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Digg It - Importance Of Data In Accounting And Parties Interested In Accounting Information
The term "data" refers to primary details or numerical facts relating to an event or transaction. Data is stored and maintained on a computer or network. Computer Software like HiTech Financial Accounting process this electronic data. Data is also maintained as hardcopy or paper print. Since accounting limits itself only to those transactions and
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
events which are financial in character, therefore, accounting data will consist of facts, financial in nature, relating to transactions and events of a business entity for the accounting period. Moreover, accounting data must be supported by documentary evidence. Thus, documents known as vouchers, support the data. Usually data is disorganized an
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
disjointed in its raw form. It is not capable of being understood. So, accounting processes raw data into finished form of "information" to make it useful and meaningful, capable of being used in decision taking process by the various users of accounting information.
Thus accounting data processed by the accounting cycle produces accounting info
Thus accounting data processed by the accounting cycle produces accounting info
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
mation. Data is collected, recorded, classified, grouped, valued, tabulated, arranged, summarized in order to present the same in the form of information for its use by the users to enable them to take decisions.
Accounting data Consists of financial transactions and events relating to an entity for the accounting period supported by documentary
Accounting data Consists of financial transactions and events relating to an entity for the accounting period supported by documentary
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
vidence (vouchers). For example receipts and payments are documented by payee's receipt purchases by invoice, sales by outwards invoice, returns inwards by credit note; returns outwards by debit note; expenses by bills or payment rolls etc.
Thus the first and the most important function of accounting is to collect the data supported by the vouche
Thus the first and the most important function of accounting is to collect the data supported by the vouche
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s to ensure the authenticity of the same. Accounting processes consist of recording in the books of original entry (journal or sub- journals); classifying (posting into ledger) grouping (putting transactions of similar nature at one place in one account) valuing (finding the value at year end by balancing or valuing) tabulating (preparing list of
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
alances and checking arithmetical accuracy) and preparing financial statements (Trading and Profit and loss account; Balance Sheet) in report form to communicate the information.
Now-a-days computer accounting software can manage this task very efficient in a matter of short time. Accounting information is presented mostly in the form of financia
Now-a-days computer accounting software can manage this task very efficient in a matter of short time. Accounting information is presented mostly in the form of financia
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
l statements like Income statement (Trading and Profit & Loss account) Position statement (Balance sheet). Now-a-days statement of changes in financial position; value added statement; report on Human resources accounting; Social performance report etc. form part of accounting information
Difference between Data and Information
Difference between Data and Information
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ata
1. Refers to details, facts about any event.
2. Is, generally, disorganized and disjointed in the form.
3. Is in raw-form and is the input of accounting.
4. Cannot be understood or made use of by the users.
5. It does not depend upon information.
Information
1. Refers to only those events which are concerned with entity.
2. Is properly
1. Refers to details, facts about any event.
2. Is, generally, disorganized and disjointed in the form.
3. Is in raw-form and is the input of accounting.
4. Cannot be understood or made use of by the users.
5. It does not depend upon information.
Information
1. Refers to only those events which are concerned with entity.
2. Is properly
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
arranged, classified and organized.
3. Is in the finished form and is the output of accounting.
4. Is understood and used by the users of accounting information for taking their decisions.
5. Information is based upon and derived from data.
Parties interested in accounting information
Accounting information is of interest to
3. Is in the finished form and is the output of accounting.
4. Is understood and used by the users of accounting information for taking their decisions.
5. Information is based upon and derived from data.
Parties interested in accounting information
Accounting information is of interest to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
arious persons who are directly or indirectly concerned with an enterprise.
Management:
A small business is generally carried on by the sole trader or by the partners. But a large business is usually conducted by an incorporated company which separates management from ownership. Managers' responsibility is to operate the business efficiently and
Management:
A small business is generally carried on by the sole trader or by the partners. But a large business is usually conducted by an incorporated company which separates management from ownership. Managers' responsibility is to operate the business efficiently and
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
maximize the return on capital without jeopardizing the fund.
Management needs accounting information in
(1) selecting out of alternative proposals;
(2) controlling acquisition and maintenance of inventories (stock) cash receipts and payments;
(3) planning or budgeting for the future
(4) appraising the performance and
(5) devising remedial m
Management needs accounting information in
(1) selecting out of alternative proposals;
(2) controlling acquisition and maintenance of inventories (stock) cash receipts and payments;
(3) planning or budgeting for the future
(4) appraising the performance and
(5) devising remedial m
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
asures for the deviations of the actual results from the budgeted targets.
Owners:
Although owners initiate in contributing fund to the business yet they are the last to receive their claim on equity's return on their investment. This is true not only in repaying but also in rewarding their capital. After meeting all the charges including employ
Owners:
Although owners initiate in contributing fund to the business yet they are the last to receive their claim on equity's return on their investment. This is true not only in repaying but also in rewarding their capital. After meeting all the charges including employ
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
es' salaries and lender's interest profit if any can be distributed as a reward on capital. Naturally, the owners are interested in the safety of their capital as also for a reasonable return thereon, which rest on the concern' s stability and prosperity. Accounting reports (annual) not only appraise the past performance but also assist in assessi
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ng future prospects of the entity. Such information is also very important for would-be-owners.
Creditors:
May be short-term viz, suppliers of goods, lenders of temporary advance or long-terms viz. mortgages, debenture holders etc. Although both are interested in the stability and earnings of the debtor firm yet the former specially looks to its
Creditors:
May be short-term viz, suppliers of goods, lenders of temporary advance or long-terms viz. mortgages, debenture holders etc. Although both are interested in the stability and earnings of the debtor firm yet the former specially looks to its
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
short-term solvency i.e. liquidity whereas the latter is interested in long-term solvency of the firm.
Government:
Many products now-a-days are subject to excise-duty and sales Lax. Also the government regulates the prices of essential goods e.g.. drugs, vegetables, oil etc. So the Government is interested to know the costing information to admi
Government:
Many products now-a-days are subject to excise-duty and sales Lax. Also the government regulates the prices of essential goods e.g.. drugs, vegetables, oil etc. So the Government is interested to know the costing information to admi
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ister excise duties and to regulate the prices of products. Government is also interested in the accounting information on the profits for income tax purposes.
Employees:
Steady employment and stability of business go together. Again trade unions are interested in sharing the profit of the firm in the form of bonus. Therefore, the employees are
Employees:
Steady employment and stability of business go together. Again trade unions are interested in sharing the profit of the firm in the form of bonus. Therefore, the employees are
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
aturally interested in the accounting information provided by the annual accounting reports.
Consumers:
Price-increase is disfavored in almost all the quarters. Accordingly, a producer endeavors to reduce his product cost as also its selling price. Recently consumer protection associations have been formed to exercise control on the business and
Consumers:
Price-increase is disfavored in almost all the quarters. Accordingly, a producer endeavors to reduce his product cost as also its selling price. Recently consumer protection associations have been formed to exercise control on the business and
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
industry and also to make them aware of the "Social responsibility" towards society. Thus consumers also need accounting information.
Researchers:
The financial statements, being a mirror of business conditions are of inestimable value for research into business affairs. These statements are therefore of great interest to scholars undertaking re
Researchers:
The financial statements, being a mirror of business conditions are of inestimable value for research into business affairs. These statements are therefore of great interest to scholars undertaking re
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
earch in accounting theory as well as business affairs and practices.
The nature of business income
One of the main objectives of financial accounting is to ascertain whether the business operations have been profitable or not. Accounting enables us to find out whether a business has earned profits or suffered losses during the accounting period
The nature of business income
One of the main objectives of financial accounting is to ascertain whether the business operations have been profitable or not. Accounting enables us to find out whether a business has earned profits or suffered losses during the accounting period
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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