Financial Accounting Standards Board. (2008). Facts about FASB. Retrieved on October 17, 2008, from http://www.fasb.org/facts/ Marshall, D. H., McManus, W. W., & Viele, D. F. (2004). Accounting: What the numbers mean (6th ed.).
Birth of the ethics industry. Business Ethics Online, The magazine of corporate responsibility. Retrieved on 8/19/2005, from www.business-ethics.com. Johnson, C. (2005). Pros and cons of accounting rules weighed Sarbanes Oxley - more audits, accountability.
Strategic HR Review, 6(2), 20-23. Retrieved October 2, 2007, from Business Source Premier database. Spiegelman, P. (2006, November). Circle of growth. Leadership Excellence, 23(11), 15-15.
Business requires the appropriation of funds and the analysis of how these funds are and should be used. The primary task of an accountant is to account for all transactions that were done over a period of time for a specific organization and to arrange these facts into financial statements that can be analyzed. The two main types of accounting, financial and managerial accounting are used to evaluate a businesses financial status through financial information that is specific to the audience. Although financial and managerial accounting use similar primary financial statements, the analysis of the documents and the information presented differs tremendously primarily because the financial accounting statements are directed to external users and the managerial accounting statements are directed to internal users. This difference varies the information presented on the financial statements and the analysis that can be surmised from reviewing the documents.
Abstract A largely accepted language is required for a business or organization to effectively communicate its results and position to stakeholders, which is why accounting has come to be known as the "language of business". Accounting is really the means for providing financial information to others. Financial analyst then take the data the accountants have compiled in the form of reports, and make educated guesses at what their company should do next. David ballast (1996) stated, "The fact remains that accounting and finance are the primary tools for reducing business problems and opportunities to a common denominator, setting goals, measuring results, and making decisions." (p. 1) Accounting & Finance Distinguishing between Accounting & Finance Both accounting and finance deal with money and assets; however, they are categorically different concepts.
If one knows how to record transactions, do a trial balance and make adjusting entries it gives the person a better understanding of the information the financial statements contain. The financial statement “summarizes the transaction data into a form that’s useful for decision making (Hornger & Harrison 2007, pg.19). The financial statements are Income statement, Statement of owner’s equity, Balance sheet, and Statement of cash flows. Financial statements are often audited by external auditors. The “Public Company Accounting Oversight Board, over sees the work of auditors of public companies” (Hornger & Harrison 2007, pg.408).
INTRODUCTION The purpose of this document is to describe the nature, purpose and scope of accounting and it deliberately explains the details of each category in accounting. Accounting involves in preparing financial documents of an entity by analyzing, verifying, and reporting this records. It emphasizes its major characteristic role in field of banking and finance, with a mixture of supportive sub topics. Purpose and Scope Main view of this report is to explain how the accounting plays a major role in banking, finance and other sectors of business. To decide this, the following questions are explained as follows: • What is accounting?
Third, accounting provides reports for the tax and regulatory departments of the various levels of government. Accountants also perform many of the same functions for agencies of the government, nonprofit organizations, and other entities. Financial Accounting Large corporations maintain their own internal accounting departments; small firms may hire the services of an outside accountant. In either case, the accountant's principal duty is to gather the figures that relate to such financial matters as profits, losses, costs, tax liabilities, and other debts, and to present them to the firm's management in a form that is logical and readily understood. For publicly traded companies--those which offer stocks and bonds for sale to the public--accountants also prepare regularly published reports of interest to those outside the organization who are concerned with the company's financial condition: investors and potential investors, creditors, and the general public.
 Block, Hirt (2005). Foundations of financial management, Chapter 2 (11th ed). New York: McGraw – Hill.  Peter Elstrom , July 8, 2008 http://www.businessweek.com/magazine/content/02_27/b3790022.htm  “Presentation of Financial Statements", Standard IAS 1, International Accounting Standards Board. http://www.iasplus.com/standard/ias01.htm.
QUESTION 1 Financial Accounting is an accounting system that tries to meet the needs of the various user groups especially for external users. It’s overall purpose is to construct financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Types of financial reports used are Statement of Financial Position, Statement of income and Statement of cash flow. Users of the information are stockholders, government, investors and tax authorities. Management Accounting is an accounting system is used for internal decision making.