drink.” It was later renamed Pepsi-Cola in 1902 (Butler‚ 2006). Since those early days when the sodas were invented‚ Coca-Cola
Premium Balance sheet Asset Generally Accepted Accounting Principles