Accounting Homework Help - ScholarAnswer

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Accounting is the language of business. It is the communicative medium of any commercial organization to explain its financial activity using numbers and values known as statements. These statements are used for running a business internally and by stake holders to monitor the same. Accounting Terminology & Sub-domains Though the basic calculations are essentially the same for all domains of business, trade, commerce and management, the concepts and regulations are not the same Hence different sub-domains of accounting are established for use by different functions or purposes Accountants take up different job roles according to the sub-discipline they choose to pursue Key Definition

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Uses of Accounting and Concerned Domains The use of accounting in various functionalities define the domain and concepts of the same to be applied and are generally categorized as follows We shall discuss the basic features each of these domains and the functions on which they are centered as follows Accounting Terminology & Sub-domains Domain Functions Involved or Areas of Usage The functions involve use in decision making and the internal workings of business organizations Also called Financial Accounting and is used by the firms to convey their plans, achievements and capabilities to stake holders Concerned with businesses operating in more than one country and is associated with macroeconomics Management Accounting Cost Accounting International Accounting

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Management Accounting This domain is also termed as ‘Managerial Accounting’ in some countries. The functions are used by the management of an organization for various operations Features and Functions: Accounting Terminology & Sub-domains The aim of this system is to provide information to different levels within the organization The reports are future oriented since the plans and goals are set for the business in this method Managers are informed of the actual scenario with all the possible threats and weaknesses of the business to analyze ‘Actual Risk’ Though there are standards and procedures set for the reporting, the reports and statements are relatively flexible as it is used within the organization per convenience

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Financial Accounting This domain is also termed as ‘Cost Accounting’ in some countries. The system is used to communicate with the stake holders for investment functions Features and Functions: Accounting Terminology & Sub-domains The products of this method of accounting are called “External Financial Reports” The reports are concerned with the present time line or the recent past performance of the business firm Stake holders such as share buyers, investors and loan providers make decisions based on the reports from this system of accounting The standards are highly regulated and monitored for this branch of accounting since the information provided must be genuine. If it is misleading to stake holders it will cause what is termed as ‘Accounting Scandals’

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International Accounting Many large firms operate in more than one country and hence need to apply the standards of all the countries of operation, thus giving rise to this discipline Both managerial and financial functions are involved in this domain The flow of information to and from different countries assert that all national standards must be adhered to for a legal operation of the firm Reports regarding trade and commerce between countries including imports, exports, mergers, etc; are considered the responsibility of this discipline This discipline is a synergic one, implying the knowledge of globally applicable standards and specific information on the operating nations as well mandatory for the practicing accountants Features and Functions: Accounting Terminology & Sub-domains

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ScholarAnswer , a leading Accounting Homework Help provider presents this information for students looking for Management Accounting Homework H elp Courtesy Information: For similar learning tools on Actuarial Science Homework H elp , Cost Accounting Homework Help and assistance in all 114 academic disciplines, Visit : scholaranswer.com THANKS FOR VIEWING!

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