This report covers the importance of accounting functions, branches of accounting, accounting system, and the importance of technology in modern day accounting. It also explains the extent to which ethical, regulatory, and compliance issues represent restrictions or dangers to the organisation.
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Accounting Principles
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Contents INTRODUCTION................................................................................................................................ SECTION 1.......................................................................................................................................... a) Elaborate on the purpose accounting functions in the context of the organisation................ Demonstrate how the accounting function aids in making educated corporate decisions and meeting the requirements and expectations of shareholders and society.................................... Describethemanybranchesofaccountingandtheaccompanyingworkskillsand competences................................................................................................................................. Explaintheaccountingsystemandtheimportanceoftechnologyinmodernday accounting.................................................................................................................................... e) Explain the extent to which ethical, regulatory, and compliance issues represent restrictions or dangers to the organisation................................................................................. CONCLUSION.................................................................................................................................. INTRODUCTION.............................................................................................................................. SECTION 2........................................................................................................................................ A. Income statement and Balance Sheet.................................................................................... B. Prepare financial accounts for sole traders, partnerships, and not-for-profit organisations using a trial balance to comply with accounting principles, conventions, and standards also find out these differences........................................................................................................... C. How Digital software is used preparing financial statements............................................... Compute the financial ratios from the given accounting statements......................................... Prepare a cash budget for the organisation................................................................................ Identification of the problem and solution in the Cash Budget as well as impact led by the same on the organisation............................................................................................................ Advantagesanddisadvantagesofbudgets,financialplanning,andorganisational management:.............................................................................................................................. CONCLUSION.................................................................................................................................. REFERENCES...................................................................................................................................
INTRODUCTION Accounting is procedure of recording business transactions which pertains to the business. Book keeping process includes analysing, reporting and summarizing of business transactions. Bookkeeping and maintenance of the accountsaids the group of shareholders in making well-informed decisions. It also includes a review of accounting systems and the use of technology in modern accounting. It also emphasises ethical, regulatory, and compliance challenges, as well as the level to which they pose a threat to the firm. In this report, italso includes the creation of a 12-month cash flow budget and its influence on various situations (Sahaf, 2018).The reportincludes financial statistics such as the income statement and balance sheet for Village Wide Catering. It also includes the computation of numerous financial measures to analyse this financial statement on the basis of solvency, liquidity, profitability, and efficiency. SECTION 1 a) Elaborate on the purpose accounting functions in the context of the organisation. Accountingfunctions help firms manage and leverage their strengths more effectively and efficiently. Fully functional costs that assist the company should be included in the budgeting process.The business concern has to retain a specific amount of money for the spending on the business transactions. After deducting all operational expenses, the fiscal model illustrates how much money is left over in the organisation. The projection has a stronger impact on the organization's financial statement, and the payment made covers multiple parts of the organisation. A capacity projectionis a prerequisite for achieving that a firm's activities are properly funded.Estimation also gives you more control over where your funding originates from. Businesses can also obtain money from both internal and external sources (Larkin and DiTommaso, 2018) Accounting is extremely important in the operation of a firm. It is the activity of capturing, summarising, and analysing data. It keeps track of all revenue, expenses, and quantitative and qualitative financial data for a company. The reason behind this is as follows: Facilitates managerial decision: Internal users of the organisation are people of the business who organise, execute, and plan that needs to happen and also thecorrective measures thatneed to be taken in order to manage the firm. What has to be done to improve organisational efficiency is included in management decisions. It helps in determining the
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actual outcomes of the organisation which can be ascertained from the analysis of the accounting. A team is prepared and which helps in forecast and plan for the organisation. Financial plan includes revenue, operating expenses, sales and cost controls. A team is prepared to lead the operations of the management as well it forecast the financials of the company as whole. Project Management Decision: Managerial Accounting performs cost- benefit analysis for an existing project and new project. These plans involve a significant outlay of cash which is introduced as the capital of the company. It is critical decision of the management that the projects are completed within the budgeted amount. Demonstrate how the accounting function aids in making educated corporate decisions and meeting the requirements and expectations of shareholders and society. Financial accounting serves a critical function in allowing firms to maintain track of their financial statements as they occur in day-to-day operations.The transactions are arrived in the journal, then into the ledger, and finally into a summarised format that assists the businessaswellasexternalinterestedusersingainingusefulknowledgeaboutthe organisation on numerous distinct aspects. The company enterprise analyses the reasons that require specific initiatives for improvement by analysing and interpreting financial records. The firm can use this to discover those tasks or actions that must be taken in an organisation unnecessarily and cost a lot of money. By preparing accounting reports, a corporation can determine if it should buy, sell, or repurchase shares in order to create a profit. Accounting is required in business to create budgets so that operations may be carried out efficiently, to hire people, and to buy a different fixed asset. The primary goal of any business is to make money. If accounting data is properly managed, the company should review its results. The outcome can be divided into two categories: profit or loss. If the company has no accounting records, it will be unable to estimate profits and losses for a certain time period. The preceding examples demonstrate that bookkeeping is beneficial to a firm. The following points demonstrate how accountancy benefits a collection of shareholders as well as society: The financial statements are used by investors to measure the company's financial status in terms of almost everything. The rationale for the investigation is that when a person invests
money in a business, he expects a significant profit. Investors examine the accounting records to determine a company's profit producing potential and to ensure that his money is safe in that form. Someone decides to fund the project after considering all of these variables (Edeigba, 2020) Accounting professionals make advice to business owners and managers in order to boost a company's productivity. This is only possible if he has a record that was created using suitablemorals and values.The account professionals will be unable to provide recommendations if there is no record. They examine the company's financial records to determine how much money it owes and how long it will take to repay it. Creditors and suppliers will extend credit to the company if they feel secure. Accounting is extremely important since a corporation functions by utilising societal resources, and in order to attract clients and support, it must donate a portion of its profits as Corporate Social Responsibility. Describethemanybranchesofaccountingandtheaccompanyingworkskillsand competences. A corporation requires many aspects of accounting from various perspectives. The following are some of the branches of accounting: Financial Accounting Management accounting Cost Accounting DefinitionItistheskillof collecting, categorizing, interpreting,and summarising the daily businesstransactions thatoccurina business, and it aids in the preparation of financialstatements (Huber, 2021). Thisbranchof accountinghelps corporateexecutives monitor,control, direct,andplanthe flow of money in their organisations,aswell asdevisevarious techniquestoprevent wasteofmonetary resourcesby generatingvarious Cost accounting is a process of assigning costtocostobject involvedinthe activities taking place intheprocessof production.
budgetsforvarious departments. Skills RequiredA person who works infiscalaccounting must be able to assess andreadreportsas well as prepare them. Aworkermustbe well-versedina variety of accounting applications.The financialstatements that a firm produces havetheabilityto influencethe shareholdergroup's decision-making ability. Reading Through Financial Statements: For understanding the company's healthin financial terms,itis very important toknowhow toreadand understand the financial Themanagement shouldhaveastrong abilitytocollaborate andcoordinatewith other departments and teammembers,be well-versedin business, and be aware of all minor details and issues.Managerial accountingassistsa corporation in making the most effective and efficientuseofits resourceswhilealso reducingunnecessary costs (Effendi,2021). Predictive skills:AIand Machine learninghave transformed Management accounting. Earlier, accountants wereinvolved withdata, presentation and examination. Ownersand managerscan concentrateon calculatingcostsat various levels thanks tothisaccounting section. It takes into accountall production aspects to establishthe precise and dependable cost associated with each project. Strong analytical skills:a personneed to have strong analysis skills so that he can differ betweencost involvedand accordingly minimizethe cost., Strong accounting skills:they shouldbe awareofall
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statementsof anycompany. Thefinancial statements are the gateway to deeply understand aboutthe working, budgetingor thebusiness strategies. Understanding GAAPvs IFRS standards:to learnand understand the financial statementand accountingof anycompany inthebest manneritis very important tounderstand andinterpret thevarious standardsthat aretherein accountingas withoutthese, itis impossible for Communication skills:the accountants are notonly responsiblefor dataand analysisbut also communicate it totheleaders. Thefindings canbe presented in the formofcase studies,stories orother mediumsto makeitmore effective. theprinciple andmethods of accounting.
anyoneto learnand perform financial accounting. Explain the accounting system and the importance of technology in modern day accounting. An accounting system is amechanism for a corporation to keep track of its financial activities. It lets a firm to keep track of its purchases, sales, turnover revenue, invoices and income, assets and commitments, and it can generate statistical data that helps the company and outside parties make educated decision. Expenses, invoicing, and funds are all managed through the accounting system. The following points explain how technology plays a vital part in today's situation: Cloud – based Accounting: The internet has become a basic need in today's world, and businesses should learn to fully utilise it. Many accounting firms are embracing cloud-based systems to streamline their data management. Companies may access their data at any time through a simple login process, regardless of where it is stored. When necessary, the manager can organise and retrieve the files. This provides backup and security and has shown to be quite valuable to businesses (Franklin, Grayvbeal and Cooper, 2019). Client transactions that are well-organized: Going digital benefits both the business and the clients. Both the client and the accountant can save time by meeting for consultations on-site. By using video conferencing and meetings, both parties can review, modify, and access real-time data at the same time. Mobile Accounting: Nowadays, everyone is reliant on their cell phones. Many programmes have been developed to help with accounting tasks such as creating and sending bills, photographing receipts, and so on. Accounting software for professionals: There has been a lot of software produced that offers efficient tools that enable for the best and quickest time calculation. This softwareassistsbusinessesinperformingaccurateandtrustworthycalculations without wasting time. Keeping all of the aforementioned considerations in mind, the company should employ advanced technology to avoid errors and compete with other businesses (Masenda, 2019).
e) Explain the extent to which ethical, regulatory, and compliance issues represent restrictions or dangers to the organisation The following are examples of ethical difficulties that can arise in a company: Discrimination: It occurs when an employee is discriminated against and not treated equally. This can befall in any type of business setting. Equal treatment will be given to all employees. Discrimination is unethical as well as illegal. Employees are discriminated against based on their age, gender, religion, and other factors. This could result in mental harassment of any employee, with potentially disastrous results. Unethical Accounting Practices: Many organisations ignore or fail to adhere to proper accounting standards, rules, regulations, and principles. To deceive the interested parties, they fabricate reports that portray a more profitable scenario than it actually is. The company firm can also influence accounting specialists for the aim of falsifying financial reports by paying large fees just for their own personal gain. The image of a company will undoubtedly be harmed as a result of this. In some cases, the company leaks financial data to a third party, but it will not do so unless it is absolutely required and higher authorities have requested it. Exploitation of Leadership Authority: There are some employers in the firm who abusetheirpowerandauthorityinunethicalways.Asaresult,disputesand misunderstandings would arise among the subordinates. Corporateintelligencegathering:Employeesofafirmmightalsomisusethe company's data. They may steal intellectual assets or even sell the information to competitors. All of this results in a loss of customers’ preferences and trust in the company (Wahyuni-TD, Haron and Fernando, 2021). CONCLUSION According to the aforesaid report, it is critical for any company organisation to have a thorough understanding of accounting and its numerous divisions. The preceding assertions demonstrate how accounting plays a critical role in any business. This also clarifies the ethical difficulties that may arise in the firm, such as harassment, discrimination, and unethical accounting techniques.
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INTRODUCTION Accounting is process of consolidating financial information to make in understandable and clear for the shareholders and stakeholder of the company. The following report includes the financial statements, ratios and Cash budget of the business concern. It further includes differences between different type of organisation. In addition to this it also outlines the digital software for preparation of financial statements. SECTION 2 A. Income statement and Balance Sheet. Specimen of Income statement 1 (with adjustments) Income Statement ParticularAmount Revenue from operationsXXX Total Revenue (A)XXX Less:- PurchaseXXX Changes in the InventoryXXX Bad debtsXXX Van running expenseXXX Electricity ExpenseXXX Rent, Rates and TaxesXXX Depreciation and amortizationXXX Employee benefit expenseXXX Total Expenses (B)XXX Net incomeXXX Income statement 2 (with adjustments) Income Statement: Wide Catering Company Income statement Year ended 31 March 2022
ParticularsAmountAmount Revenue Sales179200.00 Cost of sales: Opening inventory20500.00 Purchases82000.00 Less: Closing inventory12500.0090000.00 Gross Profit89200.00 Less: Expenses Rent and rates14400.00 Wages and Salaries65200.00 Utility Bills8000.00 Interest on Bank loan500.00 insurance premium2200.00 Petrol and repairs500.0090800.00 Net Profit-1600.00 Balance Sheet: Wide Catering Company Balance sheet at the end of 31 March 2022 Particulars££ Assets Current Assets Inventories12500.00 Debtors13520.00 Cash in Hand and Bank27200.00 Insurance Premium2200.00 Advance Payment of rent and rates1000.00 Provision for Doubtful debts5120.00 Other Current Assets22560.00 Total Current Assets84100.00 Non-current Assets Machinery and Equipment80000.00 Less: Depreciation @ 20%16000.0064000.00 Van12000.00 Less: Depreciation @ 25%3000.009000.00 Total Non-current Liabilities73000.00
Total Assets157100.00 Liabilities Current liabilities Trade Creditors13700.00 Outstanding Bill500.00 Total Current Liabilities14200.00 Non-current Liabilities Bank Loan45000.00 Less: Interest on Bank loan500.0044500.00 Total Liabilities58700.00 Owners’ Equity Owners Capital100000.00 Retained Earnings-1600.00 Total Owner Equity98400.00 Total Liabilities and Equities157100.00 B. Prepare financial accounts for sole traders, partnerships, and not-for-profit organisations using a trial balance to comply with accounting principles, conventions, and standards also find out these differences. BasisSole proprietorshipPartnershipNPO MeaningIt is an unincorporated entitywithasole owner.Thisbusiness ismanagedbyonly one person. Ithastwoormore people to operate the businessandthey share profit and losses inapredetermine ratio. It is an organization to servetosocietyand theynotworkingto generate profits. FinanceScopeislimitedand wholeprofitsare enjoyed by the owner. Comparativelyhigh and the profit margin is divided among the partnersofthe organisation. Donation, subscriptions, etc. and this organisation is not working for profits.
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LiabilityBorne by owner only andthistypeof businessisquite unstable in nature. Born by partners and this business is more stableascompareto sole proprietorship. Stakeholders and these areworkinginlong run. C. How Digital software is used preparing financial statements. The quick books of the company mainly help to prepare the financial statement of the organization. It prepares some documents which company profit and loss, balance sheet and cash flow statement of the organization which helps the for the smooth running of business. Profit and loss statement of Quick books: This statement is also known as income statement which mainly show the income and expenditures of the company and how much net profit company earned in a particular year. Balance sheet of quick books: This statement is mainly show that how much assets and liabilities company must have and the total of both the assets and liabilities is similar or not cash flow statement of quick books: This statement mainly indicates the inflow and outflow of cash in the organization and how much cash they invest and earned in the organization.
Compute the financial ratios from the given accounting statements. Liquidity Ratio: These ratios aid in analysing a company's liquidity condition. The current ratio, liquid ratio, and so on are examples of these ratios (Yang, and et.al., 2021) Current Ratio: The current ratio calculates the company's current liquidity position, which is determined using the formula: Analysis: The above estimated ratio shows that the organization's current assets has increased over the last year, but the current liability has grown more than just the current assets. Quick Ratio: Analysis: The above ratio shows that the firm's marketable securities have risen, while the firm's existing liabilities has increased, causing the liquidity ratio to drop (Mert, 2022) Profitability Ratio: These ratios are used to calculate how much profit a company makes from its operations. Analysis: The business's gross profit climbed over the course of the last year as revenue increased.
Analysis: The organization's net profit has decreased as the company's sales have climbed, but profit has not increased in the same proportion. Turnover Ratio: The turnover ratio is the number of times an asset generates sales by utilising the company's existing assets (Holtzman, 2022). Fixed Assets Turnover Ratio: Analysis: The above estimated ratio indicates that employing the company's assets, the company can generate more than 2.5 times the value of its existing assets. Analysis: The inventory turnover ratio indicates that the company's stock has declined as a consequence of an increase in the stockturnover, while business has grown less than the average stock (Duțescu, 2019) Solvency Ratio: This ratio determines a company's solvency situation, or how long it will be able to stay in operation.
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Analysis: When compared to the optimal ratio of 2:1, the company's debt equity is lower. In the following scenario, the company utilises more equity than debt, which needs to be lowered and the usage of debt increased to overcome the fear of bankruptcy (Hassan and Mollah, 2018) Limitations of ratios as a performance management tool: It not considers the impact of inflation: At the time of calculating the ratio of the company. It doesn't show the impact of inflation which affect the income and expense of the organization. It doesn't show the effect of market situation: Another one of the major drawback of the ratio is they doesn't express the impact of the market condition which influence the revenues and expenditure of the organization at that particular period of time. It depends upon the past figures: The ratios of the company mainly show the historic figures which mainly effect the balance sheet of the firm. In case if business change its model or come into the another product line. Importance of presenting financial statements to the external stakeholders of the client The financial statement to the company stakeholders because investor of the company invest money in the business and its very significant of the company to give detail about the each and every transaction for which company invest in their business. It involves some importance which are as discussed below: To understand the performance of the firm. To identify firm has generated more money than they spend To know about the strategic and new plans of the administration To give details to create decisions who create decisions about the company. Eliminate the corruptions of the company. Prepare a cash budget for the organisation. Cash Budget 1 – (Without Scenario) SALES UNITSYear 1Year 2 Total Sales UnitsXXXXXX RevenueXXXXXX Loan FundsXXXXXX Funds from OwnersXXXXXX INCOME COST OF SALESXXXXXX opening stockXXXXXX
PurchasesXXXXXX Closing StockXXXXXX EXPENDITUREXXXXXX AccountancyXXXXXX Bank FeesXXXXXX InterestXXXXXX InsuranceXXXXXX MaintenanceXXXXXX Marketing and PromotionsXXXXXX Salaries and WagesXXXXXX TelephoneXXXXXX Manufacturing costsXXXXXX TOTAL EXPENSESXXXXXX Cost of salesXXXXXX CASH SURPLUS/DEFICITXXXXXX Cash Budget 2 – (With Scenario)
ParticularsJanuar y Februar y Marc h Apri lMayJuneJulyAugus t Septemb er Octobe r Novembe r Decembe r Receipts Opening Balance1500005750054000 5050 0 4700 0 4350 0 4000 03650033000295002600022500 Cash Sales160001600016000 1600 0 1600 0 1600 0 1600 01600016000160001600016000 Credit Sales40004000400040004000400040004000400040004000 Total1660007750074000 7050 0 6700 0 6350 0 6000 05650053000495004600042500 Less: Payments Purchases350035003500350035003500350035003500350035003500 Marketing Exp300030003000300030003000300030003000300030003000 Property/Rental Exp115001150011500 1150 0 1150 0 1150 0 1150 01150011500115001150011500 Wages and Salaries250025002500250025002500250025002500250025002500 Machinery and Equipments8500000000000000 Utility Expenses100010001000100010001000100010001000100010001000 Loand and interest payment200020002000200020002000200020002000200020002000 Total expenses1085002350023500 2350 0 2350 0 2350 0 2350 02350023500235002350023500 Closing Cash575005400050500 4700 0 4350 0 4000 0 3650 03300029500260002250019000
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Identification of the problem and solution in the Cash Budget as well as impact led by the same on the organisation. Credit sales of the organisation are registered after one month, as the company provides one-month credit to its creditors thus the cash is recognised after a month but the expenses are incurred in the preceding month. Company needs to reduce credit period in order to increase the monthly revenue. Expenses incurred on the Fixed assets is one-time investment, thus the organisation does not have to incur the cost on monthly basis. Thus it is charged once in the Cash budget. Organisation can divide its fixed assets expenses on monthly basis which will reduce the huge cost incurred at once. Company is not able to generate enough revenues from its business operations. Thus it needs to work upon in reducing the expenses and increase in the revenue of the company. Organisation needs to focus on the revenue to increase the profitability of the business concern. Advantagesanddisadvantagesofbudgets,financialplanning,andorganisational management: Cost forecasts can help a firm's financial positionplusits governance.It's easyto supply a plan when there's a budget.Future plans are formed to ensure that all the departments of a company get adequate funding. Making plans helps the company's long-term strategy to evolve. Once thestrategy has been produced andacceptedwithhelpof key authorities, it is commonplace training to distribute it to all divisions and clients in the business organization. Humans might be in charge of keeping track of how much money the company consumes and makes if it has a vulnerability management strategy in place.Keep in mindthe long-term objectives while making a strategyas itcan be used toimpact the upcomingactivities. A budgeting system can be used toalign the performance and the budgetof a company. Planninghelps in identifying the work of each department is on a regularor annual basis, can also help with boosting up themorale and givingsupervision.Bonus or promotion is offered to employees who complete their objectives efficiently.Planning helps in tracking the expenditure which supports the business in a task(Menicucci, 2020). Expenditure and financial planning offer many advantages andsome disadvantages. Some of the disadvantages are:
Theadvantagesofaccountingforvolatilityexceedthedisadvantages.Micro businesses usuallycompetefor the resources,thereforethey need toformand maintain a strategy. Budget plans should beenforced from time to time. When a company and its employees areunmotivated, spending can be more, making it a risky business (Gotti and Fasan, 2020). Discretionary spending cannot be made in reaction to changes in the business's shape and demand pattern. Because the metrics on this website are compared to previous years' outcomes, planning on occasion does not appear affordable or equitable. Controlling an organization's overall economic success can be atask. Manyfeaturesof business can get skewed as a result of a single purpose.It’s possible whenever an assignment is developed as fast as the product lines.As a consequence, costings should be realistic, detailed, and consistent across all departments using actual data. They have to be beneficial as well. Another possibility is that financial regulations have been overly relaxed. Lower degree costs have long had the potential to have a significant impact in the business sector; as a fact, it must be thoroughly explored. Financial education and management are two techniques that might be applied.A budget is beneficial in almost every situation. Many organisationsmakeanumberof economic strategies tocomplete their goals.Establishingan approachrequiresattention to thenecessaryvariables. A company could not just acquire budgeting software and expect it to workindependently.Numerouspersonnel atdifferent levelsdoes notlike when their financials are alteredbecauseof an assessment of theongoing circumstances. When the actual forecasting begins, the pre-budgeting process can take as long as a year. This section contains alotof information about the budgeting process. Participants can discuss atime frameformakinga complete salespolicyand creating an investing portfolio (Garcia, Katsuo and van Mourik, 2018). CONCLUSION The above report can be summarised with the factor that the making of financial statement is very crucial as it helps is making critical and persuasive decisions for the company. The above report of section two contains the preparation of financial statements and the interpretations of the ratios which could be done in respect with the computation so the financial ratios done above. Also, then the pros and cons of budgeting and planning tools are explained.
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