ACCOUNTING

ACCOUNTING 95

INTRODUCTION

This report has been prepared to justify the need of assistant management accountant in the era of competitive market for Creative Ltd

BRANCHES OF ACOUNTING

There are two main branches of accounting : Financial accounting and Management accounting . Financial accounting records the monetary transactions of the company to make sound economic decisions . The final account made by the company is guided under various accounting bodies such as FASB , IASC , and GAAP . The purpose of financial statements is to assist the users for appraising the stewardship of entity 's

management while making economic decisions (ASB , 1999

Management accounting helps managers to run the organization by providing them essential information to timely decisions . It is also known as Managerial Accounting or Cost Accounting . It is a system that requires collections , classifying and analysis of financial statements that assist managers in the process of controlling and decision-making

Financial and management accounting can be easily distinguished as `External ' and `Internal ' accounting . Management accounting is consists of detailed reports of different departments and product which explains the profitability of every product and services within the enterprise unlike , financial accounting which is a summarized report for the entire organization . Management accounting aims to achieve organizational goal As implied by its name cost accounting consists of direct or standard costing , budgetary control , etc . It requires timeliness of information contrast to , financial accounting which requires precision . Management accounting is not mandatory for the organization but enables them to perform with effectiveness and efficiency

RESPONSIBILTIES OF MANAGEMENT...