Essay About Cost Accountants Help Management And Financial Accounting

Accounting Essaays
Essay title: Accounting Essaays
Financial Accounting Financial accounting involves the preparation of a businesss financial statements, mainly for users outside the business. These reports are used by owners, potential owners of a business, and by people who have loaned a company money. Some government agencies that regulate business and the stock market require companies to submit financial statements to them. Additionally, stockholders, suppliers, and banks also benefit from the financial reports that are generated. (Horngreen, Stratton, & Sundem, p. 5) Managerial Accounting Managerial accounting helps managers plan and control a companys operations. Accountants prepare budgets to express managements goals in financial terms by identifying, measuring, accumulating, analyzing, interpreting, and communicating information. After a budget has been adopted, performance reports compare actual results with the budget. Cost accountants help management keep track of how much it costs a company to make the product, or provide the service, it sells. (Horngreen, Stratton, & Sundem, p. 5) Rules and Regulations In financial accounting, it is limited by a widely accepted set of rules, standards, and procedures for reporting