The common topics include; Accounting reports, budgeting, stock accounting, strategic accounting and decision making. Project accounting is also known as job cost accounting and this mainly involves the creation of financial reports that are meant to keep track of the financial progress on projects, which can then be used by managers to assist in project management.
Accounting Reports
These are periodic statements that show the financial position of a particular company over a certain period of time. These are a result of the company’s operations and transactions.
Budgeting
This is one of the most important topics in an accounting project as it enables management to determine how much funding is present for a particular project. Budgeting involves using the most cost effective ways for efficient project funding, so that in the end there is enough allocation for different resources.
Stock Accounting
This is the evaluation and maintenance of records of the material stock reflecting information such as, the quantity, the value and the condition. These records are stored formally and can be retrieved at the end of the accounting period to calculate items such as depreciation and so on.
Strategic accounting
This involves offering financial accounting, management and planning services to different businesses and individuals through long term investment. This means designing strategic plans that suit different organizations and individuals. This procedure involves the analyzing of cash flow, balance sheets and financial statements which will be used to plan and give advice to top level management to use in planning a course of action.
Decision making
This is the process by whereby a course of action is chosen based on a number of different scenarios. For every decision making choice, there is always a final choice and this choice is critical in that it determines the financial future of that particular organization.
Accounting Reports
These are periodic statements that show the financial position of a particular company over a certain period of time. These are a result of the company’s operations and transactions.
Budgeting
This is one of the most important topics in an accounting project as it enables management to determine how much funding is present for a particular project. Budgeting involves using the most cost effective ways for efficient project funding, so that in the end there is enough allocation for different resources.
Stock Accounting
This is the evaluation and maintenance of records of the material stock reflecting information such as, the quantity, the value and the condition. These records are stored formally and can be retrieved at the end of the accounting period to calculate items such as depreciation and so on.
Strategic accounting
This involves offering financial accounting, management and planning services to different businesses and individuals through long term investment. This means designing strategic plans that suit different organizations and individuals. This procedure involves the analyzing of cash flow, balance sheets and financial statements which will be used to plan and give advice to top level management to use in planning a course of action.
Decision making
This is the process by whereby a course of action is chosen based on a number of different scenarios. For every decision making choice, there is always a final choice and this choice is critical in that it determines the financial future of that particular organization.
