1)You are likely using various forms of social media (e.g., Twitter, Facebook). Please explore the idea...

1)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?

2)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? Please present your own examples.

Please help me out!

Expert Solution

For a better explanation answering has been done on various parts;
1. How would this non-financial information external to the company be of use?

Non-financial information from Social media will help the company in understanding the trend or taste of its prospective customers.

For Example: An apparel company can conduct a survey using the social media for knowing the interest of the youth for a particular product or segment. Hence helps in producing products which suits the best interest and taste of its prospective customers.

1. What other nonfinancial information would be useful?
Survey of own products or its competitors,
Demographic analysis of people using social media,
Advertising its products and services, etc.
1. Could you think of financial information that is external to the organization that might be useful to management as well?

Yes, I think that the financial information that is external to the organization will be useful for the management.

For Example: The management of the company can compare the results of the company with their peers in the industry.

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?

Answer

Accounting varies from industry to industry based on the various business models. Understanding the business and industry helps in proper accounting of the income and expenses.
The expectation of the management with respect to the data requirement helps the accountants to prepare various reports and charts. A listed entity will have more data requirements rather than an unlisted entity.
The level of compliance and regulation in which it operates. If the entity is from a banking industry, the regulation and compliance will be more compared to a fast moving consumer goods company.

Proper market knowledge will help the accountants in advising the management regarding key investment decisions based on the future expected cash flows.

ekkarill92 answered 11 months ago

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