Accounting Final Common Assessment Paper Essay Example | Topics and Well Written Essays - 1000 words

Accounting closing Common Assessment Paper - Essay ExampleThis is also carried out to ensure that the study provided by the news report function is meaningful and relevant to its users. Every organization does have an explanation function to advert in recording and account of financial information generated from opposite activities of the business. The data processed by the accounting function can be useful to users of this information in many ways. This paper looks at the map of accounting in organizations and its importance in terms of managing a business. Furthermore, it will delve the usefulness of the accounting information generated the accounting function.The importance of accounting function in any organization cannot be ignored. It is considered as an independent function which is responsible for gathering information from disparate business activities and then compiling and publish them in accordance to the insurance coverage standards. The role of accounting has changed over the years. It is not just limited to describe of financial information to external users, but also is responsible for performing various other tasks in any organization. Accountants are involved in planning and implementation of the companys strategies through divers(prenominal) processes.... For example, inventory of a company can be recognized and recorded using four several(predicate) methods such as First In First reveal (FIFO), Last In Last Out (LIFO), Average Cost, and Output Method. It should be noted that different methods of recording inventory will yield different results in the same year, and companies have the choice of selecting a method and reporting their inventory according to the requirements of reporting standards. However, it should also be highlighted that the choice of different accounting methods should be in accordance to the requirements of accounting standards. In the recent years, several frauds surfaced the US corporate sector, which were blamed on the inherent loopholes and too much tractableness in the US GAAP. Since then, efforts between FASB and IASB are being carried to improve the accounting standards and reconcile methods of recording and reporting different elements of a business. One of the core functions of accounting is to collect data from different business segments and process it into a form of information, which is understandable, relevant, and complete. Each business segment performs different activities and produce data which has to be amalgamated by the accounting function of organizations. This information is referred to accounting information that may exist in different forms. Traditionally, this information was only available based on paper based working methods. However, as information technologies have been developed the accounting function has been shifted to computerized systems. These systems allow systematic entry of data and then fashioning this information accessible to accountants wh o then process this data using various tools to generate financial information. In