Page 153 - DCOM409_CONTEMPORARY_ACCOUNTING

Contemporary Accounting

Notes Accounting reports helps to get full information about the entire operative activity of the
firm.

The report submitted to the top level should be brief or we can call it a summarized
statement, which provides an overall view on the subject.
The reports at the middle level should show the efficiency and cost data relating to different
departments.
At the lower level foremen and supervisors are concerned at the floor and they prepare
their reports physically without any expert opinion.

Accounting reports helps to get full information about the entire operative activity of the
firm.

Financial reports are incapable of providing all relevant information that might be required
by those who use them.

12.4 Keywords

Report: Report is a statement containing facts and if they contain accounting information and
data they are called accounting reports.
Reporting: The communication of the information between two or more parties through reports
is known as reporting.
12.5 Review Questions

1. Accounting reports helps to get full information about the entire operative activity of the
firm. How you will frame a good accounting report?

2. Identify the scope of financial reporting at all the levels of management.
3. List the key reports prepared at middle and lower level.
4. What are the key strengths and weakness of accounting framework?
5. What are the key reports prepared at top level management?

Answers: Self Assessment

1. Report

2. accounting reports
3. physically
4. reporting
5. cost and operational

6. middle
7. operative
8. financial
9. financial

10. financial measurement

148 LOVELY PROFESSIONAL UNIVERSITY