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Overview To Financial Controllership: 1. What Is The Task/function of Accounting in A Corporation?

The document discusses the roles and responsibilities of financial controllers in companies. It covers the following key points: 1) Financial controllers track expenditures, profits, and financial information to prepare financial statements and fiscal histories for companies. They use this information to predict financial success and create budgets. 2) Controllers must maintain high ethical standards to set a good example for their staff and influence ethics across the company. They should consider ethics in capital budgeting. 3) The role of controllers is evolving from transaction processing to strategic management skills as accounting functions integrate with other departments through ERP systems. Controllers now oversee more educated staff and may transition to top management roles.

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Edelyn Savandal
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0% found this document useful (0 votes)
54 views2 pages

Overview To Financial Controllership: 1. What Is The Task/function of Accounting in A Corporation?

The document discusses the roles and responsibilities of financial controllers in companies. It covers the following key points: 1) Financial controllers track expenditures, profits, and financial information to prepare financial statements and fiscal histories for companies. They use this information to predict financial success and create budgets. 2) Controllers must maintain high ethical standards to set a good example for their staff and influence ethics across the company. They should consider ethics in capital budgeting. 3) The role of controllers is evolving from transaction processing to strategic management skills as accounting functions integrate with other departments through ERP systems. Controllers now oversee more educated staff and may transition to top management roles.

Uploaded by

Edelyn Savandal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Overview to Financial Controllership - ERP helps companies run successful businesses by connecting

their financial and operational systems to a central database


Accounting - track expenditure and profit of the company - it’s a software solutions to automate the transactions of the
- store and analyze financial information company.
- Preparation of Financial Statement
- Create fiscal history of the company, they can utilized it to Impact of Ethics in Accounting Role
predict the financial success of the company. With that prediction - The accounting function can have a serious negative impact on
they can create new budget plan and more opportunity a company's ethical standards through nothing more than
indifference or lack of caring.
1. What is the task/function of accounting in a - If the controller does not maintain a high ethical standard, the
corporation? rest of the accounting staff will have no ethical leader and will
quickly lapse into apathy.
Traditional Accounting Function - The controller can have an additional impact on the pervasive
-Accounts payable transaction processing attention to ethics within the corporation by requiring its
AP (rent, logistics, licensing, contractor- the one who process the consideration as part of the capital budgeting process.
documents) lahat ng perang palabas ng kompanya.
Need to determine the due date. Illustrative topics to include in Code of Ethics.
-Accounts receivable transaction processing  Bidding, negotiating and performing under government
AR pera na matatanggap ng company from costumers contracts
Continuous flow of revenue  Compliance with antitrust laws
Need to get AR 30 day or less  Compliance with securities laws and regulations
- Asset transaction processing  Conflicts of interest
Recorded in sequence.  Cost consciousness
The accounting keep track the maintenance when it comes to the  Employee discrimination on any grounds
asset of the company.  Gifts and payments of money
- Debt transaction processing
Pursue payment owe to the creditor Hazardous Waste Disposal
- It involve cost
New Accounting Tasks International Boycott
- Coordination and Consolidation of accounting at subsidiaries - It includes protest, refusal when it comes to engaging in
Combine asset, liabilities and other financial terms economic interaction
- Currency Transactions Leave for Military Service
Convert currency to another one - get a reliever when an employee leave for military
- Marginal analysis Meals and Entertainment
Cost benefit Petty Cash- use in day to day transaction for smaller amount
which the company should spend
- Non-product cost analysis Political Contributions
Cost when it comes to administrative charges, financing cost, - Transaction when it comes to giving donation in return there
marketing activities would be some benefits
- Operation of accounting software Preservation of Assets
Make day to day activity easier - About keeping assets of the company. Example an employee is
using the car for personal use.
New Tasks assigned to the accounting function of smaller Restrictive Trade practices
company - Unfair practices that is deceptive or fraudulent. Example: false
advertisement, exaggerating the product
- Hedging and letter-of-credit transaction Standard of Conduct
- Internal auditing programs - Every company has its own code
Use of Company Assets
What are the roles and responsibility of controller? - using the assets of the company for personal use
- Traditionally, the role of the controller has been the one who
manages a few key transaction cycles, monitors assets, and Workplace and Product Safety
delivers financial statements. - It is unethical if the company is using unsafe product for the
- Due to the vastly increased interaction with other departments, employees
the controller must be highly skilled in interdepartmental dealings.
- In addition, the controller must govern a group of employees that A code of ethics becomes the starting point in the series of
is much more educated than was previously the case. judgements a controller must follow when confronted with an
ethical issue. The logical series of steps to work through are:
ERP – Enterprise resource planning Consult the code of ethics
- Should or should not do, for decision making
Discuss with immediate supervisor
Discuss with a trusted peer
Discuss with the Board's audit committee
Consider leaving the company. (If all these avenues are
untenable or result in adequate advice, the controller should
seriously consider leaving the company in the near future.)

Evolving role of Accounting


- The accounting function is in the midst of a fundamental change
from being a clerical group without significant training to a cadre
of very experienced technicians and managers.
- These trends will force the accounting department of the future
to stock up on highly trained personnel with good management
skills
- The accounting department is likely to become a more common
route to top management positions.
- It is likely that there will be a decrease in the proportion of purely
clerical positions in the accounting area, in fact of more senior
personnel with extra technical and management skills. Also,
because of the greater breadth of responsibility to be obtained in
this area, it will become more common for senior management
personnel to come out of this area.

CHAPTER 2: COST ACCOUNTING & COST


SYSTEM

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