Wileyplus Accounting Homework Answers Chapter 3

Here Are the Various Branches of Accounting

 Accounting is also known as “language of business.” This is because it is a subject that communicates a lot of important information to managers as well as owners of business. It is through this statement that investors get an idea about the performance of an organization.

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It is very important that stakeholders know about the condition of a particular organization. This will help them to gain confidence in investing in a particular company. One of the most important purposes of these Accounting statements is to let these people know about the finances of the organization. This accounting ensures that investors are able to take better decisions.

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In order to take the right decisions it is absolutely important to take correct and accurate financial decisions. Moreover, Accountants also prepare financial statements in a way that will help investors get a proper understanding of these financial statements. These statements will actually be beneficial for investors as well as organizations.

Thus dealing with issues related to business also becomes easier.It is very important that you properly interpret, communicate and analyse information. Communicating all important information clearly is also very important.

What is accounting?

The process of summarizing various activities related to business and interpreting various final information is referred to as Accounting. It is the duty of an Accountant to communicate financial statement to managers and owners of business.

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Fields of Accounting

There are two main fields of Accounting- one is Management accounting and Financial Accounting. In order to know more about these fields you can certainly go through the points mentioned below:

  • Management Accountant

Management accountants are ones who will provide you important information to decision makers. This will help these people to run the organization successfully.This type of accountants has a very important role to play because they are the ones who help managers to carry out their duties properly.

It is this information that is provided by these accountants that help managers to perform very important jobs in business. Reports however can be made in different ways. In most organizations reports are made in order to cater to the needs of business managers.

In order to properly analyse and also communicate this important information, management accountants often work with individuals from different departments. This helps them to furnish that information that is required by each of these departments.

  • Financial Accountants

Financial accountants are the ones who will be able to furnish important information to both groups as well as individuals who are there both inside as well as outside the group. This information helps in assessing performance of an organization. Financial statements are necessary in order to run a business successfully. Financial accountants are the ones who supply this information.

They will be the ones who will be able to provide you with balance sheet, owner’s equity and also statement of various cash flows. These statements will certainly help you to get a proper picture of past performances of an organization. When financial statements are being prepared then these accountants adhere to certain rules and regulations. This is prepared keeping in mind the GAAP.

When information is provided keeping in mind GAAP then there is 100 percent guarantee that information that is provided to the organization is absolutely accurate.

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Who are the people who make use of this financial information?

Managers and owners of the company

This financial information given by Financial Accountants are in most cases a summary of financial activities of an organization. These activities are recorded over a specified time. These statements report cards for both managers as well as owners of business.

They will help you to understand as to whether a particular company has been able to make any profit in one financial year. This will also help both managers as well as owners to take certain corrective measures in case the company has not been able to perform as desired.

Investors and Creditors

Apart from managers and owners, even the creditors and investors want to know about the financial condition of the organization. They are the ones who help an organization to operate. So for them to take right decisions these information is absolutely necessary. Whether they can give loan to the organization and when they will be able to repay these loans is something that they need to know.

If they are able to get these reports then they will certainly be able to get an idea about the financial health of an organization.

Government agencies

Organizations also have to give proper information to various government agencies. There are certain companies that are referred to as publicly owned. This means that these companies list their shares in stock exchange. It is necessary for these companies to provide financial information to Security and Exchange Commission.

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