What is Accounting and Finance for Managers?

EducationWhat is Accounting and Finance for Managers?


What is Accounting and Finance for Managers?

Accounting and Finance for Managers is the systematic and comprehensive procedure of finding, measuring, processing, categorizing, and recording financial transactions relating to an economic business. It relates to summarizing, analyzing, and recording information that has to be informed to the employees, management, investors, regulators, and other important officials like tax, legal, etc. Finance Management or Accounting is also famous for its business finance or corporate finance.

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Accounting and Finance for managers is a managerial activity that is related to planning, directing, organizing, monitoring, and controlling the monetary part of the company. Accounting also uses financial information mentioned in renowned bodies such as the Generally Accepted Accounting Principle (GAAP), International Financial Reporting Standards (IFRS). The Financial Accounting Standards Board (FASB), the Financial Reporting Council, the Securities and Exchange Commission (SEC), the IRS, and other regulatory groups create accounting standards and needs for the preparation and presentation of accounting.

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Financial Accounting, Management Accounting, Cost Accounting are some of the main categories of financial management. Financial Accounting involves the financial statements and analyzes the financial information to reveal to the external parties such as creditors, analysts, investors, bankers, government agencies among others. Management Accounting focuses on activities that are set for the future in order to achieve the company goals. Cost Accounting is a part of Management accounting for Cost Analysis. Cost Accounting is a process to find and accumulate the cost of a specific product or service.

Accounting and Finance for Managers allow for the right use of fixed assets and the working capital of the company. Financial management also helps the management to make better decisions. The use of money and related resources by the company helps to procure and use the finances efficiently and effectively. The important goal of financial management is to earn maximum profits and create maximum value or wealth for the organization.

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