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Accounting reports are systematic statements prepared from accounting records to present financial and non-financial information in a meaningful form for decision-making. They help managers understand the financial position, operating performance, costs, revenues, profitability, efficiency and other aspects of business activities. While financial statements such as the balance sheet and profit and loss account are mainly prepared for external users, internal accounting reports are designed specifically for managers at different levels of an organisation. These reports provide timely, relevant and detailed information that assists management in planning, controlling operations, evaluating performance and making decisions. Accounting reports for internal use are generally prepared according to the specific requirements of management rather than according to a fixed legal format. The frequency, content and degree of detail may vary according to the size and nature of the organisation and the level of management receiving the report. A senior manager may require a summary report covering the entire organisation, whereas a departmental manager may require a detailed report relating only to his or her department. Important types of reports used internally are discussed below. 1. Budget Reports Budget reports compare the actual results achieved with the budgeted or planned results for a particular period. A budget represents management's plan expressed in quantitative terms, while the budget report shows how far actual performance has conformed to that plan. For example, if a department has budgeted expenditure of ₹10 lakh but actually spends ₹11.5 lakh, the report will highlight the adverse variance of ₹1.5 lakh. Similarly, if actual sales exceed budgeted sales, the report will show a favourable variance. Budget reports are useful for planning and control. They enable managers to identify areas where actual performance differs significantly from planned performance. Management can investigate the reasons for these differences and take corrective action. They also promote responsibility because individual managers can be held accountable for the performance of their respective departments. 2. Cost Reports Cost reports provide information ____ _________ ______ ____ ________ _______ _____.
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