Melvin Feller Business Consultants Group Looks at Financial Accounting Decision Making

Melvin Feller Business Consultants Group Looks at Financial Accounting Decision Making

Melvin Feller Business Group in Burkburnett Ministries and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way and provide a positive outreach as the director. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.
Financial Accounting Decision Making by Melvin Feller
Financial Accounting Decision Making by Melvin Feller

Financial Accounting does not seek to obtain exact numbers because such precision is often impossible to achieve and is not really needed by decision makers. Instead, the financial accounting information reported an image of a company and its activities, intended to provide a kind of portrait. To achieve this objective, financial accountant must ensure that the reported balances and other data is free any of material misstatement.


A misstatement is inaccurate information, which is included by an accident (an error) or intentional (fraud). Misstatement may cause a change in the decisions made by a person who will use this information. When all misstatements is eliminated, the information will be presented as just. The interested parties to make accurate and informed decision will use this accurate information.


At any point, time business organizations may face unpredictable outcomes such as litigation or collection of a debt. The presentation of useful information about these dangerous situations goes beyond the simple reporting accurate numbers. To communicate an adequate representation of this uncertainty, financial accounting must serve as a language. Any language must use rules such as terminology and the structure of each language must be developed. Effective communication of financial information, terminology and structural rules must be understood by all stakeholders.


FINANCIAL ACCOUNTING TERMINOLOGY AND RULES


Language cannot communicate without some standardization of terminology and rules. Generally,
Accepted Accounting Principles — GAAP — currently plays this role in the United States. The availability of these mandatory guidelines served as a central role in the growth of the U.S. economy since the end of the Great Depression and World War II. These uniform accounting rules allow the investors and creditors to assess the potential risks and opportunities they face. GAAP is evolving as an accountant looking for better ways of providing financial information in a changing world. The principal authority for the development of GAAP is the Financial Accounting Standards Board (FASB). FASB constantly looking for reporting issues to be examined so that the necessary changes in official accounting rules can be made. IFRS plays the same role in much of the rest of the world. The future of IFRS rules in the United States is yet to be determined, but the acceptance of a single set of accounting standards in certain form has many supporters.


A good knowledge of basic accounting terminology is essential for successful communication in the presentation of financial information. Four terms provide basic core around which financial reporting process is built. Assets are probable future economic benefits owned or controlled by an organization.

Assets generally include cash, inventories, land, buildings and equipment. Liabilities are debts of the reporting entity such as rent payable, salary payable, and notes payable. Revenue figures show the increase in company’s net worth (assets minus liabilities) created by the sale of goods or services.


Profits are the lifeblood of any organization. Without the inflow of cash or receivables that comes from generating sales, a company cannot exist for a long time. Expenditures represent a decrease in net assets in the hope of generating revenues. Expenses incurred by most companies come rents, salaries, insurance, electricity and many operating costs.
Melvin Feller Business Consultant, Business Owner, Burkburnett ministries and Graduate Student Candidate in Business Organization
Melvin Feller Business Consultant, Business Owner, Burkburnett ministries and Graduate Student Candidate in Business Organization
Melvin Feller Business Consultants Ministries Group in Texas and Oklahoma. Melvin Feller founded Melvin Feller Business Consultants Group and Burkburnett Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes and a positive outreach with grace and as a ministries. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.

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