“Queenstown is a planning area and satellite residential town situated on the south-westernmost fringe of the Central Region of Singapore. It borders Bukit Timah to the north, Tanglin to the northeast, Bukit Merah to the east and southeast”
from en.wikipedia.org
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Financial Management and Accounting-Importance in a business
Level of detail
Financial reports provide users with a broad overview of the performance and position of the business for a period. As a result, information is aggregated, and detail is often lost. Management accounting reports, however, often provide managers with considerable detail to help them with a particular operational decision.
Regulations
Financial reports, for many businesses, are subject to accounting regulations that try to ensure they are produced with standard content and in a standard format. Law and accounting rule-setters impose these regulations. Since management accounting reports are for internal use only, there are no regulations from external sources concerning the form and content of the reports. They can be designed to meet the needs of particular managers.
Reporting interval
For most businesses, financial accounting reports are produced on an annual basis, though many large businesses produce half-yearly reports and a few produce quarterly ones. Management accounting reports may be presented as frequently as required by managers. In many businesses, managers are provided with individual reports on a monthly, weekly or even daily basis, which allows them to check progress frequently. Also, special-purpose statements will be prepared when required, for example, to evaluate a proposal to purchase a piece of machinery.
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To reach us:
Phone: 6223 1788
Office: International Plaza 10 Anson Road, #01-15 Tanjong Pagar, Singapore 079903
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