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Financial Accounting Concepts and Applications, Coursework Example

Pages: 2

Words: 675

Coursework

The accounting system is an information recording system which identifies, documents and conveys the economic occurrences of an entity for consumers who are interested.  The primary objective of the accounting system is to supply information to the stakeholders in order to facilitate business decisions.  The financial statements are the main methods that are applied in order to transit business information to users who are outside of the financial organization.  In addition, the accounting records can convey information to the internal consumers.  This information can be applied by the marketing administrators in order to implement better business decisions.  This information may also be applied by the organization’s officers and the financial administrators (Albrecht et al., 2011).

Those who review the accounting information are required to make correct decisions.  These decisions may involve the holding of stock external consumers also apply the information that is derived from the financial statement.  The external consumers may apply the financial statement in order to ascertain the probability of extending credit and receiving timely repayment.  The external users may inquire ids the organization is producing sufficient income.  Other questions that may be asked when reviewing the financial statements are is the organization profitable in comparison to other organizations which have similar characteristics.  Consequently, the financial report provides the robust confidence that is required by financial analysts (Albrecht et al., 2011).

Brookhaven Publishing

The tax levying authorities are another category of information consumer.  As a result of the IRS, there is a requisite for the determining if the organizations are in compliance with the tax regulations.  Other category of agencies that have the requisite of financing the information from the accounting statements arte the Federal Trade Commission and Security and Exchange Commission.  The customers of the organization are another category of information consumer.  The consumers and the government are interested in the dissemination of financial resources of within an organization (Albrecht et al., 2011).

The government is interested in determining the scope of the organization’s activities.  The organization has the capacity of influencing the public in a number of different venues.  The organizations may make a substantial economic contribution to the society.  There may be many employees in the organization who are reliant on the organization for their livelihood.  The financial statement may provide assistance to the public with regards to the provision of information with regards to the research and development operations of an organization.  The bankers are another category of information consumers.  The bankers will be interested in the financial production of an organization with regards to determining interest rates and making loans (Albrecht et al., 2011).

In an organization, the management staff may be quite extensive.  All internal users are interested in information with regards to the stability of the position.  The employees are inquisitive with regards to whether the employers will be able to maintain their salaries.  The business administrators require the information from the accounting report in order to establish the policies of the organization.   The administrator requires the information in order to determine if the income of the organization can sustain the organizations operations.  The information from the accounting reports enable the organizational managers to determine if they should change supply chain elements in order to incur lower expenses (Albrecht et al., 2011).

The participation of accounting reports are to inform the stakeholders with regards to the financial position and the situation of an organization.  As the financial report supplies the information, the stakeholders have the potential of receiving the accounting report in order to make future decisions with regards to the organization (Albrecht et al., 2011).

Conclusion

The information that was demonstrated in the statements prepared for the Brookhaven Publishing organization demonstrates the financial condition of the organization over an interval of time.  The reports were tabulated with regards to account payables, taxes and liabilities.  These components are the elements that compose an organizations’ financial statement.  The financial statement that is provided by the accountant is essential for the stakeholders involved in an organization.

References

Albrecht, W., Stuice, E. & Stuice, J. (2011). Financial accounting concepts and applications.   Mason, OH: South- Western Cengage Learning.

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