Costs Keep your paper at a high level, but provide enough details so the executives at Kudler Fine Foods can decide whether to pursue the project based on your paper.
Introduction Whether it is a service, manufacturing or merchandising business the primary goal of any business is to make a profit. Kudler Fine Foods would fall into the merchandising retail group.
First and foremost, accounting is a service activity. Its function is “to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. accounting is a means to assist a wide variety of parties in making economic decisions
An Introduction to the Accounting System
The objectives, concepts, and principles discussed in this chapter create the framework for the basic accounting system. An accounting system provides a systematic approach to collecting, processing, and communicating financial information to decision makers in an effective and efficient manner. Such systems have varying degrees of complexity and sophistication. Manual, or “pen-and-paper,” accounting systems are still used by some small businesses to process financial data. However, most businesses have integrated computer accounting systems. The accounting concepts and methods in this text apply equally well to manual and computer-based accounting systems. All accounting systems use accounts, a general journal, and a general ledger.
There are a wide variety and components to the accounting system. For Kudler Fine Foods, one of the key segments would be tracking the amount of revenue being earned from their unique food selections. he FASB decided that the conceptual framework needed to define and describe the qualitative attributes that accounting information should possess. usefulness in the decision-making process was determined to be the most important qualitative characteristic that accounting information should possess. To qualify as useful to decision makers, accounting information should be understandable, relevant, and reliable.