Accounting - Reporting - profit and loss statements - classification
Classification is another area for discussion. The benefits of
classification may be linked to departmental Profit and Loss statements.
* enabling the assigning of responsibility to department managers
* measuring performance of particular departments
* helping recording - specialised journals save time and effort
* assisting control - performance figures may be compared with budget
* providing information for decision making
The benefits of preparing accounting reports more frequently than once a
* they assist planning and control by enabling comparisons with budgeted
* a business can respond more readily to both favourable and unfavourable
trends in its operations
* they assist in making policy decisions; for example, a change in prices
* more effective monitoring of the performance of the business
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