The organisation is dealing with garment manufacturing. It is a medium sized company having 250 skilled labours force including professionals and employees. Its objective is to make quality garment products using the latest state-of-the –art technology for the benefit of customers. When describing the key resources of the organisation, its major assets are its skilled work force. They employ expert tailors, designers and sales personnel and “ skill diversity and strong work ethic of the area labor force” create strong basis for quality products. (BNET 1994: Labor Force one of Kern County’s major assets).
The entire superintendence, control and supervision of the company is held by the Executive Director who has been appointed by the Board of Directors to oversee the day-to-day activities of the Company. In this company, the role of accounting is important as it helps in the better control over the financial resources of the organisation. It is also needed for report preparation and preparation of financial statements for the benefit of the shareholders, directors, employees and others who may be interested in the financial affairs of the company.
As a part of financial accounts, the Company prepares Annual Statement of Accounts, at the end of each financial year, which depicts the financial performance during the year.” The reports are intended both for the firm itself and for outside parties.” ( Investopedia : Acounting).
Management accounts including the cash and flow reports are prepared for understanding of cash positions of the organisation. It is prepared for the internal use of the organisation. and “involves strategic planning skills necessary to drive business performance in the changing global economy.“
Cited Works
BNET 1994: Labor Force one of Kern County’s major assets. Web.
Investopedia : Acounting. Web.
IMA: Institute of Management Accounting : 1997-2008. Web.