Accounting Principles for CIC PLC
Added on 2023-01-17
25 Pages4579 Words78 Views
Finance
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ACCOUNTING PRINCIPLES
TABLE OF CONTENT
• Introduction of accounting
• About CIC
• Roles and purpose of accounting function
• Ethics and regulations of accounting such as IFRS and GAAP
• Acounting relationship with stakeholders
• Financial statements of CIC
• Importance of Financial statements to take decisions
• Conclusion
• References
• Introduction of accounting
• About CIC
• Roles and purpose of accounting function
• Ethics and regulations of accounting such as IFRS and GAAP
• Acounting relationship with stakeholders
• Financial statements of CIC
• Importance of Financial statements to take decisions
• Conclusion
• References
INTRODUCTION
• Accounting are financial transactions, which are recorded,
secured and presented in several ways such as reports
and statements. Accounting reveals a company's profit or
loss over a fiscal period, as well as the value of its assets,
liabilities, and others of the company.
(Investopedia,2022)
• Accounting are financial transactions, which are recorded,
secured and presented in several ways such as reports
and statements. Accounting reveals a company's profit or
loss over a fiscal period, as well as the value of its assets,
liabilities, and others of the company.
(Investopedia,2022)
CIC HOLDING PLC
• CIC Holdings PLC is one of Sri Lanka's leading conglomerates with ventures in businesses
ranging from agriculture to chemicals and from medicine to household products.Chemical
Industries (Colombo) was founded in 1964 as a part of Imperial Chemical Industries, a
former UK based chemical company. (CIC.PLC,2022)
Vision:Vision is to recognise challenges and find local solutions to promote positive health,
positive lifestyles, positive employment and positive families for the communities we serve.
(CIC.PLC,2022)
Mission: Mission is to provide effective holistic and personalised bio-psychosocial services
for individuals, and to promote community engagement that drives development, reduces
inequalities and drives social change towards a brighter future for all. (CIC.PLC,2022)
• CIC Holdings PLC is one of Sri Lanka's leading conglomerates with ventures in businesses
ranging from agriculture to chemicals and from medicine to household products.Chemical
Industries (Colombo) was founded in 1964 as a part of Imperial Chemical Industries, a
former UK based chemical company. (CIC.PLC,2022)
Vision:Vision is to recognise challenges and find local solutions to promote positive health,
positive lifestyles, positive employment and positive families for the communities we serve.
(CIC.PLC,2022)
Mission: Mission is to provide effective holistic and personalised bio-psychosocial services
for individuals, and to promote community engagement that drives development, reduces
inequalities and drives social change towards a brighter future for all. (CIC.PLC,2022)
PURPOSE OF ACCOUNTING FOR CIC
PLC
• The primary purpose of accounting is to identify and
record all major tasks that have an impact on the financial
performance of the company.
It is also to monitor the CIC company's activities while
controlling their accounts in order to later measure them the
overall performance of them. The information provided and
written is then used to make business decisions.This information
is then gathered and recorded with all accounting
transactions to help manage their business. (Abdel-
Magid,1979,pg346-357)
• Comply with law
• Assist decisions making
• Recording transactions
• Monitor activity
• Ensure Control assets (Abdel-Magid,1979,pg346-357)
PLC
• The primary purpose of accounting is to identify and
record all major tasks that have an impact on the financial
performance of the company.
It is also to monitor the CIC company's activities while
controlling their accounts in order to later measure them the
overall performance of them. The information provided and
written is then used to make business decisions.This information
is then gathered and recorded with all accounting
transactions to help manage their business. (Abdel-
Magid,1979,pg346-357)
• Comply with law
• Assist decisions making
• Recording transactions
• Monitor activity
• Ensure Control assets (Abdel-Magid,1979,pg346-357)
PURPOSE OF ACCOUNTING FOR CIC
• Monitor activity: Businesses usually monitor their activities because they need to know how the business is doing in
terms of sales, payments received, expenses paid, and so on. Because, for example, if the CIC PLC sales drop, they can
see where they are going wrong and way to make sales increase. (John bellwood,2019,pg 4-7)
• To fulfill legal compliance:Business entities such as CIC Plc, trusts, and communities are run and governed in
accordance with various legislative acts. (CFI,2022)
• To aid decision-making – CIC Plc to make future decisions, accurate financial statements are important.
One of the primary goals of accounting is to make the right decisions at the right time. Thus, accounting
provides CIC a foundation for future planning by utilizing past records. (CFI,2022)
• Recording transactions: if the CIC PLC does not follow those rules of recording the transactions made by
them, they will be unable to report their financial performance and their taxes and expenses will be
incorrectly calculated when the time comes to pay them. (CFI,2022)
• Ensure control assets :When CIC Plc control their company account’s and assets it is because they need
accurate records from transactions and also to see closely how the activities of the company are being
carried out. Because for example if in case the Cic plc suddenly had a problem of money going down but
the sales are still the same then this means that something is happening to company, and the owner needs
to figure it out, this is why companies tend to control their finances and assets.(John bellwood,2019,pg 4-7)
• Monitor activity: Businesses usually monitor their activities because they need to know how the business is doing in
terms of sales, payments received, expenses paid, and so on. Because, for example, if the CIC PLC sales drop, they can
see where they are going wrong and way to make sales increase. (John bellwood,2019,pg 4-7)
• To fulfill legal compliance:Business entities such as CIC Plc, trusts, and communities are run and governed in
accordance with various legislative acts. (CFI,2022)
• To aid decision-making – CIC Plc to make future decisions, accurate financial statements are important.
One of the primary goals of accounting is to make the right decisions at the right time. Thus, accounting
provides CIC a foundation for future planning by utilizing past records. (CFI,2022)
• Recording transactions: if the CIC PLC does not follow those rules of recording the transactions made by
them, they will be unable to report their financial performance and their taxes and expenses will be
incorrectly calculated when the time comes to pay them. (CFI,2022)
• Ensure control assets :When CIC Plc control their company account’s and assets it is because they need
accurate records from transactions and also to see closely how the activities of the company are being
carried out. Because for example if in case the Cic plc suddenly had a problem of money going down but
the sales are still the same then this means that something is happening to company, and the owner needs
to figure it out, this is why companies tend to control their finances and assets.(John bellwood,2019,pg 4-7)
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