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Rendering services to the customers by Videocon Limited. download of materials from suppliers. Payment of monthly rent to the landlord. An internal event is an economic event that occurs entirely between the internal wings of an enterprise, e. It involves observing activities and selecting those events that are of considered financial character and relate to the organisation. The business transactions and other economic events therefore are evaluated for deciding whether it has to be recorded in books of account.
For example, the value of human resources, changes in managerial policies or appointment of personnel are important but none of these are recorded in books of account. However, when a company makes a sale or download, whether on cash or credit, or pays salary it is recorded in the books of account. Measurement : It means quantification including estimates of business transactions into financial terms by using monetary unit, viz.
If an event cannot be quantified in monetary terms, it is not considered for recording in financial accounts. That is why important items like the appointment of a new managing director, signing of contracts or changes in personnel are not shown in the books of accounts.
Recording : Once the economic events are identified and measured in financial terms, these are recorded in books of account in monetary terms and in a chronological order. Recording is done in a manner that the necessary financial information is summarised as per well-established practice and is made available as and when required.
Communication : The economic events are identified, measured and recorded in order that the pertinent information is generated and communicated in a certain form to management and other internal and external users. The information is regularly communicated through accounting reports. These reports provide information that are useful to a variety of users who have an interest in assessing the financial performance and the position of an enterprise, planning and controlling business activities and making necessary decisions from time to time.
The accounting information system should be designed in such a way that the right information is communicated to the right person at the right time.
Reports can be daily, weekly, monthly, or quarterly, depending upon the needs of the users. Depending upon the size of activities and level of business operation, it can be a sole-proprietory concern, partnership firm, cooperative society, company, local authority, municipal corporation or any other association of persons.
Many users need financial information in order to make important decisions. These users can be divided into two broad categories: internal users and external users. Since the primary function of accounting is to provide useful information for decision-making, it is a means to an end, with the end being the decision that is helped by the availability of accounting information. You will study about the types of accounting information and its users later in this chapter.
Every step in the process of accounting generates information. Generation of information is not an end in itself. It is a means to facilitate the dissemination of information among different user groups.
Such information enables the interested parties to take appropriate decisions. Therefore, dissemination of information is an essential function of accounting.
Test Your Understanding — I Complete the following sentences with appropriate words: a Information in financial reports is based on ………………… transactions.
The role of an accountant in generating accounting information is to observe, screen and recognise events and transactions to measure and process them, and thereby compile reports comprising accounting information that are communicated to the users.
These are then interpreted, decoded and used by management and other user groups. It must be ensured that the information provided is relevant, adequate and reliable for decision-making.
The apparently divergent needs of internal and external users of accounting information have resulted in the development of sub-disciplines within the accounting discipline namely, financial accounting, cost accounting and management accounting refer box 3.
Financial accounting assists keeping a systematic record of financial transactions the preparation and presentation of financial reports in order to arrive at a measure of organisational success and financial soundness. It relates to the past period, serves the stewardship function and is monetary in nature. It is primarily concerned with the provision of financial information to all stakeholders. Cost accounting assists in analysing the expenditure for ascertaining the cost of various products manufactured or services provided by the firm and fixation of prices thereof.
It also helps in controlling the costs and providing necessary costing information to management for decision-making. Management accounting deals with the provision of necessary accounting information to people within the organisation to enable them in decision-making, planning and controlling business operations.
Management accounting draws the relevant information mainly from financial accounting and cost accounting which helps the management in budgeting, assessing profitability, taking pricing decisions, capital expenditure decisions and so on.
Besides, it generates other information quantitative and qualitative, financial and non-financial which relates to the future and is relevant for decision-making in the organisation. Such information includes: sales forecast, cash flows, download requirement, manpower needs, environmental data about effects on air, water, land, natural resources, flora, fauna, human health, social responsibilities, etc.
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