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?

please help me out!

Answer 1

solution

1) Information is dealt with data, immaterial data can't be named as Information.In a comparable course Collection of data can't be named as information, correspondingly assembling of information isn't learning.

Information is the need of extraordinary significance in every business. Every business can overcome any inconvenience if it has the appropriate information already hand with them.In the accounting business the comparable can apply in various zones, for example if the utilization is a pay use or a capital utilize the clerk can turn out severely by endorsing the expenses rather than promising it as the salary use or the a different way.

The clerk is a data fit individual as he has the figuring out how to process the data of trades into journal record and money related record for instance financial reports, likewise if he has an additional information over trades concerning the business it is an extra favored viewpoint to set up additional data examination like the extent examination and other industry forceful examination all together likewise prepare spending gets ready for the future time frames.

A fitting course of action must be prepared and a surge of the business must accord the standards set up by the accountant and the administrators in a masterminded stage for the smoother working of the business.

The basic objective of information is to Inform, Evaluate, Persuade and Organize, As analyzed about information if has the diverse attributes of:

Openness of Current and Updated information at the basic minute.

Information should have a reason or focus at the time its traded and should be moved in a successfully legitimate mode.

Repeat of information can similarly impact yield.

Quality/Correctness of information.

2)Straightforwardness in Information similarly helps in essential initiative.

Estimation of Information = estimation of advancement in essential authority - cost of such information

Non Financial Information reliant on the degree of the association can include

Feeling of the association by people for instance Altruism.

Overview on satisfaction about various things that association oversees i.e.Quality Satisfaction.

Responsibility to Society and CSR works out.

Irregularity on items and adventures given by the association.

Hence non cash related information if satisfies characteristics of information can be valuable to the clerk to make further examination of the sentiment of the association in the market which isn't available elsewhere. The liberality of such regard is profitable in setting up targets.

Like the association prepares spending designs, extents, models and focuses on various monetary experts furthermore set up an examination of the association like the example between the offer expense of the association over a given time period and examination with various contenders similarly as suppliers and related associations in that fragment.

This information is incredibly helpful to the examiners and companions can get a predominant cognizance of the theorists motivation behind view.However, it isn't attainable for the association to get to the information of the examiners similarly as their essential administration learning.