Communication of financial position

Mandatory

Investors

Primary audience are external stakeholders Regulators

Financial Accounting Tax authorities

Ex guideline: GAAP, IFRS, IAS

Statement of Financial Position –snapshot of assets, liabilities and financing

Statement of comprehensive income –shows revenues and costs for the period.
Chapter 8
Financial Accounting vs Statement of Cash Flows –cash receipts and payments for period.
Management Accounting Decision making
Productivity The role of accounting Optional
Speed
Information to aid decisions for the future
Error rate
Management Accounting Narrow per segment, product, etc.as needed.
Accessibility Possible module
Cost schedules –list of costs involved in making a unit of each product made.
Ease of alteration
Budgets –shows total planned revenue and costs or cash flows for the coming period
Quality
Variance reports –compares budget to actual results to aid control.
Bulk

Invoicing

Inventory
Computer accounting & database
Sales

Purchases

General ledger
Manual accounting inferior to computers in some areas
Payroll

Cash book

Job costing

NCA register

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