Management accountability statement

All management personnel are expected to follow and enforce the safety and health policies and procedures the company has set forth. They should be held both physically and financially accountable for their safety and health practice performance as well as the performance of those they supervise. Figure 2.5 shows a management accountability statement. 

A typical management accountant s statement for changes in working capital and sources and applications of funds is shown in Table 9-34. This is based on the following relation an increase in apphcation of funds equals an increase in sources of funds. The relation can also be expressed as follows an increase in assets plus a decrease in habil-ities equals an increase in liabilities plus a decrease in assets. 

Internet-based account management services are now widely spread across the service sector (e.g., magazine or newspaper subscription services, residential telephone features selection, account statements in commercial banking, etc.). These offer added value to customers (e.g., convenient access, fewer errors, reduced paper clutter, etc.), and savings as well as additional sales opportunities to service providers. An interesting development in this area has... 

Principles of Accounting Accounting is the art of recording business transactions in a systematic manner. Financial statements are both the basis for and the result of management decisions. Such statements can tell managers or engineers a great deal about their company, provided that they can interpret the information correctly. 

One of the most important items in an income statement is depreciation expense. Although depreciation should not be thought of as a means to build up a fund to replace plant, it nevertheless does enable money to be retained in the business by reducing the profit available for distribution to stockholders. It is of course a duty of both accountants and management to see that sufficient money is retained in the business to replace assets and to invest such money in other processes or outside investment. 

Types of Accountancy The traditional work of accountants has been to prepare balance sheets and income statements. Nowadays, accountants are becoming increasingly concerned with foi ward planning. Modern accountancy can roughly be divided into two branches, financial accountancy and management or cost accountancy. 

After the balance sheet and the income statement or profit-and-loss account, the funds statement is generally regarded as the most important financial document. However, many financial managers regard a statement showing changes in cash as being of equal importance. 

Combating Terrorism Issues in Managing Counterterrorist Programs Statement of Norman. Rabkin, Director National Security Preparedness Issues, National Security and International Affairs Division. Washington, D.C. U.S. Government Accounting Office (T-NSIAD-00-145, April 6) 2000. 

The responsibilities are best laid out in a controlled document that includes clear statements of what needs to be done, when, how, how often, and by whom. Procedures and job descriptions may specify some of these responsibilities for an existing facility. Development of a management system will be most effective with broad input from the persons who will be given the designated responsibilities and be held accountable to fulfill them. 

A basic knowledge of accounting and financial statements is necessary for a chemical professional to be able to analyze a firm s operation and to communicate with accountants, financial personnel, and managers. Financial reports of a company are important sources of information used by management, owners, creditors, investment bankers, and financial analysts. All publicly held companies are required to submit annual reports to the Securities and Exchange Commission. As with any field a certain basic nomenclature is used to be able to understand the financial operation of a company. It should be emphasized that companies may also have their own internal nomenclature, but some terms are universally accepted. In this section, the common terminology is used. 

Accounting Keep the books Record financial transactions Prepare financial statements Manage cash flows Analysis of profitability... 

The revenues and expenses from the Daily Plan Payment report are compiled each month and entered into the income statement report (typically by the organization s accountant or bookkeeper, not by the pharmacists themselves). WHP begins its fiscal year on November 1. In addition to the yearly income statement and balance sheet, WHP s accountant prepares a monthly income statement and balance sheet to provide managers with a more precise picture of the financial status of the pharmacy. Before we examine these reports, we have to consider an important point about the preparation of the monthly income statement. 

Management and Cost Accounting In any given time period, cost may be divided into expired and unexpired cost. An expired cost is an expense an unexpired cost is an asset. This division is the basis for income statements and balance sheets. 

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