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An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts authority. It is in contradistinction to the roles played through production or marketing executives who hold line authority: The responsibility of the accountant is advisory in character. He works by the authority of the main executive. The accounts and or finance departments do not exercise direct authority over line departments. In decentralized structure along with a number of divisions and units, the accounting executive though exercises what is termed as the functional authority over all the accounting staff deployed in differ segments.
There are two facets to the function of the accountant. For the top managers he works like a watchdog and for lower and middle level managers he serves as 'helper'. The watchdog role is generally performed by 'score-keeping' task of accounting and reporting to all levels of management. The 'helper' role is usually performed through the task of directing managers' attention to problems and assisting them in resolving problems. Mutual understanding and rapport among the accountant and the manager, in the tasks of attention-directing and problem-solving can be enhanced if accountant and his staff frequently interact along with the line managers and guide them in matters related with preparation of budgets and control documents along with that they might not be conversant. This will instill confidence among line managers regarding the reliability of reports.
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
is accounting is an art or science
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
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Define Accounting. Briefly explain the accounting concept which guide the accounting at the recording stage?
Profitability refers to a company's ability to obtain profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to
Q. General accepted accounting principles? In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information. A
Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al
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