Charts in Accounting

Charts in Accounting

Initial Response

Charts can be viewed as summarized or analyzed information about a certain situation affecting a business or organization. Accountants use charts to help the reader to benchmark the organization’s current performance with previous periods, and charts are also used by accountants to indicate the company’s position about its competitors giving the reader glimpse of the operational market (Dassler, Parker, & Saal, 2006). Further, accountants can use the charts to show the company’s performance against the industry’s standards giving the reader the ability to compare the company against the industry trends. When accountants use the charts for benchmarking against prior years, the reader can know the company’s current period performance and whether there is the possibility of growth. Through the use of industrial averages, the accountant helps the reader to understand the company’s operations as compared to other firms in the industry. More so, the accounts through giving charts about the competition, the reader can know how the current strategies deployed by the company are making it gain competitive or comparative advantage against competitors.

Response to Deborah,

Hello Deborah. Your observation that accountants can use the chart to help the reader to know prior performance, competitions balance, and industry standards are very true. Also, the observation that prior performance helps the reader to know company’s performance over a long period is great (Dassler, Parker, & Saal, 2006). Moreover, the argument that competitors balance chart helps the reader to understand the company’s actions against competitors. Further, the industry standards chart helps the reader to know the company’s profitability in the eyes of the industry is the correct observation. Therefore, accounts use the charts to help the reader to bench mark the company against competition, industry and own performance over a period.

References

Dassler, T., Parker, D., & Saal, D. S. (2006). Methods and trends of performance benchmarking in UK utility regulation. Utilities Policy, 14(3), 166-174.; https://research.aston.ac.uk/en/publications/methods-and-trends-of-performance-benchmarking-in-uk-utility-regu

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