Responsibility accounting is based on the notion that managers should be held responsible for those (and only those) cost/revenue items that the manager can control to a significant extent.
Showing posts with label Accounting Information System. Show all posts
Showing posts with label Accounting Information System. Show all posts
The principles of Accounting Information System
Accounting is known as the language of business because it
record and reveal business information. The accounting profession has developed
standards and rules that universally accepted. This common set of standards is
called generally accepted accounting principles (GAAP). In developing generally
accepted accounting principles certain basic assumptions are made. These
assumption provide a foundation for the accounting process. The main
assumptions are-
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