1.1 BACKGROUND OF STUDY
The basis for financial planning and analysis is the financial information financial information is needed to predict, compare and evaluate the firms earnings ability it is also required to aid in economic decision making investment & financial decision making. The financial information of an enterprise is contained in the financial statement or accounting report.
Accounting is the guide post for management every enterprise should know the activities carried on by it and the financial implication of its operations. The financial score of an enterprise is kept by the accounting system accounting information unit in business context is a unit in an organization that processes transaction to provide score keeping. It points out the problem faced or likely to be faced by the enterprise. It also brings to the notice of the firm the opportunities that are likely to arise. It indicates possible action, when needed. Accounting is the process of identifying, measuring and communicating economic information to permit judgment and decision by users of the information.
Accounting information could be classified under two heading or three headings. Under two headings. It is classified as.
1. Financial accounting which provides information about profit and loss and financial position of the organization at a given period and management accounting which provides management information needed for planning and control in an organization.
Under three heading. It is classified as:
i. Routine – Internal report: That is day to day reports to management for planning and control of the organization function for instance performance report financial reports and accounts.
ii. Non-routine report: This aids management for examples budget forecast, estimates and projections and articulation of computer organizational goals. No lay down format
iii. External report : this is for external interest groups like government and creditors.
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