Principle of Accounting Essay Example | Topics and Well Written Essays - 500 words

Principle of Accounting - Essay Example The responsibility of developing marketing strategies for GM with the objective of increasing the product sales lies with the sales and marketing division of the company. This department of the company has been performing well recently. However it has failed to implement required modern marketing strategies to be able to successfully tap many of the unoccupied markets worldwide. The services related to testing of products of the company are carried on by its quality assurance department. This department has not been successful in developing good relationship with rest of the departments of the company in relation to the reduction of mishaps caused due to inferior vehicle quality. However, it has always been promised to the customer regarding high quality of the products. This problem can be reduced through proper coordination of the quality department with the other departments of GM. The accounts department of the company is held accountable for all the finance related activities carried on by the firm. Recently, few financial problems have crept up in the company which has contributed towards it being bankrupt. The major weakness was the top post of the department being two in number. However this issue has been resolved considerably through reshuffling of those positions in the company (Canis, & Yacobucci, 2010, p.27). Similarly, the company can take the help of other financial consultancy firms so as to boost the accountability of the department. GM was reported to have some issues related to its bankruptcy recently in the year 2009 and it came up in news as well (Economist, 2009). It is mainly attributed towards the alteration of the financial results of the company which paved the way for the department of accounting of GM to represent false picture of its financial position. This misrepresentation of the financial figures in the financial statements of the firm along with other errors in accounting that were present in the company records