Internal audit, Accounting Basics

Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of accounting progress reflects its changing responsibility in response to the changing business and social requirements. Along with the emergence of management accounting, the focus of accounting has been moving from mere recording of transactions to which of aiding the management in decisions.

Accounting can be perceived like an information system that has its inputs, processing outputs and methods. The value of accounting lies in its capacity to offer information to different stakeholders in business so that they could arrive on the exact decisions.

The top accounting personnel are designated along with various nomenclatures. The practice in this regard differs in various companies. The organizational setting for accounting and finance function may also differ in various organizations, depending on their peculiarities, size and nature of business, structural form and technology. At the helm of affairs is generally the Director of Accounts and Finance who is a member of the Board of Directors. Fle is helped by a General Manager who in turn is assisted through Deputy General Manager's in-charge of different sub-functions as accounts, internal audit, finance and data processing, etc. Each of the sub-functions is additionally sub- divided in activities that are the duty of a subordinate manager.

Posted Date: 4/2/2013 7:03:14 AM | Location : United States







Related Discussions:- Internal audit, Assignment Help, Ask Question on Internal audit, Get Answer, Expert's Help, Internal audit Discussions

Write discussion on Internal audit
Your posts are moderated
Related Questions
Are mailing lists are considered as prepaid or period expens?

A calculate of the wealth is earned by nations by economic activates all around the world. Gross National Income involves the total value of goods and services produced within a

Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =

WHAT IS THE MEANING OF INVENTORY TURNOVER

Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand

How to prepare the worksheet  Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci

If on the opening day of business, you put in supplies worth $250 and $3000 cash, would that be considered a transaction OR would it be considered your beginning balances because

Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays

entry for bad debts provision

Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t