INTRODUCTION
Some organizations have failed woefully due to neglect in the use of accounting information in its decision making process. Managers, therefore should rely more on accounting information in its decision making process since decision making skill is “the key “ to successful planning in an organization.
The statement of accounting standard No. 2 issued by the Nigerian accounting standard Board defines Accounting Information as “the data that are found in financial statement which provides a continuing history qualified in monetary terms of economic resources and obligations of a business enterprises and of economic activities that change these resources and obligations”.
Accounting Information therefore, provides the yardstick for measuring the performance of a business organization and is also an instrument against which management compare actual result with established standards. Thus, this information communicated by accounting records serves as a basis for corrective actions when actual outcomes deviate from pre-determined goals.
Accounting Information is not only needed by managers, other users of accounting information include: shareholders (owners), editors, potential investors, the government and the public who have supplied money to the business or who have other interest in the business that will be served by information about financial position and operating results.
The type of accounting information that a specific type of user will require depends upon the kinds of decision that a person wants to make. For example, managers need detailed information about daily operating cost for the purpose of controlling the business and setting reasonable selling price. Other users on the other hand, usually need summarized information on operating result for the past years to use in making investment decisions, levying income tax, or making regulatory decisions.
Accounting information is conveyed to users in a variety of reports and schedules. Reports to internal user (management) are specifically designed to meet their particular needs, which are usually known at the time the reports are prepared. Reports to external user are more standardized and are often referred to as “financial statement”. According to the statement of accounting standard No. 2, the information to be provided in financial statement are those that are quantitative and qualitative in nature to aid their users in making informed economic decisions. Financial statements are therefore to be simple, clear and easy to understand by all users.
TABLE OF CONTENTS
TITLE PAGE
APPROVAL PAGE
TABLE OF CONTENTS
CHAPTER ONE
1.1 INTRODUCTION
1.2 Introduction
1.3 STATEMENT OF PROBLEMS
1.4 PURPOSE OF STUDY
1.5 SCOPE OF STUDY
1.6 SIGNIFICANCE OF STUDY
1.7 LIMITTION OF THE STUDY
CHAPTER TWO
2.1 LITERATURE REVIEW
2.2 DEFINITION OF ACCOUNTING
2.3 SCOPE OF ACCOUNTING
2.4 OBJECTIVES OF ACCOUNTING
2.5 SOURCES OF ACCOUNTING INFORMATION
2.6 ACCOUNTING FOR DECISION MAKING
2.7 ACCOUNTING INFORMATION
2.8 FEATURES OF ACCOUNTING INFORMATION
2.9 FINANCIAL STATEMENT AND THEIR INFORMATION, CONTENTS FOR MANAGEMENT DECISION MAKING.
2.10 ACCOUNTING CONCEPTS AND CONVENTIONS
2.11 MANAGEMENT DECISION
Disclaimer: Note this academic material is intended as a guide for your academic research work. Do not copy word for word. Note: For Computer or Programming related works, some works might not contain source codes
CITE THIS WORK
(2014, 11). The Role Of Accounting Information In Management Decision Making.. ProjectStoc.com. Retrieved 11, 2014, from https://projectstoc.com/read/5194/the-role-of-accounting-information-in-management-decision-making-3568
"The Role Of Accounting Information In Management Decision Making." ProjectStoc.com. 11 2014. 2014. 11 2014 <https://projectstoc.com/read/5194/the-role-of-accounting-information-in-management-decision-making-3568>.
"The Role Of Accounting Information In Management Decision Making.." ProjectStoc.com. ProjectStoc.com, 11 2014. Web. 11 2014. <https://projectstoc.com/read/5194/the-role-of-accounting-information-in-management-decision-making-3568>.
"The Role Of Accounting Information In Management Decision Making.." ProjectStoc.com. 11, 2014. Accessed 11, 2014. https://projectstoc.com/read/5194/the-role-of-accounting-information-in-management-decision-making-3568.
- Related Works
- Accounting Problems Of Public Enterprises In Enugu State
- Accounting And Management Problems Of Small Scale Industries In Imo State (a Case Study Pf Small Scale Industries In Ezinihitte Local Government Area
- Auditing As An Aid To Accountability A Case Study Of Enugu State Post Primary School Management Board (ppmb)
- The Problems Encountered By External Auditors In Auditing Nigerian Companies (a Case Study Of Akintola Williams And Co. Chartered Accountant, Enugu)
- The Need For Accounting Educational In Small Scale Industries
- An Appraisal Of Leadership Style And Its Effectiveness In Organizational Performance A Case Study Of Nkalagu Cement Company (nigercem) Plc
- Evaluation Of Cash And Credit Management Policies As An Instrument For Avoiding Illiquidity And Liquidations (a Case Study Of Anamco, Enugu Statre
- Accounting For Fixed Asserts (a Case Study Of Coca-coca Bottling Company Plc 9th Mile Corner)
- The Role Of Internal Auditing In The Effecting Management Control Of Local Governments
- The Implication Of Common Currency For West African Countries