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Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting: Management Accounting and Finance

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Added on  2020-03-16

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Project Report: Business Accounting and finance Que 3) Introduction to management accounting: Management accounting assists a firm in preparing the final financial reports along with the other financial statement which are helpful for the company to manage the information and figures of the company. Financial Accounting: Financial accounting assists a firm in preparing the final reports related to the financial performance of the company which are helpful for the stakeholders and the company to manage the information and make a better decision about the company.

Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting: Management Accounting and Finance

   Added on 2020-03-16

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Running Head: Business accounting and finance 1Project Report: Business Accounting and finance
Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting: Management Accounting and Finance_1
Business accounting and finance 2Que 3)Introduction to management accounting:Management Accounting:Management accounting assists a firm in preparing the final financial reports along with the other financial statement which are helpful for the company to manage the information and figures of the company. These statements are prepared to identify the trustfulinformation related to the firm that assists the managers to make a better decision about the company. It is required for every company to do the managerial accounting. Financial Accounting:Financial accounting assists a firm in preparing the final reports related to the financial performance of the company which are helpful for the stakeholders and the company to manage the information and make a better decision about the company. These reports assist the managers of the company to make some effectual decisions for the better performance of the company and more investment into the company (Saunders & Cornett, 2014). Importance of integrity:Integrity is a quality which must be hold by every accountant. Integrity defines about the quality of being an honest person and having some strong principles. An accountant knows every single detail about the performance of the company and thus it is required for them to do not share the confidential information with any external body.Problem with accountants:This statement depict that an accountant is never eligible to be the top level management like CEO of the company. I do not agree with this statement as an accountant could also have the characteristics which are required to become a CEO of a firm. According to the Forbes (2017), a person must be educated enough, individual must have awesome personal characteristics and the career path of that individual must be strong in that organization itself. Then it is possible for every accountant to be a CEO. Mark McQuter has
Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting: Management Accounting and Finance_2
Business accounting and finance 3become the CEO of the company, Revolution Bars Group. He is the biggest example which proves that an accountant could also become the CEO of a company (GAA, 2017). Que 4)Ethical issues:Ethical dilemma is a situation where an individual has 2 or more choices in front of him and he or she has to choose one among them which are somehow beneficial for him or her and the firm. In such cases, various personal and societal ethical guidelines could help theindividual to reach over a satisfactory outcome. An accountant could face many cases in which he or she has to face the issue of ethical dilemma such as an accountant could face the problem of societal dilemma. In this situation, there would be two options in front of the accountant one would be in the favour of the society and another one in the benefits of organization. For instance, accountant has to choose in two options one is to improve the performance of the company through making the changes into the final data of the company for the company or in another option, he could present the same performance and position of the company through not making changes into it for the benefit of the society. An accountant could also have to face the problem of personal friendship. In this situation, there would be two options in front of the accountant one would be in the favour of the friend and another one in the benefits of organization. For instance, a debtor of the company is the friend of the accountant. Now he has to choose in two options one is to reduce the level of debt amount of the friend or second option is not to make any changes intothe debt amount (Deegan, 2013). Que 5)Qantas annual report:(Refer to another file)Que 6)Costing:a)Relevant range:
Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting and Finance Que 3) Introduction to Management Accounting: Management Accounting and Finance_3

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