--%>

Illustrate the general role of accounting

Briefly illustrate the general role of accounting?

E

Expert

Verified

The general role of accounting that is to assist people in making informed business decisions. All forms of accounting, comprising management accounting, are mainly concerned with collecting and analyzing financial information and then communicating this information to such making decisions.

   Related Questions in Managerial Accounting

  • Q : Position analysis in a business What do

    What do you mean by the term position analysis in a business? Briefly illustrate it.

  • Q : Changing responsibilities of the

    Write a short note on the changing responsibilities of the management accountant?

  • Q : Bonds payable A form of long-term debt

    A form of long-term debt that appears  in the liabilities section of the balance sheet. A company sells bond as a way to borrow large amount of cash. The buyer pays for the bond and receives regular interest payment, annually or semiannually, for the duration of

  • Q : Budgetary accounts Accounts used in

    Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in

  • Q : Rights of each partner The rights of

    The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of

  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

  • Q : What is Service What do you mean by

    What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.

  • Q : Define Employee Stock Ownership

    Employee Stock Ownership: It is a qualified, defined contribution, employee benefit (that is, ERISA) plan designed to invest mainly in the stock of sponsoring employer. ESOPs are "qualified" in the logic that the ESOP's sponsoring company, the selling

  • Q : Industry and your accounting place How

    How have you observed the regulations which affect both your industry and your accounting place?