Nirasha Sewmini

  Role of accounting in informing decision making to meet internal organization and Stakeholder needs   In complex working contexts, accounting is essential for informing decisions and addressing the interests of various stakeholders. Accounting enables stakeholders to conduct well-informed decisions and evaluate the performance and financial health of an organization by providing financial information and analysis as follows     Owners   Due to the fact that owners are often the main stakeholders in a business, accounting is essential in guiding decision-making to satisfy their needs. Among them is the provision of financial statements by accounting to owners, which aid in assessing the profitability and financial standing of the company and assisting in making decisions. Accounting also supports business owners by offering financial data and analysis that can be used to evaluate the risks and possible returns of different investment opportunities....

    Context and purpose of the accounting function in meetin g organisational expectations.     In order to fulfil organizational goals, the accounting function is essential. As a result, the accounting function is in charge of creating financial statements that fairly represent the company’s financial situation, operating results, and cash flows. These statements-which include the balance sheet, income statement, and cash flow statement provide transparency for both internal and external stakeholders. Similarly accounting procedures guarantee adherence to applicable accounting laws, rules, and regulations. Organizations are able to show legal compliance reduce legal risks, and preserve financial reporting integrity by adhering to recognized financial reporting frameworks like IFRS or GAAP.     Overall, an organization’s accounting department acts as a vital information hub. It guarantees accurate financial reporting, compliance with laws and regula...

                                       Ethics in accounting                More broadly speaking, ethics and ethical behaviour refer to values like morality, honesty, and integrity. But the regulatory bodies of certified public accountants have established a distinct set of guidelines known as the code of professional conduct. Some norms are universal even though the rules established by various entities around the world are all different. The following are the top five ethical guidelines for professionals in accounting (CFI Team, 2022):     Integrity - to act honestly and openly in all interactions with colleagues and customers.     Objectivity - to avoid letting prejudice, conflicts of interest, or improper outside influence affect professional or business decisions.     Professional Competence and Due C...

  Accounting   Accounting, which is frequently referred to as simply "accounting," is the process of gathering, analysing, and disseminating financial and other data on companies and businesses. Accounting is the activity of keeping records of a company's financial transactions. Moreover, it can be called as a branch of information science that humans use to collect, organize, and modify financial data. It is a subject that not just businesses but also people, non-profit organizations, and many other entities are familiar with. Journal entries are how the accountants compact the transactions. In bookkeeping, these entries are utilized for keeping track of an organization's financial transactions over a specific time period in order to assess and convey that information to users who are interested in the organization's operating performance and financial status. According to the rules set forth by the auditors and other governing agencies, the accountants cr...