Homework Solution to Managerial Accounting
Uploaded by Janifar310 on Jun 12, 2013
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Accounting can be defined as systematic process of recording, reporting, and analysis of financial statements and business transactions. Accounting can also be defined as the process, which includes the recording, summarizing and analysis of the financial transactions related to the business operations, which are in monetary terms. Accounting is the term, which can be described as the record and summary of financial and business information. Accounting is like the life blood of any business. It records all the transactions related to business, which are in monetary terms. It helps in recording all the business activities in a systematic manner and provides historical business transactions, which help to calculate all the profits and business related expenses.
Accounting is the process, which includes the identification of the economic activities, and the measurement of the monetary transactions related to business. It is also a communication process of the activities relating business to outsiders. Using the financial information, the investors and the external public analyze the growth and progress of business activities.
The services, which we provide related to accounting, include the solutions to many accounting related numerical problems, company analysis, evaluation of several accounting terms and problems. Accounting is the most basic framework of business. An accounting education is important because it can be applied in all job specialties. In the business world, accounting is one discipline of study that all people, regardless of job position, should have some knowledge of. Its concepts can be applied to all job specialties, its importance have been promoted in recent years, and it is useful in people’s everyday lives.
Secretaries must use accounting skills to manage the company check book and orders, auditors have to study financial statements to evaluate the accuracy and integrity of the business, and executives need to judge the success of their business using accounting statements from the past and present. These are just a few of the many possible positions where an understanding...