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    study material 8

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    Alfred Go-od

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    study material 8

    Uploaded by

    Alfred Go-od
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    2 views1 page

    study material 8

    Uploaded by

    Alfred Go-od

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    © All Rights Reserved
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    Financial Accounting and Reporting (FAR) monitors all Education and General Funds, Designated Funds,

    Auxiliary Funds, Restricted Funds, and Agency Funds. FAR is responsible for maintaining a high level of
    understanding of the rules and regulations and providing technical assistance to the departments.

    FAR ensures the financial integrity of The University of Texas at Austin by managing funds in accordance
    with sound accounting principles and appropriate policies, laws, and regulations, providing accurate and
    timely reports on these funds, and ensuring costs charged to the university’s various missions are
    properly allocated. This is accomplished by

     Maintaining a high level of understanding of the rules and regulations.

     Providing technical assistance to departments

     Reviewing new laws and policies to determine their impact on reporting procedures

     Preparing various financial reports and analyses for both internal and external users

     Preparing the Monthly Financial Report.

     Preparing the Annual Financial Report.

     Processing year-end accounting transactions (year-end accrual entries)

    Is financial accounting or financial reporting more helpful for businesses?

    Both financial accounting and reporting are important for your business and each serves its own purpose
    to shed light on your business finances. I, in fact, they go hand in hand. Financial accounting is vital for
    the day-to-day running of a business. Keeping books up to date and maintaining consistent processes is
    key to keeping track of income and expenses and being able to prepare reports.

    Financial reports are important because they can communicate to the wider business and investors how
    a company is performing. They can also help businesses to plan ahead, predict future outcomes and
    learn from past mistakes. Stability and consistency lie at the heart of a successful business in regard to
    financials. Both financial reporting and accounting are vital components of this.

    Financial Reporting vs. Financial Accounting: What's The Difference?

    When carrying out financials for your business, it can be confusing trying to determine the difference
    between accounting and reporting. However, being able to understand the difference can help you make
    the most out of your financial tools and you can better understand your business.

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