Answer to Question #79335 in Finance for Hugh Heron

Question #79335
What is accrual accounting and why is it the preferred method for accounting?

Discuss the application of policies and procedures to managing accounting information.

What are the key management information requirements
1
Expert's answer
2018-08-02T01:11:09-0400
Accrual accounting is an accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur.
Management accounting information is focused at internal managers and decision makers. Its intended use is to provide financial data relevant to a manager's operations in an effort to make sound business decisions.
What is important is that evidence of your activities is recorded in a way that supports your agency's business needs.
Your agency should have procedures in place to ensure all information and records are created routinely by staff and safeguarded in a system that will keep them authentic, reliable and useable for as long as they are needed.
Source:
https://www.naa.gov.au/information-management/managing-information-and-records/creating/Requirements/index.aspx

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS