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Accountant firms mean the measurement, processing, and communication of financial information about economic entities including via financial statements.
What is the role of Accountant firms? An accountant is a professional who is responsible for keeping and interpreting financial records. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for larger businesses and organizations employing them
There are three major areas of accounting:
Financial accounting is where accounting deals with external parties interested in the business firm. According to the Financial Accounting Standards Board (FASB), it provides the most important financial collecting and reporting functions for business firms.
Financial statements produced for the benefits of your external investors by Accountant firms. Investors need to be able to get a review of financial statements such as the income statement, the balance sheet, and the statement of cash flows to decide whether they should invest in this business firm or remain invested in the company, or not.
Financial statements are of interest to another group of external individuals- the creditors of the firm. Creditors are the bond-holders of the firm or they could be the debt-holders of the firm. Creditors are individuals who loaned money to the firm and are interested in receiving a return on their investment and, eventually, a return on their principal.
Managerial Accounting is where Accountant firms provide accounting associated with gathering and articulating the financial information for inside organizations such as managers and staff.
You may compare it to financial accounting which is concerned with information for external individuals. The Institute of Certified Management Accountants states that management accountants are the ‘value creators’ among accountants, thereby taking their place between the finance people and the financial accountants in the business organization.
Managers use financial information to make better business decisions. They use a variety of techniques such as variance analysis, risk management, and cost-volume-profit analysis to predict the best forward-looking information possible.
Some professionals consider Cost-Accounting as a part of Managerial-Accounting and some think that Cost-Accounting is a different functional area of accounting. Cost-Accounting and Managerial-Accounting surely overlap.
Cost-Accounting looks at the costs of production for a business by looking at the fixed costs of the products and firms, they sell and their input costs. Input costs compared to output cost for the measurement and better understanding of the financial performance of a firm with directly regards to the production costs. Elements often used: indirect costs, or overhead, raw materials, as well as labor. Accountant firms use the information from Cost-Accounting to establish the cost control programs for their business firms.