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Essay / Research Paper Abstract
This 6 page paper examined what is meant by the term ‘financial accounting’ and how important it is to businesses to understand the concept and the practice. The paper also considers issues such as how financial accounting can be flexible and the way that the rules and regulations of financial accounting are enforced. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEfaccunting.rtf
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Unformatted sample text from the term paper:
performance. There are a number of different users for the various types of accounts; as such accounting may be divided into two types, financial accounting and management accounting. Management accounting
is to do with the day to day management of the company and is concerned with providing information for internal users, it is financial accounting that is concerned with the
preparation of accounts for external parties, these may be shareholders and potential investors they are also for more official sources, such as the inland revenue and to company with a
variety of regulations that have been put into place to protect the shareholders and ensure market stability. How the subject matter affects modern day business management It is not
only desirable, but also a necessary that business understand the issue of financial accounting, and what it should and should not achieve in order to meet the stakeholder requirements as
well as appreciate what it cannot do. Financial accounting can be typified by the annual accounts and the way in which they
are used to compare year with year and also in terms of benchmarking between companies for performance. Therefore, we can see that the majority of people using these accounts are
not directly involved with the day to day running of the company and as such can understand that the figures are all historical, and may be out of date by
the time they are read. However, it is also possible for management to have some control over these figures wit the accounting policies they choose to adopt, as long as
they are within the required accounting standards that are laid down by the relevant accountancy body. When annual accounts and the role
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