Question

1)Why is it important for an accountant to understand their business and industry as well as managements informational needs in addition to knowing how to generate financial statements?

Note: You may use S&S as the context while answering this question. However, please present your own examples.

2) You are likely using various forms of social media (e.g., Twitter, Facebook). Please explore the idea of how would this non-financial information external to the company be of use? What other nonfinancial information would be useful? Could you think of financial information that is external to the organization that might be useful to management as well?

Answer 1

Answer:

Data is handled information, insignificant information can't be named as Information.In a similar route Collection of information can't be named as data, correspondingly gathering of data isn't learning.

Data is the need of great importance in each business. Each business can defeat any trouble in the event that it has the applicable data previously hand with them.In the bookkeeping business the equivalent can apply in different zones, for instance if the consumption is an income use or a capital use the bookkeeper can turn out badly by underwriting the costs as opposed to guaranteeing it as the income use or the other way around.

The bookkeeper is an information capable individual as he has the learning to process the information of exchanges into diary record and monetary record for example fiscal reports, also in the event that he has an extra data over exchanges as for the business it is an additional preferred standpoint to set up extra information examination like the proportion investigation and other industry aggressive investigation all together also get ready spending plans for the future periods.

A appropriate arrangement must be readied and a stream of the business must be according to the principles set up by the bookkeeper and the executives in an arranged stage for the smoother working of the business.

The essential goal of data is to Inform, Evaluate, Persuade and Organize, As examined about data if has the different characteristics of:

Accessibility of Current and Updated data at the critical moment.

Data ought to have a reason or target at the time its exchanged and ought to be moved in an effectively justifiable mode.

Recurrence of data can likewise influence the idea of yield.

Quality/Correctness of data.

Straightforwardness in Information likewise helps in basic leadership.

Estimation of Information = estimation of progress in basic leadership - cost of such data

Non Financial Information dependent on the extent of the organization can comprise of

Feeling of the organization by individuals for example Altruism.

Survey on fulfillment about different items that organization manages i.e.Quality Satisfaction.

Commitment to Society and CSR exercises.

Inconsistency on products and ventures given by the organization.

Therefore non money related data if fulfills qualities of data can be useful to the bookkeeper to make further investigation of the feeling of the organization in the market which isn't accessible somewhere else. The generosity of such esteem is valuable in setting up targets.

Like the organization gets ready spending plans, proportions, models and targets numerous financial specialists additionally set up an investigation of the organization like the pattern between the offer cost of the organization over a given time frame and examination with different contenders just as providers and related organizations in that segment.

This data is exceptionally useful to the speculators and friends can pick up a superior comprehension of the speculators purpose of view.However, it isn't feasible for the organization to access the data of the speculators just as their basic leadership learning.