Importance Accounting

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MHC601 Essay Writing
Accounting has been defined by the American Accounting Association Committee as:
“The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information”.
This may be considered as a good definition because of its focus on accounting as an aid to decision making.
Writing an essay on this topic brings an attention on how accounting helps manager in taking effective business decision. It is very important for any organization to take good business decision as to grow business by minimal cost. So, In order to make good decision People and organization need useful information. There is where Accounting plays a ey role. Accounting provides management with data needed to determine whether a business is at a loss or a profit, how much debtors owe, how much a business owes others, and other financial information. Accounting measures business transactions and such can helps managers in the right direction with solid information. Basically accounting is a tool for management to employ to help make sound business decisions on a timely and effectively manner.
Performance Management’s measuring tool, Balance Score is effective in taking business decision through its four perspectives (Financial perspective, Customer Perspective, Internal Perspective and Innovation & Learning perspective)
Performance Management (Briscoe and Claus, 2008): It is the system through which organization set work goals, determine performance standards, assign and evaluate work, provide performance feedback, determine training and development needs and distribute rewards. So, the purpose of performance management is with a aim to improve performance. Overall its purpos...

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...re somewhat identified and applied in discussion.
Key concepts are satisfactorily identified and applied in discussion. Key concepts are well identified and applied in discussion.
Key concepts are strongly identified and applied in discussion.
Sound theoretical base/research to support strategies

(40%) Lacks theoretical support/evidence in discussion.
Poorly supported with limited theories in discussion. Satisfactorily supported with theories in discussion. Well supported with theories in discussion. Strongly supported with theories in discussion.
Critical analysis

(20%) Lacks critical analysis in discussion. Limited critical analysis in discussion. Critical analysis is satisfactory in discussion. Good critical thinking demonstrated in discussion. Strong critical thinking demonstrated in discussion.
Mark range out of 100 0- 49.5 50 - 64 65 -74 75-84 85+

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