Introduction to Iowa Legal Aid’s Fiscal Management 3.25.11

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Accounting information is key to achieving organisational objectives. Quality information can only be produced by a quality system. This presentation explores a holistic approach to understanding the concept of Accounting Information system (AIS). It is part of a lecture series on Management Information systems (MIS) at the Department of Accounting, University of Jos. DOI: http://dx.doi.org/10.13140/RG.2.2.18272.61441 Updated at: https://www.researchgate.net/publication/353372345_Accounting_Information_System

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The accuracy of accounting records is enhanced by the integrity of internal controls. Comment on this statement and provide justification for it. Include illustrations of how this does or does not apply Solution Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. Internal accounting control is a series of procedures designed to promote and protect sound management practices, both general and financial. Following internal accounting control procedures will significantly increase the likelihood that: o financial information is reliable, so that managers and the board can depend on accurate information to make programmatic an d other decisions o assets and records of the organization are not stolen, misused, or accidentally destroyed o the organization s policies are followed o government regulations are met. Developing an Internal Accounting Control System The first step in developing an effective internal accounting control system is to identify those areas where abuses or errors are likely to occur. Many accountants can provide you with a checklist of areas and questions to consider when you are planning your system. Price Waterhouse\'s booklet, Effective Internal Accounting Control for Nonprofit Organizations: A Guide for Directors and Management, includes the following areas and objectives in developing an effective internal accounting control system: o Cash receipts To ensure that all cash intended for the organization is received, promptly deposited, properly recorded, reconciled, and kept under adequate security. o Cash disbursements To ensure that cash is disbursed only upon proper authorization of management, for valid business purposes, and that all disbursements are properly recorded. o Petty cash To ensure that petty cash and other working funds are disbursed only for proper purposes, are adequately safeguarded, and properly recorded. o Payroll To ensure that payroll disbursements are made only upon proper authorization to bona fide employees, that payroll disbursements are properly recorded and that related legal requirements (such as payroll tax deposits) are complied with. o Grants, gifts, and bequests To ensure that all grants, gifts, and bequests are received and properly recorded, and that compliance with the terms of any related restrictions is adequately monitored. o Fixed assets To ensure that fixed assets are acquired and disposed of only upon proper authorization, are adequately safeguarded, and properly recorded. Additional internal controls are also required to ensure proper recording of donated materials, pledges and other revenues, accurate, timely financial reports and information returns, and compliance with other government regulations. Achieving these objectives requires your organizat.

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Managerial accounting is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers. This section explains the purpose of managerial accounting (also called management accounting) and compares it with financial accounting. The main purpose of the financial accounting system is to prepare general-purpose financial statements. That information is incomplete for internal decision makers who manage organizations. Purpose of Managerial Accounting C1 Explain the purpose and nature of, and the role of ethics in, managerial accounting. The purpose of both managerial accounting and financial accounting is providing useful information to decision makers. They do this by collecting, managing, and reporting information in demand by their users. Both areas of accounting also share the common practice of reporting monetary information, although managerial accounting usually includes the reporting of more nonmonetary information. They even report some of the same information. For instance, a company's financial statements contain information useful for both its managers (insiders) and other persons interested in the company (outsiders). Point: Nonfinancial information, also called nonmonetary information, includes customer and employee satisfaction data, the percentage of on-time deliveries, and product defect rates. The remainder of this book looks carefully at managerial accounting information, how to gather it, and how managers use it. We consider the concepts and procedures used to determine the costs of products and services as well as topics such as budgeting, break-even analysis, product costing, profit planning, and cost analysis. Information about the costs of products and services is important for many decisions that managers make. These decisions include predicting the future costs of a product or service. Predicted costs are used in product pricing, profitability analysis, and in deciding whether to make or buy a product or component. More generally, much of managerial accounting involves gathering information about costs for planning and control decisions. Point: Costs are important to managers because they impact both the financial position and profitability of a business. Managerial accounting assists in analysis, planning, and control of costs. Planning is the process of setting goals and making plans to achieve them. Companies formulate long-term strategic plans that usually span a 5- to 10-year horizon and then refine them with medium-term and short-term plans. Strategic plans usually set a firm's long-term direction by developing a road map based on opportunities such as new products, new markets, and capital investments. A strategic plan's goals and objectives are broadly defined given its long-term orientation. Medium- and short-term plans are more operational in nature. They translate the strategic plan into actions. These plans are more concrete and consist of bett ...

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The purpose of a financial statement audit is to add credibility to the reported financial condition and business performance. Annual reports must be submitted by all publicly traded corporations and are subject to SEC audits.Similarly, lenders typically require audits of the financial statements of the companies they finance. Suppliers may also require audited Financial Statement Preparation in New York before granting trade credit (usually only if the amount of credit requested is substantial).

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Chapter 2 “Financial Statements, Taxes, and Cash Flow” from Finance by Boundless is used under the terms of the Creative Commons Attribution-ShareAlike 3.0 Unported license. © 2014, boundless.com. UMGC has modified this work and it is available under the original license. https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/ http://creativecommons.org/licenses/by-sa/3.0/ Chapter 2 Financial Statements, Taxes, and Cash Flow https://www.boundless.com/finance/financial-statements-taxes- and-cash-flow/ What is a Financial Statement? Uses of a Financial Statement Limitations of Financial Statements Section 1 Introducing Financial Statements 90 https://www.boundless.com/finance/financial-statements-taxes-and-cash-flow/introducing-financial-statements/ What is a Financial Statement? Financial statements report on a company's income, cash flow and equity. KEY POINTS • Financial statements are formally prepared documents communicating an entity’s financial activities to parties including investors, management and tax officials. • An entity’s financial statement typically includes four basic components: a balance sheet, income statement, cash flow statement, and statement of changes in equity. • The balance sheet reports a point-in-time snapshot of the assets, liabilities and equity of the entity. • An income statement reports on a company's expenses and profits to show whether the company made or lost money. • The cash flow statement reports the flow of cash in and out of the business, dividing cash into operating, investing and financing activities. • A statement of changes in equity explains the changes of the company's equity throughout the reporting period, including profits or losses, dividends paid and issue or redemption of stock. A financial statement is a formal report of the financial activities of a business, person, or other entity. Financial statements are a key component of accounting; the process of communicating information about a financial entity (Figure 2.1). Financial statements are presented in a structured manner with conventions accepted by accounting and regulatory personnel. An entity’s financial statement typically includes four basic components: a balance sheet, income statement, cash flow statement, and statement of changes in equity: 1. The company’s balance sheet reports on a company's assets, liabilities and ownership equity. A balance sheet is often described as a "snapshot of a company's financial condition" at a single point in time. Balance sheets are usually 91 Financial Statements help keep money organized. Figure 2.1 Keeping Money Organized presented with assets in one section and liabilities and net worth in the other. 2. An income statement reports on a company's expenses and profits to show whether the company made or lost money. It also displays the revenues of ...

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