Cima Defines Management Accounting As The Process Of Identification Accounting Essay

Cima Defines Management Accounting As The Process Of Identification Accounting Essay Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business CIMA defines Management Accounting as the process of identification, measurement, calculation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to ensure appropriate use of and accountability for its resources. An important contrast between the two segments of accounting is that management accounting is not mandatory in the sense that a company is free to do as much or as little as it likes and no regulatory bodies or agencies specify what is to be done, or, for that matter, whether anything is to be done at all. The sole objective of management accounting is to provide the managers with a detailed analysis of the cost incurred and to assist them develop strategies to increase profits and reduce costs. Costing is a function which links both financial and management accounting. Without proper product cost information a manufacturing, wholesale or retail organization would be unable to segregate the cost of sold and unsold outputs. Such segregation is essential to obtain periodic profitability measurement. Introduction of finance Finance can be defined as the art and science of managing money. Virtually all individuals and organization earn or raise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among and between individuals, business and governments. Finance, in another word, can be defined as the management of the flows of money through an organization, whether it be a corporation, school, bank, or government agency. Finance concerns itself with the actual flows of money as well as any claims against money. The term financial management, managerial finance, corporate finance, and business finance are virtually synonymous and are used interchangeably, most of the managerial finance. Finance is regarded as the life-blood of the business unit. This  function involves planning, procurement and effective utilisation of the funds of the business. Relationship Between finance and accounting Finance concerns with account because financial accounting is one branch of accounting. Accounting relates to booking of the historical transaction of an organization and it leads to preparation of financial status of the company stating that asset and what liabilities are held by the entity as on the day when relevant period like a year ends i.e. Balance Sheet Financial status is concluded from the accounting records (i.e. balance sheet, profit and loss account). Account keeps the record of the organizations income, expenditure, asset liabilities and by evaluating those transactions finance makes the decision for investment like where to invest? How much funds to invest? Etc. In a short form we can say that where account ends of keeping records, finance starts the work by evaluating them. Finance is connected with accounting. The accounting process produces one of the essential raw materials needed to make financial decisions, financial data. Accounting is a tool for handling only the financial aspects of business operations. It is geared to the financial ends of business only because these are measurable on the scale of money values. The distinction between financial management and management accounting is semantic one, but the gap between the two is rapidly closing. Financial management, however, has the broader meaning of planning and control of all activities by financial means, while management accounting originally meant the internal management of finance. The accountant devotes his attention to the collection and presentation of financial data. The financial officer evaluates the accountant statements, develops additional data and arrives at decisions based on his analysis. As a matter of fact, sound financial management is a matter of good accounting Accounting and Finance is a very important function of any business either for profit making or for non-profit making institutions. It provides an avenue where a business analyses its operations in terms of what they own, what comes and what goes out. This write-up looks deeper into the accounting and financial processes in an organization and the problems associated with these processes. The introduction part tries to look into the meaning of accounting and finance and the processes involved in each case. The main discussion focuses on deeper diagnosis of the problems encountered in accounting and financial processes. Functions of the business The function of a business can be divided into two parts.1) Primary function 2) secondary function Primary function is a function of that kind which is needed basically to operate an organization. The primary function of business can be divide into these parts Finance function Production function Marketing function Finance function: finance is regarded as the life blood of the business unit. This function involves planning, procurement and effective utilization of the funds of business. Without finance function it is not possible to run a business Production function: The function of production involves making or production of a product or creating services by using human resource, raw materials and capital. A number of process, technology, and techniques are use for production. It entails plant location and layout, plant building, production planning and quality control. For the production function it involves with human resource function and finance function of business. Since production helps in the creation of utilities, this has been considered as the most important function of the business. Marketing functions: this function is primarily linked with the distribution of manufactured product or services. It involves with the sale of the product. For that function it uses human resource and finance. For smooth marketing of the product, the marketing manager decides on the product, its packing and branding, deciding the distribution channel and promoting the future sales. Secondary function of the business is accounting. When a business comes in an operation, it has its some transactions of income and expenditures. Those transactions lies in accounting function of the business. The secondary function can be divided into these parts Collect and analyze data from business transactions. Keep transactions according to system of accounting Prepare financial statements Send the report to other departments of the business. Relating finance with other business functions Financial management is an integral part of overall management. It is not a totally independent. Finance is omnipresent and it is associated with the plans and results of every functional department because every proposal and every decision entails financial problems or has an influence on financial results. it is closely associated with economics, accounting and interfaces with such areas as marketing, production, human resource management and quantitative techniques. Finance and economics: Finance and economics are closely related. Economics as defined by economist is the study humans behavior in producing, exchanging, and definition the materials, goods and services he wants. The definition is somewhat similar to our definition of finance. Finance might be viewed as the study of economics events in which it is possible to put a rupee sign on the transaction. In this context, finance is an application of economics. The individual interested in making financial decision is well served by having a sound foundation in economics. The link between economics and financial management is close. A study of financial management is likely to be barren if it is divorced from the study of economics. Financial management has, in fact, evolved over the years as an autonomous branch of economics. . Finance and marketing: Financial management is intimately related with marketing. The financial manager while formulating credit and collection policies for the firm must consult the marketing manager because these policies directly affect magnitude of sales of the firm. Whether to sell for credit, to what extent and on what terms are parts of the sales strategy of a firm. But they have financial implications too because the funds will be tied up in receivables must be made available and any shift in policies will affect on receivables. Thus this aspect of business decisions involves both sales and finance. Alongside this, the financial manager will have to draw upon the fundamentals of marketing while deciding whether to invest funds in a given business enterprises and in discovering how to market stocks and bonds (R.M. srivastava; 1986). What marketing personnel forecast, the financial manager then determines the financial dimension of the forecasts. Finance and Production Function: Financial management is also closely associated with production functions. Any changes in the production functions may necessitate capital expenditures, which the financial manager must evaluate and finance. He is primarily responsible for supplying funds to finance inventory and fixed assets, which must earn sufficient return to cover the cast involved in procuring funds. Finance and human resources management: Human resources management, the management of investment in personnel or employees has important financial considerations. At the organizational level, financial manager must decide whether it would be profitable to finance special training for employees or not. Finance and Quantitative techniques: Financial management is also closely related with quantitative techniques. The advance study of finance requires considerable sophistication in quantitative methods. An understanding of statistical techniques appears to be especially valuable since May financial decisions rely on observing relationship and acting on the basis of these relationships. particulars Debit ( £) Credit ( £) Stock 1.1 Purchase Fuel power Building Salaries Machinery Debtors Cash at bank Wages Carriage outward Investment Rent Stationery Goodwill Interest in debenture Sales Share capital Creditors Reserve fund Profit and loss appropriation account 6% debenture 30000 550000 5000 200000 10000 200000 100000 25000 20000 5000 200000 10000 20000 20000 5000 800000 450000 10000 20000 20000 100000 Total Trial Balance Adjustments Closing stock at the end of the year was of  £ 30000 Provide Depreciation on building at 5% and machinery at 10% and provision for doubtful debts to be maintained at 5% on sundry debtors Outstanding salary was  £2000 and wages were prepaid for  £ 3000 The Directors decided to pay 10% dividend on paid up capital and transfer  £10,000 to the reserve fund out of profit. particulars Debit  £ particulars Credit  £ To stock 1-1 To purchase To fuel, power To wages 20000 Less, pre-paid 3000 To gross profit c/d To Depreciationed 30000 550000 5000 17000 228000 By sales By closing stock 800000 30000 830000 830000 Total 830000 Total 830000

College Athletes Essay

For the longest time the NCAA was never a multi-billion dollar industry; many years they did not make half of that. Many big colleges had budgets that would make teams such as Alabama, Georgia, Miami, Oregon, Etc. laugh about what they were able to provide for sports. There have been questions for years about whether a college athlete should be paid or not and if athletes deserve to be paid for what they do at that level, after already being paid to go to school there, for most of the players. When athletes go to college they still put themselves in the same physical danger as a professional athlete does. The NCAA alone is a multi-billion dollar industry that generated over 845 billion dollars last year in 2011. Facts have shown that college athletes in the NCAA, on an annual salary, make zero dollars; however, it is a blessing that they are going to school for free. This business is that they get all the work done and the business they want to come in and basically the NCAA athletes work for free. Having a scholarship and having their education paid for is something great but the money they get for school is not the only money they need for the bumpy road to their profession. The billions of dollars that is received annually is nowhere close to being equitable to just a bachelor’s degree. What the student athletes are earning is a big slice of heaven to some students and their families of course, but it showed accumulate to something higher than that degree of college education. â€Å"The NCAA has been historically stubborn over changing its ways to adapt to the times. But lately, even NCAA President Mark Emmert has conceded that it may be time for college players in big money sports to start getting a cash stipend amounting to as much as a few thousand dollars per year. † (Blake Baxter, Eureka College) At least the president of the NCAA has been admiring the idea of giving money to the players and helping them through their college years. Being an athlete in college is having a job, and their job is to bust their butts at practice, come to play on game day, and repeat that cycle, with no pay. Many athletes with their schedules do not have time to make themselves meals, so they have to buy food or they drive to places where they could get it- which costs money in gas. Football and basketball at the Division One level have been the biggest suppliers of money because many of their revenues. These two sports have evolved to the level that coaches and universities are making staggering amounts of money off of the talent of their student-athletes. With the amount of money coaches and schools make, the athletes should be able to get paid for their hard work, all the pain that they put their bodies through, the countless hours of practice workouts, and classes. Surely they need to be paid for putting it all on the line. Argument #2 Many college athletes make decisions that will change their lives- such as Trent Richardson, who played for University Of Alabama. Richardson had to deal with the decision of having to raise two children while being a full time college athlete. When all this was going on, Richardson had no income what so ever, no time, and was dedicated to the football program at U of A. Richardson brought publicity to his school and to other athletes with children that they were trying to raise. While Richardson was at school playing, his two daughters would be at home with their mother watching their daddy play and kissing the screen when he would appear. â€Å"He’s a big strong guy, he’s hitting everybody in practice. And when he’s around his kids, he’s a completely different person,† running back Eddie Lacy said. â€Å"He’s real sweet. He’s a good father. † With all the strength he shows on the field and the sweetness he shares with his daughter, and the hard work he and others put out, they still earn zero dollars each year. It shows and tells all the time- he puts in time and effort to make it in life and take care of his girls â€Å"It’s a level of maturity you don’t normally find among guys his age,† running backs coach Burton Burns said. â€Å"They are a priority for him. He has a tough schedule with school and football, but he is going to find time to spend with those girls. † That level of maturity should never be second guessed and overlooked to give certain players money to get through school and help raise their family like in Richardson’s situation. He is basically working a full time job, going to school, and playing football for Coach Saben. He needs to get what he earns, which would be a little salary. A father and athlete that could say this â€Å"I don’t want them to struggle like I did, to go through the stuff I had to go through,† Richardson said. â€Å"That’s really motivated me on the field. â€Å"Because when I play with my girls on my mind, I feel like nobody can stop me. † Richardson is not the only struggling college athlete. There are a lot of other teams in college that have athletes that participate in the games and practices but do not get any profit from their hard work and dedication. Argument #3 Eric LeGrand, the former Rutgers University football player who was paralyzed from the neck down during a 2010 game, GIving the same effort that each professional athlete makes each game day. Players putting their bodies in this physical danger, and only getting a certain degree when graduating after four years of college. LeGrand the Big Defensive Lineman was on kick off team running down the field trying to make a tackle, and when hitting a player he fell to the ground and was motionless; it was devastating. â€Å"The way Eric lives his life epitomizes what we are looking for in Buccaneer Men,† Schiano said. If the NCAA would recognize the effort and the danger these athletes are put in, they would be generous and give college athletes a little salary. Players like LeGrand are why i stand behind the decision to pay the players a little profit of what they help make. Without all of these amazing athletes i dont beleive the schools would encounter most of the money they make as a university or college. NOt just football, other sports bring in huge amounts of money from ticket sales, team apparel sales, etc. College Athletes are the epitome of where all the money comes from and deserve more then a bachelor degree, and deserve a little allowance for all their hardwork, bringing in a lot of the income. Works cited http://usatoday30. usatoday. com/sports/college/football/acc/story/2012-01-08/tough-guy-richardson-softens-up-as-a-dad/52458854/1 http://www. cbssports. com/collegefootball/story/21575106/if-college-athletes-really-owe-schools-money-then-they-must-be-paid

Second Battle of Bull Run of the American Civil War

The Second Battle of Bull Run (also called the Second Manassas, Groveton, Gainesville, and Brawners Farm) took place during the second year of the American Civil War. It was a major disaster for the Union forces and a turning point in both strategy and leadership for the North in the attempt to bring the war to its conclusion. Fought in late August of 1862 near Manassas, Virginia, the two-day brutal battle was one of the bloodiest of the conflict. Overall, casualties totaled 22,180, with 13,830 of those Union soldiers. Background The first Battle of the Bull Run occurred 13 months earlier when both sides had gone gloriously to war for their separate notions of what the ideal United States should be. Most people believed that it would take only one big decisive battle to resolve their differences. But the North lost the first Bull Run battle, and by August of 1862, the war had become an unrelentingly brutal affair. In the spring of 1862, Maj. Gen. George McClellan ran the Peninsula Campaign to recapture the Confederate capital at Richmond, in a grueling series of battles that culminated in the Battle of Seven Pines. It was a partial Union victory, but the emergence of the Confederate Robert E. Lee as a military leader in that battle would cost the North dearly. Leadership Change Maj. Gen. John Pope was appointed by Lincoln in June of 1862 to command the Army of Virginia as a replacement for McClellan. Pope was far more aggressive than McClellan but was generally despised by his chief commanders, all of whom technically outranked him. At the time of the second Manassas, Popes new army had three corps of 51,000 men, led by Maj. Gen. Franz Sigel, Maj. Gen. Nathaniel Banks, and Maj. Gen. Irvin McDowell. Eventually, another 24,000 men would join from parts of three corps from McClellans Army of the Potomac, led by Maj. Gen. Jesse Reno. Confederate Gen. Robert E. Lee was also new to the leadership: His military star rose at Richmond. But unlike Pope, Lee was an able tactician and admired and respected by his men. In the run-up to the Second Bull Run battle, Lee saw that the Union forces were yet divided, and sensed an opportunity existed to destroy Pope before heading south to finish McClellan. The Army of Northern Virginia was organized into two wings of 55,000 men, commanded by Maj. Gen. James Longstreet and Maj. Gen. Thomas Stonewall Jackson.   A New Strategy for the North One of the elements that surely led to the fierceness of the battle was the change in strategy from the North. President Abraham Lincolns original policy allowed southern noncombatants who had been captured to go back to their farms and escape the cost of war. But the policy failed miserably. Noncombatants continued to support the South in ever-increasing ways, as suppliers for food and shelter, as spies on the Union forces, and as participants in guerrilla warfare. Lincoln instructed Pope and other generals to begin pressuring the civilian population by bringing some of the hardships of war to them. In particular, Pope ordered harsh penalties for guerilla attacks, and some in Popes army interpreted this to mean pillage and steal. That enraged Robert E. Lee. In July of 1862, Pope had his men concentrate at Culpeper courthouse on the Orange and Alexandria Railroad about 30 miles north of Gordonsville between the Rappahannock and Rapidan rivers. Lee  sent Jackson and the left wing to move north to Gordonsville to meet Pope. On Aug. 9, Jackson defeated Banks corps at  Cedar Mountain, and by Aug. 13, Lee moved Longstreet north as well.   Timeline of Key Events Aug. 22–25: Several indecisive skirmishes took place across and along the Rappahannock River. McClellans forces began to join Pope, and in response Lee sent Maj. Gen. J.E.B. Stuarts cavalry division around to the Union right flank. Aug. 26: Marching northward, Jackson seized Popes supply depot in the woods at Groveton, and then struck at the Orange Alexandria Railroad Bristoe Station. Aug. 27: Jackson captured and destroyed the massive Union supply depot at Manassas Junction, forcing Pope into retreat from the Rappahannock. Jackson routed the New Jersey Brigade near Bull Run Bridge, and another battle was fought at Kettle Run, resulting in 600 casualties. During the night, Jackson moved his men north to the first Bull Run battlefield. Aug. 28: At 6:30 p.m., Jackson ordered his troops to attack a Union column as it marched along the Warrenton Turnpike. The battle was engaged on Brawner Farm, where it lasted until dark. Both sustained heavy losses. Pope misinterpreted the battle as a retreat and ordered his men to trap Jacksons men. Aug. 29: At 7:00 in the morning, Pope sent a group of men against a Confederate position north of the turnpike in a series of uncoordinated and largely unsuccessful attacks. He sent conflicting instructions to do this to his commanders, including Maj. Gen. John Fitz Porter, who chose not to follow them. By afternoon, Longstreets Confederate troops reached the battlefield and deployed on Jacksons right, overlapping the Union left. Pope continued to misinterpret the activities and did not receive news of Longstreets arrival until after dark. Aug. 30: The morning was quiet—both sides took the time to confer with their lieutenants. By afternoon, Pope continued to assume incorrectly that the Confederates were leaving, and began planning a massive attack to pursue them. But Lee had gone nowhere, and Popes commanders knew that. Only one of his wings ran with him. Lee and Longstreet moved forward with 25,000 men against the Unions left flank. The North was repelled, and Pope faced disaster. What prevented Popes death or capture was a heroic stand on Chinn Ridge and Henry House Hill, which distracted the South and bought enough time for Pope to withdraw across Bull Run towards Washington around 8:00 p.m. Aftermath The humiliating defeat of the North at the second Bull Run included 1,716 killed, 8,215 wounded and 3,893 missing from the North, a total of 13,824 alone from Popes army. Lee suffered 1,305 killed and 7,048 wounded. Pope blamed his defeat on a conspiracy of his officers for not joining in the attack on Longstreet, and court-martialed Porter for disobedience. Porter was convicted in 1863 but exonerated in 1878. The Second Battle of Bull Run was a sharp contrast to the first. Lasting two days of brutal, bloody battle, it was the worst the war had yet seen. To the Confederacy, the win was the crest of their northward-rushing movement, beginning their first invasion when Lee reached the Potomac River in Maryland on Sept. 3. To the Union, it was a devastating defeat, sending the North into a depression that was only remedied by the quick mobilization needed to repel the invasion of Maryland. The Second Manassas is a study of the ills that pervaded the Union high command in Virginia before U.S. Grant was chosen to head up the army. Popes incendiary personality and policies bared a deep schism among his officers, Congress and the North. He was relieved of his command on Sept. 12, 1862, and Lincoln moved him out to Minnesota to participate in the Dakota Wars with the Sioux. Sources Hennessy, John J. Return to Bull Run: The Campaign and Battle of Second Manassas. Norman: University of Oklahoma Press, 1993. Print.Luebke, Peter C. Second Manassas Campaign. Encyclopedia Virginia. Virginia Foundation for the Humanities 2011. Web. Accessed April 13, 2018.Tompkins, Gilbert. The Unlucky Right Wing. The North American Review 167.504 (1898): 639–40. Print.Wert, Jeffry. Second Battle of Manassas: Union Major General John Pope Was No Match for Robert E. Lee. History.net. 1997 [2006]. Web. Accessed April 13, 2018.Zimm, John. This Wicked Rebellion: Wisconsin Civil War Soldiers Write Home. The Wisconsin Magazine of History 96.2 (2012): 24–27. Print.