ACCOUNTING AND BUSINESS MANAGEMENT
In this particular episode, we are gonna be looking at the key function of accounting in the management of a business. Join the conversation by commenting below with your own opinion, remember it’s the BIG TALKS and today we are simply talking business.
Now am gonna start by explaining related TERMS such as; accounting, management, business, business management and so many others.
●ACCOUNTING
Accounting can be defined as being concerned with the recording, classifying, creating, summarizing, summarizing and communicating of financial information to interested parties and interpreting to help in making certain business decisions.
Accounting is of various branches. It is divided into three vast branches. We have the financial accounting, cost accounting and management accounting.
Next time on BIG TALKS we are gonna be breaking down the various branches of accounting
●MANAGEMENT
There are different meanings of management according to the various school of thought. We are gonna be taking some of this definitions before moving forward.
According to the English dictionary, management often means the deployment and manipulation of human resources, financial resources, technological resources and natural resources.
Management can also be defined as a group of people in a company that effectively and efficiently allocate the various resources (either material, financial or human) of the company in order to achieve a set of goals. (Ref. ikeme emeka 2015:01)
Management can also be defined as the way something is handled, careful treatment.
●BUSINESS
Business is the activity of making ones living or making money from producing or buying or selling products (goods and services). It can simply be defined as any activity or enterprise into mostly for the purpose of making profit.
A business is of various forms but that is for the next episode of the BIG TALKS.
●BUSINESS MANAGEMENT
Now what to be done is to relate the meaning of management with respect to a business. Therefore business management can simply be defined as the efficient and effective allocation of the resources of a business in order to achieve a set of goals.
In lay man’s language, business management simply refers to the integration of the function of management into the running of a business.
Now that we have seen the various definition of terms we are going down to the matter of the day. What is the key function of accounting in business management?
The importance of accounting in business management cannot be over emphasized. Accounting is key in the proper management of a business enterprise. First, management accounting provides information which the management uses in making managerial decisions.
Accounting also help the business to presents its transactions in plain and understandable language in order to attract both foreign and local investors.
I would like to hear your opinions on this. As it is said that man is not an island of his own, so join the conversation and comment with your own opinion. Remember, the question is; what is the importance of accounting in business management?
Its BIG TALKS once again and we just talking business with @ikemeemeka
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