‘An accounting report is essential report which must be able to fulfil certain basic criteria'. Explain? List the various types of accounting reports.
‘An accounting report is essential report which must be able to fulfil certain basic criteria'. Explain? List the various types of accounting reports.
When the collected data is processed and manipulated in a useful sense that can be understood by the users without any ambiguity, then it becomes information. When this relevant information is further summarised to meet a particular aim, it is called a report. The content and the design of the report depend upon the level of management to which it is to be submitted. The various decisions are to be made on the basis of this report. Irrespective of the content and design, every accounting report must fulfill the following criteria.
1) Relevance
2) Timeliness
3) Accuracy
4) Completeness
5) Summarisation
The various types of reports used in MIS can be broadly categorised as follows.
1. Summary Reports- These are the reports that summarise all the activities of an organisation. Example, Profit and Loss Account.
2. Demand Reports- These are the reports that are prepared on the request and need of the management.
Example, Bad-Debts report.
3. Customer/Supplier Reports- These are the reports that are prepared as per the specifications of the management showing various aspects of the suppliers/customers.
Example, Report of Top 10 customers.
4. Exception Reports- These are the reports that are prepared in accordance with some specific conditions or exceptions.
Example, Inventory Status Report.
5. Responsibility Reports- These reports are prepared by the managers who are responsible for their respective departments.
Example, Purchase Manager submits a report regarding different aspects of purchase.
When the collected data is processed and manipulated in a useful sense that can be understood by the users without any ambiguity, then it becomes information. When this relevant information is further summarised to meet a particular aim, it is called a report. The content and the design of the report depend upon the level of management to which it is to be submitted. The various decisions are to be made on the basis of this report. Irrespective of the content and design, every accounting report must fulfill the following criteria.
1) Relevance
2) Timeliness
3) Accuracy
4) Completeness
5) Summarisation
The various types of reports used in MIS can be broadly categorised as follows.
1. Summary Reports- These are the reports that summarise all the activities of an organisation. Example, Profit and Loss Account.
2. Demand Reports- These are the reports that are prepared on the request and need of the management.
Example, Bad-Debts report.
3. Customer/Supplier Reports- These are the reports that are prepared as per the specifications of the management showing various aspects of the suppliers/customers.
Example, Report of Top 10 customers.
4. Exception Reports- These are the reports that are prepared in accordance with some specific conditions or exceptions.
Example, Inventory Status Report.
5. Responsibility Reports- These reports are prepared by the managers who are responsible for their respective departments.
Example, Purchase Manager submits a report regarding different aspects of purchase.
