Course Work On Accounting Memo

Published: 2021-06-22 00:45:15
essay essay

Category: Politics, Communication, Ethics, President

Type of paper: Essay

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Memorandums are used for internal communication between employees in a given department, across departments, or to management in a single organization. The main purpose of a memo is making staff aware of and solving problems facing an organization. The tactics used in writing memorandums resemble those of other forms of written business communication. The tactics for writing memorandum differ depending on the targeted audience. This paper discusses ways in which an accounting memo, which is an informal memo, sent to me and my peers should be reviewed before sending it to the executive vice president.

First, the memo needs to as short as possible. All the relevant information should be summarized in one page. Top executives are busy and want information quickly and in an easy to read form. They want summaries rather than details. The memo should be well structured forms to enable the vice president acquire all the relevant information at a glance. The memo should contain headings and subheadings that are highlighted in boldface with a different font size. Last In/First Out (LIFO) and First In/First Out (FIFO) methods of inventory valuation should be discussed under different subheading, and the recommendation based on the analysis should be in another subheading.

The memo needs to be convincing as to why Last In/First Out (LIFO) and not First In/First Out (FIFO) method should be used to value inventory. More information on the advantages of Last In/First Out (LIFO) should be stated. The current business conditions and environment should also be described clearly, and the reasons why it will be better to use Last In/First Out (LIFO) and not First In/First Out (FIFO) to value inventory should be clear from the memo.

Use of jargon in any communication to top executives should be avoided. For effective communication, concise and straightforward idiom that gets the message across should be used to encourage efficient action by the executive vice president. Accountants normally use accounting jargon among themselves because they are conversant with them having learnt and practised accounting. However, not all top executives have an accounting background, and they may have a difficult time in understanding accounting jargon. Similarly, abbreviation of accounting terms should be avoided since the Vice president may not be conversant with the jargon used and he or she will be forced to keep referring back which is time consuming. For example, words like LIFO, FIFO, P&L statement and COSG should be written in full.

Understanding your audience is essential in order to tailor the message to suit the targeted audience. Successful communication is dependent on the ability to identify and establish common ground between the sender and the targeted audience. The sender needs to choose information that your audience needs and will find compelling. Encode your message in words and in other symbols the targeted audience will be able understand. The message should then be transmitted using channels that will hold the targeted audience attention. Correctly identifying and understanding the targeted audience and then choosing audience-appropriate words, illustrations, and gestures, guarantee a more accurate transfer of meaning. Failing to understand the targeted audience may lead to miscommunication because every person makes meaning using diverse frames of reference. There is, therefore, a risk that the message will be misperceived and misinterpreted if the sender does not understand the audience

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