Accountants prepare financial statements by compiling and analyzing accounting data.
Bookkeeping is the process of recording transactions relating to the business into accounting books
What is the roles of a sales ledger clerk?
To manage customer accounts where goods have been sold on a credit basis
What is the role of a purchase ledger clerk?
To manage accounts where goods have been bought on a credit basis
Accounting , refers to the process of recording, classifying and summarising in monetary terms, the business transactions and events and interpreting the results.
management accounting aims at providing both qualitative and quantitative information to the managers, so as to assist them in decision-making and thus maximising the profit.
What information does financial accounting use?
Past financial transactions
Financial Statements have predefined formats and are prepared in accordance with the requirements of the Companies Acts and International Accounting Standards.
What information does management accounting use?
Current and future trends
Managers often have to make operation decisions in a short period of time in a fluctuating or changing environment, and so management accounting relies heavily on forecasting of markets and identifying trends.
