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Functions and Procedures of Concepts in Accountancy

Write an essay demonstrating understanding of various accounting concepts and their functions in the context of a junior accountant position application.

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Added on  2023-06-08

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This article discusses the functions and procedures of accounts payable, accounts receivable, account reconciliations, bank and credit cards reconciliations, month end reporting, annual reports, director reports and corporate governance reports in accountancy. It also provides references for further reading.

Functions and Procedures of Concepts in Accountancy

Write an essay demonstrating understanding of various accounting concepts and their functions in the context of a junior accountant position application.

   Added on 2023-06-08

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FUNCTIONS AND PROCEDURES OF CONCEPTS IN ACCOUNTANCY 1
FUNCTIONS AND PROCEDURES OF CONCEPTS IN ACCOUNTANCY
By (Name)
Name of the Course
Professor
Name of University
City and State
Date
Functions and Procedures of Concepts in Accountancy_1
FUNCTIONS AND PROCEDURES OF CONCEPTS IN ACCOUNTANCY 2
Introduction
The functions and procedures of accounts payable, accounts receivable, account
reconciliations, bank and credit cards reconciliations, month end reporting, annual reports,
director reports and corporate governance reports are discussed below.
Accounts Payable
The function of accounts payable comprises all payments from the company that are
made outside of the payroll. The main function of this department is to pay off only the bills and
invoices of the company that are accurate and legitimate. This involves entering the vendor’s
invoices into the accounting books and scheduling for a payment. Internal controls should be set
in the accounts payable function to safeguard the cash and other assets of the company.
Fraudulent, inaccurate and duplicate vendor invoices should not be paid (Brealey & Mohanty
2012, p. 63).
Accounts Receivable
The key functions of accounts receivable include preparing cash and check payments for
bank deposits, reconciling accounts receivable ledger for ensuring that all payments are posted
properly, recording payments received by recording them in the accounting system, preparing
invoices for services provided and collecting on accounts by sending invoices. This function is
concerned mainly with managing cash inflow to the company resulting from sales (Horngren and
Foster 2002, p. 88).
Account Reconciliations
Functions and Procedures of Concepts in Accountancy_2

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