Every business and organization involved in economic activities. Accounting and Financial management is an essential part of any organization to take financial decision. Thus, if you are looking for Accounting and financial management assessment answers, then My Assignment Services is the perfect destination for you.
It involves making and assessing the past financial records and on the other hand financial management comprises of planning to accomplish the various financial objectives of the company. Now, our accounting assignment help experts would talk about the way accounting impacts such assignments.
Role Of Accounting In Accounting And Financial Management Assessment Answers
According to the experts of our accounting writing services, Accounting is an inclusive and orderly process of determining, evaluating, classifying and tracking the financial statements and transactions. It is also used to review and analyse the information that is conveyed to organizational workers such as employees and management team as well as external users such as investors, regulators etc. Thus, such assignments use the Generally Accepted Accounting Principle (GAAP) and International Financial Reporting Standards (IFRS).
In such accounting and financial management assessment answers, accounting is divided into three categories which are as follows-
1. Financial Accounting
The financial accounting prepare financial reports and financial evidence for external users such as administration agencies, stockholders and bank etc. Fiscal statement includes the income statements and balance sheet that denote the fiscal position of the organization.
2. Management Accounting
It includes the reporting of the financial data to internal users such as employees and management team for creating the norms and successively the daily operation of the organization. Management accounting focuses on future activities for accomplishing the organization objectives.
3. Cost Accounting
It creates the cost records related to numerous products, operation and utilities. It is the procedure of identifying and collecting the cost of a specific product.
Role Of Finance In Accounting And Financial Management Assessment Answers
According to our finance assignment help professionals, it is also identified as corporate finance and business finance. Financial management includes a management action that deals with planning, directing, monitoring, organizing and managing the monetary capitals of the business. It is an effective way to manage monetary resources by properly utilizing the fixed assets and working capital of the company.
The key objective of financial management is to maximize the profit as well as maximize the wealth and value of the organization. The effective usage of finance directly leads to the appropriate use of fiscal resources.
In an accounting and financial management assessment answer, following are the key components of financial management-
- Budgeting, Planning and Estimating – It is associated with the aim of the company. The financial management of the company supports to identify the financial needs of the organization which involve financial planning.
- Financial Reporting – It plays a very important role in the fiscal management and it is used within the company by the management team to take future decisions from the accounting statements.
- Financial Control– It makes sure that the organization uses the proper sources and economic resources.
- Financial Decisions– Whenever the manager takes the financial decisions related to investments or dividends then it is important to consider the survival of the organization. It also helps to maintain the balance of cash inflows and outflows.
These are the things which are considered important by the experts of our finance assignment writing services.
Trust Us And Write Flawless Accounting And Financial Management Assessment Answers
My Assignment Services has helped a lot of students with such assignments. Our round the clock assistance enable students to get in touch with us, anytime they want. If you face any challenges in these assignments, you can straightaway seek our guidance.