TAILIEUCHUNG - MBA In A Day Chapter 6

Chapter 6. Accounting and Finance. Accounting is the process of recording, classifying, reporting, and analyzing money. Accountants capture and record all the transactions, operations, and activities that have financial consequences for a business. | Section II MONEY ECONOMICS FINANCE AND ACCOUNTING TLFeBOOK TLFeBOOK Chapter Accounting and Finance Accounting is the process of recording classifying reporting and analyzing money. Accountants capture and record all the transactions operations and activities that have financial consequences for a business. Accountants are also involved in other activities in finance that impact a business such as weighing the costs of new ventures participating in strategies for mergers and acquisitions quality management tracking financial performance as well as tax strategy. While the accounting requirements of businesses vary all organizations need a way to keep track of the flow of money within them. The responsibilities of the finance and accounting functional area within an organization or of its chief financial officer CFO include Facilitating operations payroll purchasing cash collections cash disbursements. Management control measuring actual performance against goals and expectations. Management decision making analyzing cash position to make decisions. 97 .

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