Accounting 6 28 2010 - In your own words, how would you...

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In your own words, how would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting. Explain why and how you think they benefit. Respond to your classmates’ postings by adding to their definitions of financial accounting. Also, respond to at least one posting that discusses a different user than one you selected. Add to the benefits of accounting for that user or explain how reading your colleagues’ statements has modified your view of that user. Financial accounting Financial accounting is focused on providing accounting reports and analysis to other areas of the business. Financial accountants are responsible for the creation and issuing of the company's financial statements , providing accurate and timely information to management and ensuring that all regulatory reporting requirements are met. In financial accounting, the goal is to consistently provide the valuable, accurate and reliable information. Financial accounting is a way for a company to present a breakdown of information pertinent to the business. Internally, accounting reports offer data to management that should be very reliable and precise. This valuable information can be presented as a means to allow external entities (to creditors, shareholders, and for tax purposes) as the need for information in terms of the company’s performance is required. Management needs to have a handle on the expenses and revenue as when customers purchase products or services, keeping tract of the cash received prevents mistakes. A company’s main objective is to make money and loss could occur if accurate records are not kept. Also, tax authorities require accurate record of expenses and cash received, this is very vital. To me, management benefits
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Accounting 6 28 2010 - In your own words, how would you...

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