Management and Financial Accounting

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 seeks 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 major 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 decisions. 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.
  • 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 produced as frequently as required by managers. In many businesses, managers are provided with certain reports on a monthly, weekly or even daily basis, which allows them to check progress frequently. In addition, special-purpose reports will be prepared when required (for example, to evaluate a proposal to purchase a piece of machinery).
  • Time horizon. Financial reports reflect the performance and position of the business for the past period. In essence, they are backward looking. Management accounting reports, on the other hand, often provide information concerning future performance as well as past performance. It is an oversimplification, however, to suggest that financial accounting reports never incorporate expectations concerning the future. Occasionally, businesses will release projected information to other users in an attempt to raise capital or to fight off unwanted takeover bids.
  • Range and quality of information. Financial accounting reports concentrate on information that can be quantified in monetary terms. Management accounting also produces such reports, but is also more likely to produce reports that contain information of a non-financial nature such as measures of physical quantities of inventories (stocks) and output. Financial accounting places greater emphasis on the use of objective, verifiable evidence when preparing reports. Management accounting reports may use information that is less objective and verifiable, but they provide managers with the information they need.

We can see from this that management accounting is less constrained than financial accounting. It may draw on a variety of sources and use information that has varying degrees of reliability. The only real test to be applied when assessing the value of the information produced for managers is whether or not it improves the quality of the decisions made.

The distinction between the two areas reflects, to some extent, the differences in access to financial information. Managers have much more control over the form and content of information they receive. Other users have to rely on what managers are prepared to provide or what the financial reporting regulations state must be provided. Though the scope of financial accounting reports has increased over time, fears concerning loss of competitive advantage and user ignorance concerning the reliability of forecast data have led businesses to resist providing other users with the detailed and wide-ranging information that is available to managers.

Fashion Jewelry Redefines Feminine Grace

There’s wearing ornamental pieces made of gold, platinum, and silver, and then there’s opportunity to wear fashion statement jewelry. With the modern lifestyle adding different dimensions to the experience of wearing jewelry, the contemporary women are bound to add a piece of the fashion pie in their wardrobes.

While heading for a party from desk, one may not find proper time to select accessories. What is required here is a piece that will not be too awkward at office, as well as, add glamor to the dinner party. Fashion statement jewellery are best to gear up any attire. This kind of accessories include all kinds of earrings, necklaces, rings and bangles. Marvelous bracelets with minimal intricacies, extraordinary rings with stones, edgy, bold necklaces and other statement pieces can help changing casual into classy and elegant. A piece of jewelry becomes attention grabber when it amplifies the outlook within.

Wearing something that grabs the attention with its magnificence may not be new. However, wearing something that is totally different and capturing the attention of an audience just for its difference is fashion statement. Statement jewellery for women help to pull an outfit together. What seems drab and boring can turn into an attractive appearance with these pieces. Clothes are a way of expressing the self. Addition of the bold helps to express the courageous and defying self.

Every matter in the world has its own advantages and disadvantages. The biggest advantage of wearing fashion statement jewelry is that it is a stunner in itself. One does not need to embellish the look with additional accessories. Most importantly, the body part on which the fashion piece is adorned is highlighted the most. However, it is also known fact that an erroneous match to put up the bravest look may turn into disaster. It is important to be careful while choosing your statement jewelry. A balance between each part of the look helps to avoid donning a wrong outfit. A Statement jewellery is the focus of one’s look. It is wrong to try to wear all kinds of statement jewelry together. It makes the look unbalanced and verging to ridiculous. Usually one piece of fashion statement jewelry is enough for the trendy appearance.

With traditional jewelry stores still fashioning jewelry with monotonous regularity, it is time to indulge in product discovery. A fashion statement is never defined. It is usually defined by individuals with their respective choices. Though there are few ways in which statement jewelry are fashioned by modern women today, there are always scope for innovations.

All About Services Offered By Tow Truck Companies

If you own a car, there are good chances of you needing towing services at some point in your life. Whether it is a flat tire, a car breakdown or your vehicle meeting with an accident, you would certainly need the help of a valuable trailer towing service. You can avail towing services for your need 24 hours a day and even on holidays as well as inclement weathers.

When looking for a tow truck, it is important to get services from a professional and reputable provider. Vehicles that are not protected well can get damaged while in transit and lead to a difficult situation. You are likely to have a bad day when you are looking for the services of a tow truck, and it makes sense not to let this terrible experience make the situation even worse. Hence, it would do well to first do your own homework on the range of services available before utilizing any of them for the safety of your car. Before selecting any towing company, you should get answers to few questions like how much would they charge for providing the services of boosting the battery service, doing tire repair, the amount they charge per tow and the distance to which they offer their tow truck service. If the reasons for getting tow truck service are due to tire fixing, car towing, or jump start, it is important to get it done by a qualified towing service. If the services provided by the towing company are not perfectly done, there are good chances of damaging your car during its tow.

If you are unsure about the type of towing service you require for your specific need, you can inform the service provider about the kind of vehicle that you want to be towed. Any professional towing service will be able to advise you if your vehicle needs a flatbed tow truck service for its transportation. You could need towing service to help you get out of emergencies. It is in these situations that the best and efficient towing companies can help you get out of the unpleasant situations the most. The helpful employees of these towing companies can provide you with advice and help in selecting the right tow trucks for your specific situation. When it comes to selecting the right two trailer towing services, you are likely to find yourself in a confused situation. But you can free yourself of worry by the right selection of specialized and reliable company and ensure saving both your money and time. Next time when you are stuck somewhere, get precious advises and skill of a reliable towing company.

What Is A Blog Or What Does Blog Stand For

What is a blog or what does blog stand for are two questions that many internet users still often ask. Well, in short, a blog is basically an online journal whereby a blogger or a contributor to a blog, can digitally note their own thoughts, ideas, opinions and practically anything else that bloggers want people to read about.

Blogs are often called weblogs because after all they are a particular type of website, usually maintained and updated by an individual with regular entries of events, descriptions of situations, personal commentaries or other material such as graphic images or video. Entries are, more often than not, displayed in reverse-chronological order.

Blogs are fluid, interactive platforms for bloggers to get their message across to readers, as opposed to a more static website platform.

There are many resources available on the internet to provide you with blogging tips and information. For instance should you create your blog via a blogging platform such as blogger.com or buy your own domain and set up your blog via a platform such as WordPress. One important aspect of setting up your own blog is that it enables the blogger to create a bond with their readers and to be able to interact with them. It is a great way to make your own thoughts known to others, to pass on valuable information to interested readers, or to create a web presence for your business. The options are numerous.

To achieve this it is advisable for the blogger to include an “About Us” type page, where the blog owner can outline who they are and to disclose the purpose of the blog to their readers.

It goes without saying therefore that, in the main, the blogger needs to know the subject well enough to write regular blog posts. I say “in the main” because the flexibility of a blog will allow the blogger to write a post inviting their readers to comment on a subject that is not so well known by the blogger.

This approach will further enhance the bloggers bond with the readers and will provide more, fresh unique content to their blog.

As mentioned above, blog posts need to be made on a regular basis, but not too regular if the quality of the blog posts are of a poor quality. For instance it is better to post just one really informative, quality blog post every 2 or 3 days rather than several flimsy posts on a daily basis. In short it is the quality of the post rather than the quantity. Posting poor quality posts too often will drive your readers away.

Very often forgotten by bloggers is the need to include tags in their blog posts. Tags let you target your posts into different categories, which can then be searched by readers. For each of your posts you should be looking to have two or three tags. Make use of tags correctly. For example, ensure you use the same words for similar posts but don’t give posts too many tags, as this tends to clog up categories.

Don’t have too many widgets and/or images on your blog to the extent that it slows down the loading of your blog. Readers will exit very quickly if the blog takes too long to load.

Always remember as well that blogs and blog posting should be enjoyable. It is not like writing articles for article directories. A blog post should be written more like your own experiences rather than a regurgitation of a load of researched facts. For instance, one of my passions is football. If I was posting a blog post on a football match then I would write it based on my own experiences of attending a football match rather than spout a load of facts about what a football match is – rules, the time a match lasts for etc.

The flexibility of a blog enables the blogger to get their message across and to take on board any responses or feedback from their readers. It doesn’t take that long to set up a blog – again there are many tips and guidelines available on the internet.

On a more administrative level, if you do set up your own blog, don’t forget to include a “Contact Us” and a “Privacy Policy” page as a bare minimum.

Try blogging, you will find it to be both enjoyable and rewarding.