Tag: Accounts

Aims of finance department

The finance department of a business takes responsibility for organising the financial and accounting affairs including the preparation and presentation of appropriate accounts, and the provision of financial information for managers. The...

Accounting principles

Accounting principles involve the recording and interpretation of business activity in figures (recording accounts). Records are kept of business transactions and full sets of accounts are produced at regular intervals using these records....

Financial records and documents

Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organisation, and the financial position of a business at a particular moment...

Understanding a balance sheet

The Balance Sheet gives a frozen picture of one instant of time. The other two financial statements show movements over a period of time. The Balance Sheet is set out in one...

The importance of business accounts

Business accounts are produced to meet the needs of their users. Typical users and the use they make of accounts is shown below: There are three main financial statements that are produced by...

Interpreting financial information

Business accounts are produced to meet the needs of their users. Typical users and the use they make of accounts is shown below: Shareholders -to check on quality of direction of company, as well...

Accounting for decisions

Management accounting uses financial information in order to enable better decision making within the organisation. The format and content of management accounts will depend on the specific needs of the particular business....

Accounting concepts

Accounts are records of financial transactions. Information that is used in accounts is initially entered into books of prime entry, which may simply be paper or computer records. This helps with financial...

The flow of financial documents used in a business purchase

There are a number of documents that flow between a supplier and a purchaser when purchases are made. Initially, the purchaser will want to know about the sorts of products that the...

Profit and loss accounts, balance sheets

Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a...

Constructing accounts

Accounts are records of financial transactions. Information that is used in accounts is initially entered into books of prime entry, which may simply be paper or computer records. From there the information...

Trading places

In order to make judgements about business activities, individuals require information. Accounting acts as an information system by processing business data so that interested parties can be provided with the means to...

The importance of accounting standards

PricewaterhouseCoopers was created in July 1998 by the merger of two firms - Price Waterhouse and Coopers & Lybrand - each with historical roots going back some 150 years and originating in...

Financial statements and reporting

Limited companies (those owned by shareholders) are required by law to produce Financial Statements. These statements must be published and made available to shareholders as part of a company report. Cadbury Schweppes...

Interpreting and understanding accounts

How much is the business worth? Are sales growing or declining? What about cash flow? These and many other vital questions are regularly tackled by qualified accountants of the Association of Chartered...
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