“Kovan is a neighborhood located within the town of Hougang, in the North-East Region of Singapore. The neighborhood today largely consists of private housing properties, where the majority of the residents live in terrace homes, semi-detached houses and bungalows.”
from en.wikipedia.org
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Financial Management and Accounting-Importance in a business
In every realm of any business, no business owner would wish to fail in his or her business due to mismanagement of business resources and poor recording of business accounts, and therefore in each business, there is a need to focus on management and accounting of a business for easy determination on business operation on its activities and proper accountability of the business accounts. This makes the financial management and accounting very crucial in a business.
Accounting is usually seen as having two distinct strands, Management, and Financial accounting. Management accounting, which seeks to meet the needs of managers and financial accounting, which aims to meet the accounting needs of all of the other users. The differences between the two types of accounting reflect the different user groups that they address. Briefly, the significant differences are as follows:
Nature of the reports produced.
Financial accounting reports tend to be general purpose. That is, they contain financial information that will be useful for a broad range of users and decisions rather than being specifically designed for the needs of a particular group or set of choices. Management accounting reports, on the other hand, are often for a specific purpose. They are designed either with a particular decision in mind or for a particular manager.
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