Unit 5 - Accounting Principles ( Pass Criteria )
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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....................................
Describe the many branches of accounting and the accompanying work skills and
competences.................................................................................................................................
Explain the accounting system and the importance of technology in modern day
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............................................................................................................
Advantages and disadvantages of budgets, financial planning, and organisational
management:..............................................................................................................................
CONCLUSION..................................................................................................................................
REFERENCES...................................................................................................................................
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....................................
Describe the many branches of accounting and the accompanying work skills and
competences.................................................................................................................................
Explain the accounting system and the importance of technology in modern day
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............................................................................................................
Advantages and disadvantages of budgets, financial planning, and organisational
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 accounts aids 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, it also
includes the creation of a 12-month cash flow budget and its influence on various situations
(Sahaf, 2018). The report includes 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.
Accounting functions 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 projection is 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 the corrective
measures that need 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
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 accounts aids 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, it also
includes the creation of a 12-month cash flow budget and its influence on various situations
(Sahaf, 2018). The report includes 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.
Accounting functions 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 projection is 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 the corrective
measures that need 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
business as well as external interested users in gaining useful knowledge about the
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
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
business as well as external interested users in gaining useful knowledge about the
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 suitable morals 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.
Describe the many branches of accounting and the accompanying work skills and
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
Definition It is the skill of
collecting,
categorizing,
interpreting, and
summarising the daily
business transactions
that occur in a
business, and it aids
in the preparation of
financial statements
(Huber, 2021).
This branch of
accounting helps
corporate executives
monitor, control,
direct, and plan the
flow of money in their
organisations, as well
as devise various
techniques to prevent
waste of monetary
resources by
generating various
Cost accounting is a
process of assigning
cost to cost object
involved in the
activities taking place
in the process of
production.
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 suitable morals 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.
Describe the many branches of accounting and the accompanying work skills and
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
Definition It is the skill of
collecting,
categorizing,
interpreting, and
summarising the daily
business transactions
that occur in a
business, and it aids
in the preparation of
financial statements
(Huber, 2021).
This branch of
accounting helps
corporate executives
monitor, control,
direct, and plan the
flow of money in their
organisations, as well
as devise various
techniques to prevent
waste of monetary
resources by
generating various
Cost accounting is a
process of assigning
cost to cost object
involved in the
activities taking place
in the process of
production.
budgets for various
departments.
Skills Required A person who works
in fiscal accounting
must be able to assess
and read reports as
well as prepare them.
A worker must be
well-versed in a
variety of accounting
applications. The
financial statements
that a firm produces
have the ability to
influence the
shareholder group's
decision-making
ability.
Reading
Through
Financial
Statements:
For
understanding
the company's
health in
financial
terms, it is
very important
to know how
to read and
understand the
financial
The management
should have a strong
ability to collaborate
and coordinate with
other departments and
team members, be
well-versed in
business, and be aware
of all minor details and
issues. Managerial
accounting assists a
corporation in making
the most effective and
efficient use of its
resources while also
reducing unnecessary
costs (Effendi,2021).
Predictive
skills: AI and
Machine
learning have
transformed
Management
accounting.
Earlier,
accountants
were involved
with data,
presentation
and
examination.
Owners and
managers can
concentrate on
calculating costs at
various levels thanks
to this accounting
section. It takes into
account all
production aspects to
establish the precise
and dependable cost
associated with each
project.
Strong
analytical
skills: a
person need
to have strong
analysis skills
so that he can
differ
between cost
involved and
accordingly
minimize the
cost.,
Strong
accounting
skills : they
should be
aware of all
departments.
Skills Required A person who works
in fiscal accounting
must be able to assess
and read reports as
well as prepare them.
A worker must be
well-versed in a
variety of accounting
applications. The
financial statements
that a firm produces
have the ability to
influence the
shareholder group's
decision-making
ability.
Reading
Through
Financial
Statements:
For
understanding
the company's
health in
financial
terms, it is
very important
to know how
to read and
understand the
financial
The management
should have a strong
ability to collaborate
and coordinate with
other departments and
team members, be
well-versed in
business, and be aware
of all minor details and
issues. Managerial
accounting assists a
corporation in making
the most effective and
efficient use of its
resources while also
reducing unnecessary
costs (Effendi,2021).
Predictive
skills: AI and
Machine
learning have
transformed
Management
accounting.
Earlier,
accountants
were involved
with data,
presentation
and
examination.
Owners and
managers can
concentrate on
calculating costs at
various levels thanks
to this accounting
section. It takes into
account all
production aspects to
establish the precise
and dependable cost
associated with each
project.
Strong
analytical
skills: a
person need
to have strong
analysis skills
so that he can
differ
between cost
involved and
accordingly
minimize the
cost.,
Strong
accounting
skills : they
should be
aware of all
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statements of
any company.
The financial
statements are
the gateway to
deeply
understand
about the
working,
budgeting or
the business
strategies.
Understanding
GAAP vs
IFRS
standards: to
learn and
understand the
financial
statement and
accounting of
any company
in the best
manner it is
very important
to understand
and interpret
the various
standards that
are there in
accounting as
without these,
it is
impossible for
Communication
skills: the
accountants are
not only
responsible for
data and
analysis but
also
communicate it
to the leaders.
The findings
can be
presented in the
form of case
studies, stories
or other
mediums to
make it more
effective.
the principle
and methods
of accounting.
any company.
The financial
statements are
the gateway to
deeply
understand
about the
working,
budgeting or
the business
strategies.
Understanding
GAAP vs
IFRS
standards: to
learn and
understand the
financial
statement and
accounting of
any company
in the best
manner it is
very important
to understand
and interpret
the various
standards that
are there in
accounting as
without these,
it is
impossible for
Communication
skills: the
accountants are
not only
responsible for
data and
analysis but
also
communicate it
to the leaders.
The findings
can be
presented in the
form of case
studies, stories
or other
mediums to
make it more
effective.
the principle
and methods
of accounting.
anyone to
learn and
perform
financial
accounting.
Explain the accounting system and the importance of technology in modern day accounting.
An accounting system is a mechanism 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
software assists businesses in performing accurate and trustworthy calculations
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).
learn and
perform
financial
accounting.
Explain the accounting system and the importance of technology in modern day accounting.
An accounting system is a mechanism 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
software assists businesses in performing accurate and trustworthy calculations
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
abuse their power and authority in unethical ways. As a result, disputes and
misunderstandings would arise among the subordinates.
Corporate intelligence gathering: Employees of a firm might also misuse the
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.
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
abuse their power and authority in unethical ways. As a result, disputes and
misunderstandings would arise among the subordinates.
Corporate intelligence gathering: Employees of a firm might also misuse the
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
Particular Amount
Revenue from operations XXX
Total Revenue (A) XXX
Less:-
Purchase XXX
Changes in the Inventory XXX
Bad debts XXX
Van running expense XXX
Electricity Expense XXX
Rent, Rates and Taxes XXX
Depreciation and amortization XXX
Employee benefit expense XXX
Total Expenses (B) XXX
Net income XXX
Income statement 2 (with adjustments)
Income Statement:
Wide Catering Company
Income statement
Year ended 31 March 2022
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
Particular Amount
Revenue from operations XXX
Total Revenue (A) XXX
Less:-
Purchase XXX
Changes in the Inventory XXX
Bad debts XXX
Van running expense XXX
Electricity Expense XXX
Rent, Rates and Taxes XXX
Depreciation and amortization XXX
Employee benefit expense XXX
Total Expenses (B) XXX
Net income XXX
Income statement 2 (with adjustments)
Income Statement:
Wide Catering Company
Income statement
Year ended 31 March 2022
Particulars Amount Amount
Revenue
Sales 179200.00
Cost of sales:
Opening inventory 20500.00
Purchases 82000.00
Less: Closing inventory 12500.00 90000.00
Gross Profit 89200.00
Less: Expenses
Rent and rates 14400.00
Wages and Salaries 65200.00
Utility Bills 8000.00
Interest on Bank loan 500.00
insurance premium 2200.00
Petrol and repairs 500.00 90800.00
Net Profit -1600.00
Balance Sheet:
Wide Catering Company
Balance sheet at the end of 31 March 2022
Particulars £ £
Assets
Current Assets
Inventories 12500.00
Debtors 13520.00
Cash in Hand and Bank 27200.00
Insurance Premium 2200.00
Advance Payment of rent and rates 1000.00
Provision for Doubtful debts 5120.00
Other Current Assets 22560.00
Total Current Assets 84100.00
Non-current Assets
Machinery and Equipment 80000.00
Less: Depreciation @ 20% 16000.00 64000.00
Van 12000.00
Less: Depreciation @ 25% 3000.00 9000.00
Total Non-current Liabilities 73000.00
Revenue
Sales 179200.00
Cost of sales:
Opening inventory 20500.00
Purchases 82000.00
Less: Closing inventory 12500.00 90000.00
Gross Profit 89200.00
Less: Expenses
Rent and rates 14400.00
Wages and Salaries 65200.00
Utility Bills 8000.00
Interest on Bank loan 500.00
insurance premium 2200.00
Petrol and repairs 500.00 90800.00
Net Profit -1600.00
Balance Sheet:
Wide Catering Company
Balance sheet at the end of 31 March 2022
Particulars £ £
Assets
Current Assets
Inventories 12500.00
Debtors 13520.00
Cash in Hand and Bank 27200.00
Insurance Premium 2200.00
Advance Payment of rent and rates 1000.00
Provision for Doubtful debts 5120.00
Other Current Assets 22560.00
Total Current Assets 84100.00
Non-current Assets
Machinery and Equipment 80000.00
Less: Depreciation @ 20% 16000.00 64000.00
Van 12000.00
Less: Depreciation @ 25% 3000.00 9000.00
Total Non-current Liabilities 73000.00
Total Assets 157100.00
Liabilities
Current liabilities
Trade Creditors 13700.00
Outstanding Bill 500.00
Total Current Liabilities 14200.00
Non-current Liabilities
Bank Loan 45000.00
Less: Interest on Bank loan 500.00 44500.00
Total Liabilities 58700.00
Owners’ Equity
Owners Capital 100000.00
Retained Earnings -1600.00
Total Owner Equity 98400.00
Total Liabilities and Equities 157100.00
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.
Basis Sole proprietorship Partnership NPO
Meaning It is an unincorporated
entity with a sole
owner. This business
is managed by only
one person.
It has two or more
people to operate the
business and they
share profit and losses
in a predetermine
ratio.
It is an organization to
serve to society and
they not working to
generate profits.
Finance Scope is limited and
whole profits are
enjoyed by the owner.
Comparatively high
and the profit margin
is divided among the
partners of the
organisation.
Donation,
subscriptions, etc. and
this organisation is not
working for profits.
Liabilities
Current liabilities
Trade Creditors 13700.00
Outstanding Bill 500.00
Total Current Liabilities 14200.00
Non-current Liabilities
Bank Loan 45000.00
Less: Interest on Bank loan 500.00 44500.00
Total Liabilities 58700.00
Owners’ Equity
Owners Capital 100000.00
Retained Earnings -1600.00
Total Owner Equity 98400.00
Total Liabilities and Equities 157100.00
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.
Basis Sole proprietorship Partnership NPO
Meaning It is an unincorporated
entity with a sole
owner. This business
is managed by only
one person.
It has two or more
people to operate the
business and they
share profit and losses
in a predetermine
ratio.
It is an organization to
serve to society and
they not working to
generate profits.
Finance Scope is limited and
whole profits are
enjoyed by the owner.
Comparatively high
and the profit margin
is divided among the
partners of the
organisation.
Donation,
subscriptions, etc. and
this organisation is not
working for profits.
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Liability Borne by owner only
and this type of
business is quite
unstable in nature.
Born by partners and
this business is more
stable as compare to
sole proprietorship.
Stakeholders and these
are working in long
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.
and this type of
business is quite
unstable in nature.
Born by partners and
this business is more
stable as compare to
sole proprietorship.
Stakeholders and these
are working in long
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.
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 stock turnover, 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.
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 stock turnover, 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 UNITS Year 1 Year 2
Total Sales Units XXX XXX
Revenue XXX XXX
Loan Funds XXX XXX
Funds from Owners XXX XXX
INCOME
COST OF SALES XXX XXX
opening stock XXX XXX
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 UNITS Year 1 Year 2
Total Sales Units XXX XXX
Revenue XXX XXX
Loan Funds XXX XXX
Funds from Owners XXX XXX
INCOME
COST OF SALES XXX XXX
opening stock XXX XXX
Purchases XXX XXX
Closing Stock XXX XXX
EXPENDITURE XXX XXX
Accountancy XXX XXX
Bank Fees XXX XXX
Interest XXX XXX
Insurance XXX XXX
Maintenance XXX XXX
Marketing and Promotions XXX XXX
Salaries and Wages XXX XXX
Telephone XXX XXX
Manufacturing costs XXX XXX
TOTAL EXPENSES XXX XXX
Cost of sales XXX XXX
CASH SURPLUS/DEFICIT XXX XXX
Cash Budget 2 – (With Scenario)
Closing Stock XXX XXX
EXPENDITURE XXX XXX
Accountancy XXX XXX
Bank Fees XXX XXX
Interest XXX XXX
Insurance XXX XXX
Maintenance XXX XXX
Marketing and Promotions XXX XXX
Salaries and Wages XXX XXX
Telephone XXX XXX
Manufacturing costs XXX XXX
TOTAL EXPENSES XXX XXX
Cost of sales XXX XXX
CASH SURPLUS/DEFICIT XXX XXX
Cash Budget 2 – (With Scenario)
Particulars Januar
y
Februar
y
Marc
h
Apri
l May June July Augus
t
Septemb
er
Octobe
r
Novembe
r
Decembe
r
Receipts
Opening Balance 150000 57500 54000
5050
0
4700
0
4350
0
4000
0 36500 33000 29500 26000 22500
Cash Sales 16000 16000 16000
1600
0
1600
0
1600
0
1600
0 16000 16000 16000 16000 16000
Credit Sales 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000
Total 166000 77500 74000
7050
0
6700
0
6350
0
6000
0 56500 53000 49500 46000 42500
Less: Payments
Purchases 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500
Marketing Exp 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000
Property/Rental Exp 11500 11500 11500
1150
0
1150
0
1150
0
1150
0 11500 11500 11500 11500 11500
Wages and Salaries 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500
Machinery and
Equipments 85000 0 0 0 0 0 0 0 0 0 0 0
Utility Expenses 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
Loand and interest
payment 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000
Total expenses 108500 23500 23500
2350
0
2350
0
2350
0
2350
0 23500 23500 23500 23500 23500
Closing Cash 57500 54000 50500
4700
0
4350
0
4000
0
3650
0 33000 29500 26000 22500 19000
y
Februar
y
Marc
h
Apri
l May June July Augus
t
Septemb
er
Octobe
r
Novembe
r
Decembe
r
Receipts
Opening Balance 150000 57500 54000
5050
0
4700
0
4350
0
4000
0 36500 33000 29500 26000 22500
Cash Sales 16000 16000 16000
1600
0
1600
0
1600
0
1600
0 16000 16000 16000 16000 16000
Credit Sales 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000
Total 166000 77500 74000
7050
0
6700
0
6350
0
6000
0 56500 53000 49500 46000 42500
Less: Payments
Purchases 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500
Marketing Exp 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000
Property/Rental Exp 11500 11500 11500
1150
0
1150
0
1150
0
1150
0 11500 11500 11500 11500 11500
Wages and Salaries 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500
Machinery and
Equipments 85000 0 0 0 0 0 0 0 0 0 0 0
Utility Expenses 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
Loand and interest
payment 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000
Total expenses 108500 23500 23500
2350
0
2350
0
2350
0
2350
0 23500 23500 23500 23500 23500
Closing Cash 57500 54000 50500
4700
0
4350
0
4000
0
3650
0 33000 29500 26000 22500 19000
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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.
Advantages and disadvantages of budgets, financial planning, and organisational
management:
Cost forecasts can help a firm's financial position plus its governance. It's easy to 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 the strategy has been produced and accepted with help of 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 mind the long-term
objectives while making a strategy as it can be used to impact the upcoming activities. A
budgeting system can be used to align the performance and the budget of a company.
Planning helps in identifying the work of each department is on a regular or annual basis, can
also help with boosting up the morale and giving supervision. 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 and some disadvantages.
Some of the disadvantages are:
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.
Advantages and disadvantages of budgets, financial planning, and organisational
management:
Cost forecasts can help a firm's financial position plus its governance. It's easy to 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 the strategy has been produced and accepted with help of 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 mind the long-term
objectives while making a strategy as it can be used to impact the upcoming activities. A
budgeting system can be used to align the performance and the budget of a company.
Planning helps in identifying the work of each department is on a regular or annual basis, can
also help with boosting up the morale and giving supervision. 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 and some disadvantages.
Some of the disadvantages are:
The advantages of accounting for volatility exceed the disadvantages. Micro
businesses usually compete for the resources, therefore they need to form and
maintain a strategy. Budget plans should be enforced from time to time.
When a company and its employees are unmotivated, 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 a task. Many features of
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
organisations make a number of economic strategies to complete their goals. Establishing an
approach requires attention to the necessary variables. A company could not just acquire
budgeting software and expect it to work independently. Numerous personnel at different
levels does not like when their financials are altered because of an assessment of the ongoing
circumstances. When the actual forecasting begins, the pre-budgeting process can take as
long as a year. This section contains a lot of information about the budgeting process.
Participants can discuss a time frame for making a complete sales policy and 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.
businesses usually compete for the resources, therefore they need to form and
maintain a strategy. Budget plans should be enforced from time to time.
When a company and its employees are unmotivated, 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 a task. Many features of
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
organisations make a number of economic strategies to complete their goals. Establishing an
approach requires attention to the necessary variables. A company could not just acquire
budgeting software and expect it to work independently. Numerous personnel at different
levels does not like when their financials are altered because of an assessment of the ongoing
circumstances. When the actual forecasting begins, the pre-budgeting process can take as
long as a year. This section contains a lot of information about the budgeting process.
Participants can discuss a time frame for making a complete sales policy and 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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REFERENCES
Books and Journals
Sahaf, M.A., 2018. Management Accounting: Principles & Practice. Vikas Publishing House.
Larkin, R.F. and DiTommaso, M., 2018. Wiley Not-for-profit GAAP 2018: Interpretation and
Application of Generally Accepted Accounting Principles. John Wiley & Sons.
Tsuji, M. and Hiraiwa, M., 2018. An analysis of the internal consistency of the new accounting
standard for virtual currencies in generally accepted Japanese accounting principles: A
virtual currency user perspective. International Journal of Systems and Service-Oriented
Engineering (IJSSOE), 8(2), pp.30-40.
Edeigba, J., 2020. History of Nigerian Accounting Practice: Progress and Contemporary
Issues. Available at SSRN 3726767.
Huber, W., 2021. Corporations, Accounting, Securities Laws, and the Extinction of
Capitalism. Corporations, Accounting, Securities Laws, and the Extinction of Capitalism
(December 20, 2021).
Effendi, R., 2021. Accounting Principles: Prinsip-Prinsip Akuntansi Berbasis SAK ETAP.
Franklin, M., Grayvbeal, P. and Cooper, D., 2019. Principles of Accounting, Volume 1: Financial
Accounting.
Masenda, A., 2019. Making effective use of accounting information system (s) to curb financial
malpractices.(A case of secondary schools in Mufakose District) (Doctoral dissertation,
BUSE).
Wahyuni-TD, I.S., Haron, H. and Fernando, Y., 2021. The effects of good governance and fraud
prevention on performance of the zakat institutions in Indonesia: a Sharīʿah forensic
accounting perspective. International Journal of Islamic and Middle Eastern Finance and
Management.
Yang, Y., Jia, Y., Ling, S. and Yao, C., 2021. Urban natural resource accounting based on the system
of environmental economic accounting in Northwest China: A case study of
Xi’an. Ecosystem Services, 47, p.101233.
Mert, I., 2022. Normalization, Harmonization and Convergence of Accounting Evaluation.
In Assessment of Accounting Evaluation Practices (pp. 61-86). Springer, Cham.
Holtzman, M.P., 2022. FASB Streamlines Income Tax Accounting. The CPA Journal, 92(1/2), pp.54-
56.
Duțescu, A., 2019. Financial Accounting: An IFRS Perspective in Romania. Springer Nature.
Hassan, A. and Mollah, S., 2018. Bigger Than the Bottom Line: Islamic Principles of Accounting.
In Islamic Finance (pp. 285-293). Palgrave Macmillan, Cham.
Menicucci, E., 2020. IAS/IFRSs, Accounting Quality and Earnings Quality. In Earnings Quality (pp. 83-
105). Palgrave Pivot, Cham.
Gotti, G. and Fasan, M., 2020. International accounting research: The Italian context. Journal of
International Accounting Research, 19(1), pp.73-83.
Garcia, C., Katsuo, Y. and van Mourik, C., 2018. Goodwill accounting standards in the united
kingdom, the United States, France, and Japan. Accounting History, 23(3), pp.314-337.
Căpușneanu, S., Topor, D.I., Turkeș, M.C. and Rakoș, I.S., 2019. Throughput Accounting: Decisional
Informational Support for Optimizing Entity Profit. In Throughput Accounting in a
Hyperconnected World (pp. 27-56). IGI Global.
Books and Journals
Sahaf, M.A., 2018. Management Accounting: Principles & Practice. Vikas Publishing House.
Larkin, R.F. and DiTommaso, M., 2018. Wiley Not-for-profit GAAP 2018: Interpretation and
Application of Generally Accepted Accounting Principles. John Wiley & Sons.
Tsuji, M. and Hiraiwa, M., 2018. An analysis of the internal consistency of the new accounting
standard for virtual currencies in generally accepted Japanese accounting principles: A
virtual currency user perspective. International Journal of Systems and Service-Oriented
Engineering (IJSSOE), 8(2), pp.30-40.
Edeigba, J., 2020. History of Nigerian Accounting Practice: Progress and Contemporary
Issues. Available at SSRN 3726767.
Huber, W., 2021. Corporations, Accounting, Securities Laws, and the Extinction of
Capitalism. Corporations, Accounting, Securities Laws, and the Extinction of Capitalism
(December 20, 2021).
Effendi, R., 2021. Accounting Principles: Prinsip-Prinsip Akuntansi Berbasis SAK ETAP.
Franklin, M., Grayvbeal, P. and Cooper, D., 2019. Principles of Accounting, Volume 1: Financial
Accounting.
Masenda, A., 2019. Making effective use of accounting information system (s) to curb financial
malpractices.(A case of secondary schools in Mufakose District) (Doctoral dissertation,
BUSE).
Wahyuni-TD, I.S., Haron, H. and Fernando, Y., 2021. The effects of good governance and fraud
prevention on performance of the zakat institutions in Indonesia: a Sharīʿah forensic
accounting perspective. International Journal of Islamic and Middle Eastern Finance and
Management.
Yang, Y., Jia, Y., Ling, S. and Yao, C., 2021. Urban natural resource accounting based on the system
of environmental economic accounting in Northwest China: A case study of
Xi’an. Ecosystem Services, 47, p.101233.
Mert, I., 2022. Normalization, Harmonization and Convergence of Accounting Evaluation.
In Assessment of Accounting Evaluation Practices (pp. 61-86). Springer, Cham.
Holtzman, M.P., 2022. FASB Streamlines Income Tax Accounting. The CPA Journal, 92(1/2), pp.54-
56.
Duțescu, A., 2019. Financial Accounting: An IFRS Perspective in Romania. Springer Nature.
Hassan, A. and Mollah, S., 2018. Bigger Than the Bottom Line: Islamic Principles of Accounting.
In Islamic Finance (pp. 285-293). Palgrave Macmillan, Cham.
Menicucci, E., 2020. IAS/IFRSs, Accounting Quality and Earnings Quality. In Earnings Quality (pp. 83-
105). Palgrave Pivot, Cham.
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