MKT 2210 Lecture Notes - Accounting Management, Financial Accounting
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Chapter 4:The accounting function
The accounting systems are affected by the size,type and structure of an
Accounting function will be specifically affected by geography because of
differences in currencies,legal and accounting requirements,ways of doing
business and economic conditions.
External influences of accounting function include
investors,banks,suppliers,customers,benchmarking and privatised utilities.
Financial accounting and management accounting will be separate sections in any
large accounting department.Financial accountants manage non-current asset
register,sales ledger,debt collection,credit control,purchase
ledger,payroll,financial accounts,statutory accounts and sales tax
returns.Management accountants manage inventory reporting and
valuation,materials costing,labour costing,expense and overheads costing,job
costing,budgetary control reports,budget coordination,project appraisal and
analysis and investigations.
Accounting work can be seen as a mixture of two types of work:handling the
financial operations of an organisation and providing information to managers of
Accounting management provides a good example of the need for close
coordination between managers and sections.Account department coordinate
with purchases department,personnel department,sales department,credit
control department,inventory controllers department and senior management in
receiving information for handling financial operations and provide information
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