The Different Functions of Financial Accounting and...

Business requires the appropriation of funds and the analysis of how these funds are and should be used. The primary task of an accountant is to account for all transactions that were done over a period of time for a specific organization and to arrange these facts into financial statements that can be analyzed. The two main types of accounting, financial and managerial accounting are used to evaluate a businesses financial status through financial information that is specific to the audience. Although financial and managerial accounting use similar primary financial statements, the analysis of the documents and the information presented differs tremendously primarily because the financial accounting statements are directed to external†¦show more content†¦According to FASB, â€Å"The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law (Financial accounting standards, 2009).† This means that the amount that is e xpected to be taxed based on the depreciation schedule can be written off as an asset because the amount specified is not owed to the government because the item is depreciating faster than required to pay taxes on. Often times, this will cause income statement effects because the amount of tax liability and deferred tax will differ. For purposes of comparing financial and managerial accounting there is a tremendous effect on the two views. The other financial records are prepared to addresses internal control issues. In every business, the management team is constantly trying to increase the efficiency of their organization. To aid them in creating a plan, managers will request financial statements that are for managerial accounting purposes. Managerial accounting â€Å"is a field that provides economic and financial information for managers and other internal users (Weygandt, Kieso, Kimmel, 2008).† The financial statements that are prepared are concentrated to internal information that will be useful for management decision-making. The role of management is to make wise business decisions, which include planning, controlling, and directing; therefore, the main piece of information necessary to perform these tasks is cost. The financialShow MoreRelatedFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provid es only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who directRead MoreAcc 11410 Words   |  6 Pagesimportant functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services. Double-entry bookkeeping records the economic activities of a business. Accounting includesRead MoreRole Of Managerial And Managerial Accounting1029 Words   |  5 PagesThe role of managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. The current initial purpose of managerial accounting is comparable to its purpose throughout history. Managerial accounting has historically been useful in assisting managers with the information they need to make important decisionsRead MoreManagerial Accounting And The Certified Management1408 Words   |  6 Pages Managerial accounting is used by an organization to ensure informed decisions are made regarding current and future operations. Businessmen and women must have the ability to comprehend financial information provided to properly determine the correct course of action. In the global market of today, an organization’s inability to accurately determine the best course of action can lead to financial ruin for the company. Uninformed decisions by leadership can derail a business’ prospects for successRead MoreManagement Accounting : Financial And Non Financial Information1120 Words   |  5 PagesINTRODUCTION:- Management Accounting refers to the preparation of financial and non-financial information for the use of management of the company. It is also termed as managerial accounting. The information provided by it is helpful in making policies and strategies, budgeting,, forecasting future plans, making comparisons and evaluating performance of the management. The reports produced by management accounting are used by the internal management (managers and employees) of the organization andRead MoreWhy An Ais ( Accounting Information System Is Not Optional But Mandatory1443 Words   |  6 PagesFinancial accounting is the procedure that encompasses the planning of financial reports on the organization for utilization by both inside and outside parties. Clients of these related reports incorporate investors, speculators, lenders, administrators, managers, unions, as well as external government agencies. Conversely, managerial accounting is the procedure of recognizing, measuring, investigati ng, and imparting financial information required by administration and management to plan, arrangeRead MoreFinancial and Managerial Accounting628 Words   |  3 PagesBoth financial and managerial accounting analyze economic data, however the major differences between the two strands include; user groups, information type, regulatory control and reporting frequency (Atrill and McLaney, 2012) User Groups: Financial accounting mostly provides information for external stakeholders such as shareholders, lending institutions, prospective investors and creditors, whereas managerial accounting mostly make available information for internal users such as managers andRead MoreThe Key Role Of Managerial Accounting920 Words   |  4 Pagesfocus of Managerial Accounting is to identify, interpret, measure and communicate both information and data relevant to help the organization pursue and achieve its goals. It is also referred to as Cost Accounting and is used to help managers within a company make decisions. It is different than Financial Accounting which is used predominately by outside sources such as; creditors, stockholders, financial institutions, government agencies and perspective employees. The key role of managerial accountingRead MoreAccounting1024 Words   |  5 PagesProficient-level:   * There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating performance whereas Double-entryRead MoreEthical Issues Of The Managerial Accounting Profession1186 Words   |  5 Pagesissues in the managerial accounting profession discipline. But first the essay will display the nature of the managerial accounting and its working environment, then shed the light over the business ethics attributes and then, the essay will integrate the two parts to show the effects of business ethics in for managerial accountant, to show some guidelines for managerial accountant to follow in terms of business ethics and some bad ethics they must to ignore. Managerial Accounting nature The management

Marxist Criticism Free Essays

Marxist criticism is a type of criticism in which literary works are viewed as the product of work and whose practitioners emphasize the role of class and ideology as they reflect, propagate, and even challenge the prevailing social order. Rather than viewing texts as repositories for hidden meanings, Marxist critics view texts as material products to be understood in broadly historical terms. In short, literary works are viewed as a product of work (and hence of the realm of production and consumption we call economics). We will write a custom essay sample on Marxist Criticism or any similar topic only for you Order Now INTRODUCTION Based on the socialist and dialectical theories of Karl Marx, Marxist criticism views literary works as reflections of the social institutions out of which they are born. According to Marxists, even literature itself is a social institution and has a specific ideological function, based on the background and ideology of the author. In essence, Marxists believe that a work of literature is not a result of divine inspiration or pure artistic endeavor, but that it arises out of the economic and ideological circumstances surrounding its creation. For Marxist critics, works of literature often mirror the creator’s own place in society, and they interpret most texts in relation to their relevance regarding issues of class struggle as depicted in a work of fiction. Although Marx did not write extensively on literature and its place in society, he did detail the relationship between economic determinism and the social superstructure in various texts, including Zur Kritik der Politischen Okonomie (1859), where he stated: â€Å"The mode of production of material life determines altogether the social, political, and intellectual life process. It is not the consciousness of men that determines their being, but on the contrary their social being, that determines their consciousness. † Thus, although he did not expound in detail on the connections between literature and society, it is agreed among most scholars that Marx did view the relationship between literary activity and the economic center of society as an interactive process Marxism says that people in the world are organized into different groups or classes based on their relationship to how things are made. Most people are called â€Å"workers† because they work in factories or offices or farms for money. They belong to the â€Å"working class† (or â€Å"proletariat†). Another group, who are not as big as the working class are â€Å"capitalists†, because they own the factories, land and buildings that the workers have to work in and also own all of the tools the workers have to use. Marx calls Capitalists the â€Å"Ruling Class† because they live off of the work of all the workers. He also says that the Capitalists own the government, army and courts. In Marxist views, Capital is the â€Å"means of production† and money which the Capitalist can invest in different places of business so that they can â€Å"profit† or gain more Capital. How to cite Marxist Criticism, Papers Marxist Criticism Free Essays

Diabetes Chronic Illness Outline free essay sample

Type 1 diabetes is a lifelong (chronic) disease in which there are high levels of sugar (glucose) in the blood. See also: Diabetes Gestational diabetes Type 2 diabetes Causes Type 1 diabetes can occur at any age. However, it is most often diagnosed in children, adolescents, or young adults. Insulin is a hormone produced by special cells, called beta cells, in the pancreas. The pancreas is found behind your stomach. Insulin is needed to move blood sugar (glucose) into cells, where it is stored and later used for energy. In type 1 diabetes, beta cells produce little or no insulin. Without enough insulin, glucose builds up in the bloodstream instead of going into the cells. The body is unable to use this glucose for energy. This leads to the symptoms of type 1 diabetes. The exact cause of type 1 diabetes is unknown. Most likely it is an  autoimmune disorder. An infection or some other trigger causes the body to mistakenly attack the cells in the pancreas that make insulin. We will write a custom essay sample on Diabetes Chronic Illness Outline or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This kind of disorder can be passed down through families. Symptoms These symptoms may be the first signs of type 1 diabetes, or may occur when the blood sugar is high: Being very thirsty Feeling hungry Feeling tired or  fatigued Having blurry eyesight Losing the feeling or feeling tingling in your feet Losing weight without trying Urinating more often For other people, these warning symptoms may be the first signs of type 1 diabetes, or they may happen when the blood sugar is very high (see:  diabetic ketoacidosis): Deep, rapid breathing Dry skin and mouth Flushed face Fruity breath odor Nausea or vomiting, inability to keep down fluids Stomach pain Low blood sugar (hypoglycemia) can develop quickly in people with diabetes who are taking insulin. Symptoms usually appear when the blood sugar level falls below 70 mg/dL. Watch for: Headache Hunger Nervousness Rapid heartbeat (palpitations) Shaking Sweating Weakness Exams and Tests Diabetes is diagnosed with the following blood tests: Fasting blood glucose  level diabetes is diagnosed if it is higher than 126 mg/dL two times Random (nonfasting) blood glucose  level you may have diabetes if it is higher than 200 mg/dL, and you have symptoms such as increased thirst, urination, and fatigue (this must be confirmed with a fasting test) Oral glucose tolerance test   diabetes is diagnosed if the glucose level is higher than 200 mg/dL after 2 hours Hemoglobin A1c test Normal: Less than 5. 7% Pre-diabetes: Between 5. 7% and 6. 4% Diabetes: 6. 5% or higher Ketone testing is also sometimes used. The ketone test is done using a  urine sample  or  blood sample. Ketone testing may be done: When the blood sugar is higher than 240 mg/dL During an illness such as pneumonia, heart attack, or stroke When nausea or vomiting occur During pregnancy The following tests or exams will help you and your doctor monitor your diabetes and prevent problems caused by diabetes: Check the skin and bones on your feet and legs. Check to see if your feet are getting numb.