Question

Provide an example of the different types of activities that would be performed by a management accountant and a financial accountant for a large public company listed on the ASX. (5) marks.

Answer 1

Solution:

The primary task of accountants, which extends to all the others, is to prepare and examine financial records. They make sure that records are accurate and that taxes are paid properly and on time. Accountants and auditors perform overviews of the financial operations of a business in order to help it run efficiently. They also provide the same services to individuals, helping them create plans of action for improved financial well-being.

On the job, both accountants:

1.Preparation of financial statements and Examine statements to ensure accuracy.

2. Ensure that statements and records comply with laws and regulations

3. Compute taxes owed, prepare tax returns, ensure prompt payment

4. Inspect account books and accounting systems to keep up to date

5. Organize and maintain financial records

6. Improve businesses efficiency where money is concerned

7. Make best-practices recommendations to management

8.Suggest ways to reduce costs, enhance revenues and improve profits

9. Provide auditing services for businesses and individuals

10. Supervising a team of accounting technicians

11. Developing and managing financial systems/policies

12. Negotiating and obtaining finance for major projects

13. Controlling and forecasting income and expenditure

14. Creating business strategies to generate shareholder value.