Question

Accounting is an important service activity in business and is concerned with collecting, recording, evaluating and
communicating the results of past events. The history of accounting developments reflects its changing role in
response to the changing business and social needs. With the emergence of management accounting, the focus of
accounting has been shifting from mere recording of transactions to that of aiding the management decisions.
Accounting can be perceived as an information system which has its inputs, processing methods and outputs. The
usefulness of accounting lies in its capacity to provide information to various stakeholders in business so that they
could arrive at the correct decisions. The organizational setting for accounting and finance function may also vary in
different organizations, depending upon their nature and size of business, technology and structural form.
Required:
a) Do you think that the role of Accounting is very important in modern business organization? If yes,
explain in your own words what is the role of Accounting in a Modern Business Organization .

b) Assuming that if you are an Accountant in a large manufacturing industry, how would you assist in
planning and control process of the organization.

Answer 1

Answer:

Answer is

b) Assuming that if you are an Accountant in a large manufacturing industry, how you assist in planning and control process of the organization.