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Financial Statements for Manufacturing Businesses(对制造业企业的财务报表)
Management Accounting | 31
Financial Statements for Manufacturing Businesses
Importance of Financial Statements
Accounting plays a critical role in decision-making. Accounting provides the
financial framework for analyzing the results of an executed set of decisions and
makes possible the continuous success of a business or improvement in operations.
Secondly, accounting provides much of the necessary information needed in making
good decisions. Thirdly, the management accountant provides a knowledge of basic
decision-making tools that helps find the best alternative in decision-making.
It is the accountant’s knowledge about preparing financial statements and his or
her abilities to analyze and interpret financial statements that makes the controllership
function in a business so valuable to management. However, it is also important for
management to have a fundamental knowledge of financial statements, particularly
regarding the analysis and evaluation of financial statements to make decisions.
A primary objective of a business is to increase the assets from operations. By
operations is meant all the revenue and expense transactions of a business for a
defined period of time. Since the excess of revenue over expenses (net income)
increases the equity of a business, it is often said that the primary objective is to
increase stockholders’ wealth, assuming the business is a corporation. The success
of a business in financial terms, then, depends on how well management manages
revenues and expenses. In other terms, the decisions that management makes
concerning the operations of the business are of paramount importance. Management
has the responsibility to make the kinds o
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