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Environment of Accounting
Accounting is the art of organizing, maintaining, recording, and
analyzing financial activities. Accounting is generally known as the
“language of business”. The accountant translates the accounting
information into meaningful terms that are used by interested parties.
Every organization – profit, nonprofit, charitable, religious, or
governmental – requires the services of accountants in providing
accounting information.
Accountants and the statements they generate are primary source of
information on economic and business activity. Accounting information is
used by everyone. The accountant keeps track of all business transactions.
A business transaction is any business activity that affects what a
business owns or owes as well as the ownership of that business. Most
accounting information is stated in monetary terms and is designed to be
useful in making economic decisions. These decisions are made both
within and outside the firm.
The manager of an organization, who is charged with the responsibility
of seeing that the enterprise is properly directed, relies upon accounting
information provided to make appropriate decisions. The accounting
information specifically prepared to aid managers is called managerial
(management) accounting information. Managerial accounting
information is used in three management functions: a) planning, b)
implementation, c) control.
Planning. Planning is the process of deciding what actions should be
taken in the future. A plan may be made for any segment of the
organization or for the entire organization. An important form of planning
is called budgeting. Budgeting is the process of planning the overall
activity of the organization for a specified period of time, usually a year. A
primary objective of budgeting is to coordinate the separate plans made for
various segments of the organization so as to assure that these plans
harmonize with one another. Planning involves making decisions.
Accounting information is especially useful in the analysis step of the
decision-making process.
Implementation. Making plans does not in itself ensure that the plans
will be implemented. In the case of the annual budget, each manager must
take actions to provide the human and other resources that will be needed

to achieve the planned results. Each manager must also make more
detailed implementation plans than are encompassed in the approved
budget. Although much of this activity is routine, the manager also must
react to unanticipated events, changing previous plans as necessary to
adjust for the new conditions.
Control. It is the managers’ responsibility to see that the work is done,
and done properly, by the employees of the organization. The process the
managers use to assure that the employees perform properly is called
control. Accounting information is used in the control process as a means
of communication, motivation, attention-getting, and appraisal.
The decisions managers make can be classified into four major types:
financing decisions, resource allocation decisions, production decisions
and marketing decisions.
Managerial accounting provides the information for these decisions. In
form, managerial accounting information may be general (for use in longrange
planning) or detailed (for use in cost control). The uses of
managerial accounting information are varied, ranging from decision
making by managers charged with successful operations of the specific
division to which the information relates to planning in both the long and
short range.
For internal use by management, managerial accounting information
generally is narrow in focus. It usually relates to a part of the company’s
operation.
Financial accounting information is intended both for managers and
for the use of parties external to the organization, including shareholders
(and trustees in nonprofit organizations), bankers and other creditors,
government agencies, and the general public. Investors in an enterprise
need information about the financial status and future prospects of an
organization. Bankers and suppliers grant loans and extend credit to
organizations based оn their financial soundness. Even customers and
employees concerned about the condition of an organization make use of
accounting information. The external users of accounting information and
the types of questions for which they seek answers can be classified as:
Stockholders, prospective stockholders in a corporation, and their
advisers – financial analysts and investment counselors. Should an
ownership interest be acquired in this firm? Or, if one is now held, should
it be increased, decreased, or retained at its present level? Has the firm
earned satisfactory profits?