Tag - Understanding Financial Statements: Management Accounting

Where do you start? Understanding financial statements sounds daunting. Here, we go through the practical aspects of Management Accounting. Learn about the benefits of Management accounting compared with Tax Accounting. Then, setup your Chart of Accounts to give you the greatest information from your financial statements. At the same time, work on the practicalities: TrendBoards, ChangeBoards, Ratio Analysis to name a few. In addition, understanding financial statements will highlight the benefits of accrual accounting compared with cost accounting. To explain further, accrual accounting will allow you to gain the most information from your accounts. Find out the importance of accounts receivable and accounts payable to accrual accounting.