what is the essence of managerial accounting?
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managerial accounting is a way that companies keep order in there finances:updated records and balances.
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In computerised accounting everything from journal to preparation of final accounts is done automatically. you can get some financial analysis also. There is more accuracy and speed in computerised accounting than manual accounting...a book keeper need not know everything about accouting to use accounting software...with little accounting knowledge he can do his job efficiently ...the burden for accountant is also reduced...he need not prepare financial reports and  his job function is limited to analysis only... \n\nIn manual accounting the whole burden of preparation of financial reports and analysis lies on the accountant.\n\nhttp://www.futureaccountant.com/\nhttp://www.schoolingkids.com
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(m)\n\nThe process of consuming data from different financial systems and combining that information through aggregation and consolidation to create financial analytic views and comprehensive financial statements, which are compliant with accounting and financial reporting standards.*
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Accounting is based on certain concepts and conventions..\n\nPrudence Concept or Concept of Conservatism\n\nThe concept of conservatism or the prudence concept asks you to be cautious...\n\nIt asks you to take into consideration all those expenses and losses of which you are aware and not to take into consideration incomes and gains unless they arise/accrue..\n\nValuing Closing Stock at cost or market price whichever is lesser.\nCreating a reserve for contingent losses like bad debts..\n\nare some examples of acts based on the prudence concept.\n\nTo generalise we can say that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, greater loss, a lower asset value and a higher liability value. \n\n\nhttp://www.futureaccountant.com/accounting-process/study-notes/
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To provide relevant and reliable information to users external to the business.  Why?  Creditors & Investors use this critical information to make critical resource allocation decisions such as whether to lend money to the particular firm or to invest in the firm.\n\nTo "Ain't no stopping us"  what you are refering to is typically called "managerial accounting" which is different from financial accounting.  Managerial accounting doesn't have to comply with GAAP and is used for strictly internal use while financial does conform to GAAP principles and is used for the external purposes I mentioned above.\n\nAnd, if you don't rely on any outside investment, how are you going to expand your business and raise the capital to expand it? You could re-invest your profit into your business, but most don't have that ability.  So, you're left with either raising your capital through equity (investors) or debt (lenders).
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I think tranactions reports of gains/losses always important See GAAP,,general accounting principles. Depends on which fiscal period they have been reported.
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Cooking the books and massaging the numbers are terms you'll hear often in accounting. Accounting is the record keeping of transactions made. This has large effects on a company's earnings report, financial statement, income statement, cash flows and the like. Cooking the books means that you literally alter these numbers to say what you want them to say. Massaging the numbers generally refers to a practice of lightly altering the numbers. Although still an alteration, the latter is much more accepted. \n\nHere's an example.\n\nWhat's 2+2.\n\nA by the book but probably out of work accountant would answer 4.\n\nSomeone massaging the numbers would say sometimes 3 and sometimes 5 but also sometimes 4. \n\nCooking the books would be someone who replies: "whatever you want it to be."
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Financial Statements are comprised of:\n\na) Balance Sheet\nb) Income Statement\nc) Statement of Cash Flows\nd) Notes to the Financial Statements
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you can learn the fundamental concepts of accounting using these web pages..\nplease be patient enough to read through the pages..\n\nhttp://www.futureaccountant.com/accounting-process/study-notes/
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Management Information System
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"In essence,.." = "Basically,"\n\n"The essence of..." = "the main(basic) part of..."\n\n"Time is of the essence...." = "Time is of the utmost importance"
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You can obviously use the internet, so here's a link to the Institute of Management Accountants, sorry it's not a pdf file.\n\nhttp://www.imanet.org/ima/sec.asp?TRACKID=&CID=5&DID=5
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Nominal account\n\nDefinition\n\nAn account kept in a ledger which itemises revenue and expenditure such as sales and operating costs.
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Behavioral accounting concerns itself with human behavior as it relates to accounting information and problems. Its basic objective is to explain and predict human behavior in all possible accounting contexts. \nBehavioral accounting provides a framework and set of techniques:\n\nFor understanding and measuring the impact of business processes on people and company performance \nFor measuring and reporting the opinions and behaviors relevant to strategic planning \nFor influencing opinions and behavior to ensure the successful implementation of company policy and innovation.
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In budgeting or (management accounting in general) variance analysis is a tool of budgetary control by evaluation of performance by means of variances between budgeted, planned or standard amount and the actual amount incurred/sold. Variance analysis can be carried for both costs and revenues.\n\nhttp://en.wikipedia.org/wiki/Variance_analysis_(accounting)\n\nTypes of variances\nVariances can be divided according to their effect or nature of the underlying amounts.\n\nWhen effect of variance is concerned, there are two types of variances:\n\nWhen actual results are better than expected results given variance is described as favourable variance. In common use favourable variance is denoted by the letter F - usually in parentheses (F). \nWhen actual results are worse than expected results given variance is described as adverse variance, or unfavourable variance. In common use adverse variance is denoted by the letter A or the letter U - usually in parentheses (A). \nThe second typology (according to the nature the underlying amount) is determined by the needs of users of the variance information and may include e.g.:\n\nVariable cost variances \nDirect material variances \nDirect labour variances \nVariable production overhead variances \nFixed production overhead variances \nSales variances \n\nhttp://en.wikipedia.org/wiki/Variance_%28accounting%29
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In accounting information system (also called accounting cycle) is the system of records a business keeps to maintain its accounting system. This includes the purchase, sales and nominal ledgers and cash books of the business. While this was previously a paper-based process, most modern businesses now use computerized accounting systems.\n\nSteps in accounting cycle:\n\n   1. Creating journal entries for transactions\n   2. Creating general ledger\n   3. Creating trial balance\n   4. Making adjusting entries\n   5. Creating adjusted trial balance\n   6. Preparing financial statements\n   7. Closing temporary accounts
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This site has a wonderful explanation on the basics of accounting. Please be patient enough to read through. http://www.futureaccountant.com/accounting-process/study-notes/\n\n\nhttp://www.futureaccountant.com/\nhttp://www.schoolingkids.com