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Submitted by twill04 on May 8, 2008
Category: Business
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Overview of Accounting
This presentation is to give information to a group of small business owners with no accounting or financial knowledge. The presentation is designed to help the small business owner understand and fulfill their accounting and finance responsibilities. I will identify the audiences, purposes, and natures of financial statements and managerial reports. I will also explain the use of financial accounting information in making informed and ethical business decisions.
Identifying the Audience
Financial and managerial reports are useful to different users for different reasons; depending on who is in your audience. The users of financial statements include present and potential investor, lenders, suppliers and other trade creditors, governments and their agencies and the public. They use financial statements in order to satisfy some of their different needs for information.
Financial statements and managerial reports provide for investors the risk inherent and the return provided by their investments. They require information to help them determine whether they should buy, hold or sell. Shareholders are also interested in information which enables them to assess the ability of the enterprise to pay dividends. (Block, Hirt 2005)
Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when due.
Suppliers and other trade creditors are interested in information that enables them to determine whether amounts owing to them will be paid when due. Trade creditors are likely to be interested in an enterprise over a shorter period than lenders unless they are dependent upon the continuation of the enterprise as a major customer.
Governments and their agencies are interested in the allocation of resources and, therefore, the activities of enterprises. They also require information in...
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