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Existing accounting systems are primarily "monovalent". That is, a single accounting value is attributed to a specific object or purpose. In contrast, risk and uncertainty are formally characterised by a whole range of possible values connected to an object.
Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.
In discussing the confusion surrounding the lack of common and meaningful management accounting terminology says, "… we are no nearer to being provided with a coherent theory of, if you like, a conceptual framework for management accounting." [12] Choudhury did not; however, propose a management accounting conceptual framework. 2002 ...
Management assertions or financial statement assertions are the implicit or explicit assertions that the preparer of financial statements is making to its users.These assertions are relevant to auditors performing a financial statement audit in two ways.
Accounting research is carried out both by academic researchers and by practicing accountants.Academic accounting research addresses all areas of the accounting profession, and examines issues using the scientific method; it uses evidence from a wide variety of sources, including financial information, experiments, computer simulations, interviews, surveys, historical records, and ethnography.
It is important to identify the primary users since materiality reflects the auditor’s judgment of the needs of users in relation to the information in the financial statements. Finally, in government auditing, the political sensitivity to adverse media exposure often concerns the nature rather than the size of an amount, such as illegal acts ...
The term "financial management" refers to a company's financial strategy, while personal finance or financial life management refers to an individual's management strategy. A financial planner, or personal financial planner, is a professional who prepares financial plans here.