Accounting in Context and Budgetary Control

Accounting in Context and Budgetary Control

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
Purpose and scope of accounting in complex operating environments......................................4
Critical examination of accounting function in decision making and fulfilling societal
expectations/needs and meeting stakeholder..............................................................................4
Main branches of job skill sets and accounting and competencies.............................................5
Accounting system and role of technology in modern day accounting......................................6
Issues of ethics, compliance and regulation and extent to which they are threats or constraints
for the company...........................................................................................................................6
Prepare cash budget.....................................................................................................................7
TASK 2............................................................................................................................................8
Develop year end financial statements, taking into account conventions, accounting principles
and standards...............................................................................................................................8
Compute relevant liquidity, profitability, investment ratios and asset usage.............................9
Critical assessment of performance to business year on year with relation to relevant
benchmarks as well as any limitation to use financial ratios as performance measures...........10
Outlining the benefits and advantages of contemporary accounting software packages with
instance of products in the marketplaces. ................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
The report prepared as under takes in account the concept of budgetary and accounting
terminologies as well (Almagtome, 2021). It further explains how the business can make better
use of such terms for ascertaining results which would be useful as well as helpful in attaining
and achieving set goals. It also considers preparation of statements and records such as income
statement, profit and loss account, balance sheet etc. There are many roles being performed and
carried out by competitors in modern times which are important to be examined. Accounting
would be useful in minimizing errors and cutting down costs as well.
TASK 1
Purpose and scope of accounting in complex operating environments.
The main aim of accounting is to prepare report on financial data in context of
performance rendered, financial positioning and related cash flow statement of the company.
This sort of information is then further used for reaching decisions as in what ways the business
can be managed, invested or can lend money to it. It is basically a process which would help in
keeping records, summarising, analysing and at last reporting the data which is more concerned
with the various financial transactions which take place in a firm. Accounting is helpful in
playing a vital role in keeping a track of expenses incurred and income generated, ensuring
statutory compliances and providing investors, government with quantitative financial data that
can be used for carrying out business related decisions (Fischer, Ellman, and Schochet, 2021).
Objectives of accounting in every business are to record transactions in a systematic manner,
sorting and examining them, preparing financial records and transactions, assessment of financial
position and aid in process of decision making with the help of financial based information and
data related to companies. Accounting thus helps to present complex and complicated data in a
way which would prove to be more simple and easier as well. It would help in preparation of
accounts in such a way which will serve the purpose right.
Critical examination of accounting function in decision making and fulfilling societal
expectations/needs and meeting stakeholder.
Importance of Accounting in organisation: It plays a important role in the execution of
the key functions related to management of a company. It further helps in providing financial