Finance: 1

Finance: 1

Accounting: Information system
1. Collection, Analysis and Communication of economic information
  1. Information Identification
    1. Information Recording
      1. Information Analysis
        Information Reporting
2. To assist in Decision Making, Planning and Control
  1. - Resource providers, - Customers, - Reviewers (gov't, unions, auditors), -Managers
  2. Uses: Financial performance, efficient use of resources, financial position, long term stability, liquidity for short term survival, compliance, social responsibility
3. Relevant
  1. Reliable
    1. comparable
      1. understanable
        verifiable
        Timely
        cost/benefit
Steps in Planning Process
1. 1. Objectives/ MIssion
  1. 2. Long Term Plans
    1. 3. Short Term Plans
      1. Budget
    2. How the business will aim to meet its objectives
  2. What the business is ultimately trying to achieve
    1. Typical objectives are to maximise sales; profit; revenue, financial survival, financial stability, growth, satisficing, sus. devlpt, wealth enhancement
2. CONTROL
  1. compelling events to conform to the plan
Financial Accounting
1. REPORTS
  1. aggregated detail
  2. regulated / standardised
  3. infrequent
  4. historical focus
  5. monetary focused
  6. objective
  7. P&L
  8. Balance Sheet
  9. Cash Flow
  10. Equity
2. External Use
Management Accounting
1. Internal Use
2. REPORTS
  1. Specific Focus
  2. dissected detail
  3. frequent
  4. Forward looking
  5. monetary & non monetary focused
  6. less objective

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