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Unit 1 Acc/531 Financial And Management Accounting

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ACCT 531 Financial and Management accounting Financial accounts describe the performance of a business over a specific period and the state of affairs at the end of that period. It is a conceptual framework for preparing financial statements (a legal requirement for all companies) and the standard publishing format is determined by a regulatory body (e.g. Financial reporting and accounting standards). Management accounts are used to help the management record, plan and control all activities of a business and to assist in the decision-making process. They can be prepared for any period. For example many retailers prepare daily management information on sales, margins and stock levels. It is a legal requirement to prepare management accounts …show more content…

If carried out successfully, a research plan can help a company make informed decisions on how to remain viable and relevant in its sector. If a business idea has been unsuccessful, carrying out an effective research may help a business avoid future failure. For example, carrying out research may help an organisation to decide when to expand or to apply for a new loan. It also helps a business determine whether a procedure should be changed or if more needs to be done to meet the needs of the customer …show more content…

RECOMMENDATION I recommend that fellow employees who aspire to be influential leaders and reputable managers should pursue such programmes so as to gain knowledge and understanding of how to manage their resources and drive the organisation in the right direction. However, there are certain areas which I feel they need some improvement regarding the administration and the courses offered. The following are my recommendations; 1. As part of the research process, I recommend that the students should be asked to submit a research proposal instead of a project report at the end of the program. This will give the students an opportunity to prepare for their dissertation and have a feel of what is expected in the event that they decide to pursue a Master of Business Administration (MBA). 2. Modules for the courses should not be the same for over four semesters. They should be updated regularly in line with global changes and matching those of professional courses. 4.1

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