Business and the Accountant Group Assignment Greenwich Engineering Arti Mistry @00358843 Bilal

Accounting is the methodical and full recording of financial transactions relating to a business, and it also denotes to the procedure of briefing, examining and evaluating these transactions to cross checking agencies and tax collection agencies. Accounting is one of the key purposes for nearly any company. It may be done by an auditor and accountant at small businesses or by substantial finance subdivisions with lots of employee’s at

Managerial accounting provides essential data about the functions within the business. The reports that are provided by the managerial accountants focus on the performance of the business and the business environment. Managerial accounting is manager oriented and managerial accounting focus on the accounting duties of a manager. Managerial accounting is used on a day to day operation providing an analysis of cost and the cost benefits. Managerial accounting function as a source for the business developments and the capital budgeting. The primary concern with managerial accounting is to provide positive outcomes in the business production and the profit.

Firstly the role of accounting is to record business transactions in a systematic way, for instance recording the amount of sales made to customers by John Lewis. This is done by the business to keep the records accurate and updated as well. If bookkeeping is done incorrectly, this will result in the business processing wrong payments or billings. For instance, if John Lewis does not do bookkeeping, the business will end up making payment to wrong suppliers.

Course Overview: A manager needs a general understanding of accounting which is the process of recording, classifying, reporting and interpreting the financial data of an organization. Discussion, case examples and analysis of double-entry bookkeeping techniques lead to a foundation for analysis of basic financial statements. Managerial accounting concepts then provide the analytical tools necessary for day-to-day management of the business enterprise. Ideally, the student will learn how to evaluate current accounting information and how to make the accounting system a better contributor to the management process.

Accounting is a business discipline that allows companies to record, analyze, and retrieve critical financial information that can be used to determine a company 's financial status. Its purpose is to help people understand what is going on financially within an organization provide reports and insights needed to make sound financial decisions.

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

now known or hereafter invented, including photocopying and recording, or any information storage and retrieval system,

The term accounting refers to the process of measuring recording summarizing and analyzing the information recorded in the ledger. This helps the company plan and control the activities of the

19. The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

Main areas involved in management accounting includes costing, Planning, Control, decision making, and performance evaluation. Costing determine how much it is costing to produce, this helps to determine the selling price. Planning involves defining objectives and assessing future cost and revenues.

Accounting and finance are closely related to a certain extent in which both deal with the financial aspects of a company. Accounting and finance work together in creating “a company’s budget or working capital analysis” (Wise-Geek, 2012, p. 1). Accounting involves recording of an organizations operations of a business as well as showing the information in the outline profit and loss accounts, which demonstrates the gain or loss of the organizations throughout the year. In addition, accounting includes provisions of a balance sheet replicating the monetary positions of a business at a specific time period. It should provide clear and precise figures about the proprietary and financial condition in a

Accounting is the heart and soul of executing a successful business. Accounting is used to provide record for all items that are paid and received for a business over any period of time. Within the purpose of accounting lies the need to provide continuity and sustainability within a business, without it a business will not thrive. The information obtained is kept on record, in order to give insight to upper management on data concerning the daily revenue and expenses of that business. This data is needed to not only inform the employees of the business, but also the investing parties of that business as well. Success in business is equated to being accountable of all aspects of revenue and expenses. To

Essence of managerial accounting lies in constant improvement of the effectiveness of both the management planning and control functions. Management accountants play significant roles especially in planning, controlling and maintain coordination with production, marketing and financial functions.

Sustainability is regarded as a goal of any business. The accounting framework, to support sustainability goal is called as the triple bottom line (TBL).It focus on performance of an organization with the interrelated dimensions of profits, people and the planet.

Management accounting is used to provide managers with information, so they can make informed business decisions. The next category is open-book accounting; this is defined as an accounting principle that aims to improve accounting in organizations. Tax-accounting is defined as the accounting needed to comply with jurisdictional tax regulations. In other words, tax-accounting is used to put tax on goods and services. Accounting has revolved into what every company uses today which is the equation of; Assets=Liabilties+Owners Equity. The meaning of this equation is to show companies what they own and what they owe to there creditors and everybody else.