Kim Fuller

In: Business and Management

Submitted By dkroop
Words 761
Pages 4
1. Accounting information is information that is expressed in monetary terms, while non-accounting information is expressed in numbers but not in a monetary format. Accounting information can be categorized in the following 4 areas:
Operating information-This type of information is needed in the day to day operation of Fuller’s business, information such as employee payroll, operating expenses, and inventory. Fuller will also need to know what customer owe the business through Accounts receivables.
Financial Accounting- This type of information is geared more for managers and also for external parties such as shareholders (in Fuller’s case, her siblings), the bank and other creditors. The amount of liabilities she has in the form of Accounts payable and loan payable, bank reconciliations, the cost of the assets in the plant and equipment owed by the business, the amount of the mortgage payable and record of owners’ equity would fall under financial accounting.
Management Accounting- This type of information is a summary of planning, budget, implementation and control. These types of reports would be generated for internal use for managers to use the data for their specific department and help run the business overall.
Tax Accounting- This type of information focuses on tax issues where a business has elected to use different accounting rules for tax accounting and financial accounting. Fuller would be accountable to keep accurate records to tax filing purposes.
Types of non-accounting information beneficial for the company could include: how fast the grinding machines per hour, the number of raw material bottles needed to produce an amount of finished material, number of deliveries per week of raw material, the number of machines on the shop floor, contracts with the local businesses, number of employees on a given shift.
2. The assets for Kim Fuller’s…...

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