subject: Accounting and Allied Benefits [print this page] Author: vish ks Author: vish ks
The job of a bookkeeper entails the recording of those financial transactions resulting in the transfer of cash or cash's worth products or items. On the other hand, the job of an accountant is comprehensive when viewed in all perspectives. The work comprises classifying, summarizing and presenting accounting related data. This is apart from the analysis of various accounting information. In order to meet the ever increasing demands in the field of accounting, new branches and specialisations have also come into existence boosting a demand for these experts. The main aim of financial accounting is to determine the profit and loss of business operations during a particular period in time. It will also endeavour to state the financial position of the company as on a date at the end of a certain period. Cost accounting relates to finding out the cost of goods manufactured or produced. It also takes care of the services rendered by a firm or company doing business. It lends a helping hand to all kinds of businesses in a way by controlling the unnecessary costs. Their statements will be a good indicator that has the potential to steer clear of losses and unnecessary wastes. Making available relevant information at the most needed time for use by the management is made possible with the help of Management accounting. These reports will help managers to take vital decisions and can prove effective in all sorts of financial control. The objectives and targets of financial accounting can be achieved only if these bookkeepers keep accurate records the financial transactions. This has to be done in a systematic manner and has to adhere to a set of financial principles. By careful classification and analysis of the recorded information, the reports presented in a very clear manner will help businesses ascertain the end results as well as the existing financial position the company enjoys at a particular time of the year. The benefits and uses of accounting are many and varied. It has an important and useful role which includes developing the whole lot of information in a lucid way in order to provide answers to the questions faced by the end users of these kinds of accounting information. One will get answers related to the financial condition of the company and the business. One will get to know if some particular business activity has resulted in a loss, and how well the various parts of the business have performed during the relevant time period. With the help of carefully drawn-out reports, the manager will be able to determine whether production of some of the existing products in the line has to be discontinued or decreased. With the kind of information one has, one will have a clear idea regarding the impact of the existing policies on the different aspects like sales and profitability of the business. Accordingly, the Company may plan for future to ensure getting the desired profits and results. All the doubts will be satisfactorily answered by providing suitable and necessary accounting information.About the Author:
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