0
Add your answer:
Earn +20 pts
What is the relationship between accounting and economics?
Relation between Accounting and Economics. Accounting and economics relates to each other in the way that both of them consider the effective and efficient use of resources, particularly when they are scare, and also maximizing the wealth. However, Accounting is the activity which provide information to the owner of the business firm, effective and efficient use of resources and maximization of the wealth of the owner of the firm, While economics does all the activities for the nation and not for an individual.
What are the steps involved in developing accounting information systems?
The system of collecting and processing transaction data and disseminating financial information to interested parties is known as the accounting information system. It includes each of the steps in the accounting cycle that you have studied in earlier chapters, the documents that provide evidence of the transactions and events, and the records, trial balances, work sheets, and financial statements that result. An accounting information system may be either manual or electronic. To have an efficient and effective accounting information system (hereafter referred to simply as the accounting system), certain basic principles must be followed. These principles are: 1. Cost awareness. The system must be cost effective: the benefits obtained from the information disseminated must outweigh the cost of providing it. For example, the value of each accounting report should be at least equal to the cost of producing it. 2. Useful output. To be useful, information must be understandable, relevant, reliable, timely, and accurate. Designers of accounting systems must consider the needs and knowledge of various users so that the system's output (reports and statements) will be useful to them. For example, sales managers may need weekly reports of sales, and factory supervisors may need daily reports of production. Others with differing responsibilities (such as vice-presidents) may need such reports only monthly or quarterly. 3. Flexibility. The accounting system should be able to accommodate a variety of users and changing information needs. The business environment changes as a result of technological advances, organizational growth, increased competition, government regulation, or changes in accounting principles, when it does, the accounting system should be sufficiently flexible to meet the resulting changes in the demands made upon it. If the accounting system is cost effective, provides useful output, and has the flexibility to meet future needs, it can provide a valuable service and make a major contribution to both individual and organizational goals.
Can organizations be efficient and yet not effective?
Yes, organizations can be efficient, but ineffective. Efficient means that they have little waste. Effective means that they are good at what they do.
What are the advantages and disadvantages of pastel accounting?
The disadvantage of using the pastel accounting software is that it is costly and difficult to run for the non-accountants. The advantage is that it is very efficient and simplifies most of the accounting tasks.
What are the advantage of computerized accounting system?
Faster and efficient in processing of information;Automatic generation of accounting documents like invoices, cheques and statement of account;With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system;More timely information can be produced;No more manual processing of the data- all automatically been posted to the various ledgers/accounts andMany types of useful reports can be generated for management to make decisions
How does cost accounting contribute effective and efficient management of an industrial establishment?
How does cost accounting contribute to the effective and efficient management of and industrial establishment
What is the relationship between accounting and economics?
Relation between Accounting and Economics. Accounting and economics relates to each other in the way that both of them consider the effective and efficient use of resources, particularly when they are scare, and also maximizing the wealth. However, Accounting is the activity which provide information to the owner of the business firm, effective and efficient use of resources and maximization of the wealth of the owner of the firm, While economics does all the activities for the nation and not for an individual.
What is difference between accounting concept and accounting principles and convention?
Accounting concepts are essentially theories. Accounting principles are measures and processes that have proven to be successful when used. Conventions are beliefs within the discipline that help make things efficient.
How will database be efficient and effective to use for a person?
To manage the record of any information
What are the steps involved in developing accounting information systems?
The system of collecting and processing transaction data and disseminating financial information to interested parties is known as the accounting information system. It includes each of the steps in the accounting cycle that you have studied in earlier chapters, the documents that provide evidence of the transactions and events, and the records, trial balances, work sheets, and financial statements that result. An accounting information system may be either manual or electronic. To have an efficient and effective accounting information system (hereafter referred to simply as the accounting system), certain basic principles must be followed. These principles are: 1. Cost awareness. The system must be cost effective: the benefits obtained from the information disseminated must outweigh the cost of providing it. For example, the value of each accounting report should be at least equal to the cost of producing it. 2. Useful output. To be useful, information must be understandable, relevant, reliable, timely, and accurate. Designers of accounting systems must consider the needs and knowledge of various users so that the system's output (reports and statements) will be useful to them. For example, sales managers may need weekly reports of sales, and factory supervisors may need daily reports of production. Others with differing responsibilities (such as vice-presidents) may need such reports only monthly or quarterly. 3. Flexibility. The accounting system should be able to accommodate a variety of users and changing information needs. The business environment changes as a result of technological advances, organizational growth, increased competition, government regulation, or changes in accounting principles, when it does, the accounting system should be sufficiently flexible to meet the resulting changes in the demands made upon it. If the accounting system is cost effective, provides useful output, and has the flexibility to meet future needs, it can provide a valuable service and make a major contribution to both individual and organizational goals.
Why is management important society?
Management is about being effective and efficient thus, society's resources will be utilized and allocated properly if management principles are applied.
What are the principles that make iPhone six so efficient?
There are a few principles that make the iPhone 6 efficient. Some of the principles are size, space, cost and storage.
What is the comparative for efficient?
More efficient and most efficient are the comparative and superlative forms of "efficient".
What is the impact of e-governance in your society?
effective and efficient the transparency of information and communication by means of e-government
Can organizations be efficient and yet not effective?
Yes, organizations can be efficient, but ineffective. Efficient means that they have little waste. Effective means that they are good at what they do.
What are the advantages of supermarket management systems?
it helps to make the supermarket more effective and efficient when holding information about products
How does effective safety and security management systems improve a organization?
computer maintenance is essential for effective and efficient management in an organization computer maintenance is essential for effective and efficient management in an organization computer maintenance is essential for effective and efficient management in an organization
