Aging report in accounts receivable
The word “report” is derived from the Latin word “Portare” which means “to carry”. So, “report” is a document which carries the information. The word report can be divided into two parts such as re and port. Re means again or back. Port means to carry. Therefore, if these two words are combined together, report means to carry the information again. In this context, report is carrying the information in a written format for any event which was already happened. Dictionary meaning of the word report is “to carry” or “to transmit”.
In this sense, report is a way of communication of something which has been transmitted to others who are going to use or who want to use that information. Information is the life blood of the business. Hence, the efficiency of the business unit is depending upon the quality of the blood. The quality of the blood is determined by providing the regular and relevant information to those who perform the functions to those who perform the functions of management.
Therefore, it is necessary to evolve and operate effective and efficient management information or reporting system. The function of reporting to management is performed by the Management Accountant. He collects the accounting data pertaining to the business and passes on these data to those managerial executives who take decisions and formulate policies. The function of reporting starts when accounting function comes to an end. Report is just like a vehicle for carrying information.
MEANING OF REPORT: Report means a written document or statement containing facts and -_ data pertaining to the business which are used for managerial decision making. The Management Accountant would not be satisfied by merely presenting the facts unless he/she communicates the same to the concerned authorities/persons.
DEFINITION OF REPORT :R.L.Smith, “Reports may be defined as instruments of communication, the nervous system of organizational anatomy”. G.R.Terry, “Report is a written statement based on a collection of facts, events and opinions and usually expresses a summarized and interpretative – value of this information. It may deal with past accomplishments, present conditions or probable future developments”.
We have segregated our account help sections into various topics and we are focussing on aging report assignment help which will be extremely beneficial for students across the globe.