Financial accounting, management Essay Example | Topics and Well Written Essays - 500 words

Financial accounting, management - Essay Example 2. The role of Financial Accounting is to provide financial information to people outside the organization. Managerial accounting, on the other hand, furnishes financial information relevant for the executives and administrators within the organization. The two mentioned disciplines are focused mainly on compiling and reporting the financial information, while Finance is concerned on managing money and other monetary instruments. Accounting lays down the historical account of financial transactions while finance is more concerned on improving the future financial transactions of a firm. 3. A balance sheet provides a picture of a firm's financial position at a given time. It elaborates the financial position of the firm as being shown by its properties (assets) and what it owes (liabilities and net worth) in a given moment. It actually shows the potentials and the weaknesses that a business has and can also identify business trends particularly on its receivables and payables (Balance Sheets 2003). Each of the accounting convention has different views in accounting for the entries made in the balance sheet.

System of Inquiry Paper Essay Example | Topics and Well Written Essays - 2250 words - 1

System of Inquiry Paper - Essay Example The basic purpose of a compliance program for following the code of ethics is to help the employees at all levels and functions within the organization to work together and achieve the broader and narrower goals and objectives in such a way as to be consistent with standards of ethical behavior. The ethics compliance program and the system of inquiry is an essential part of the learning process for the organization. It is recognized as a good practice to always evaluate the ethics program, although as a matter of fact, few organizations actually do so. On top of that, such programs normally have not demonstrated that the expected program outcomes were achieved. Still, the program could be deemed a success, if it at least met the minimum requirements. In this context, it is no longer a question of whether to inquire into one’s ethics compliance program, but rather to design a system of inquisition that goes about implementing it across a span of time. The following pages will delve into the framework for the system of inquiry and the related issues during its design and implementation. The Code of Ethics Process Evaluation is designed to analyze how successful program implementation was. It is also designed to monitor which of the activities within the program were performed and to what extent. An instance of process activities and their corresponding output measure is the standards and procedures written and published through annual training courses in ethics. Regarding the participants of such courses, the extent that specific skills and knowledge were recollected at various periods of time after the training is an important indicator. And finally, the measure of participants’ satisfaction during the training is another valuable piece of data. From the point of view of the inquirer, these program activities and their outputs have negligible value in and of themselves, especially when it comes to forming remedial actions. Their value is