Accounting Report | Accounting Assignment
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Added on 2020-06-06
Accounting Report | Accounting Assignment
Added on 2020-06-06
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Accounting Report
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1(a): Determining relevant stakeholders as per conceptual framework........................................1(b): Construction of financial statements meets their requirements............................................2PART 2............................................................................................................................................2(a): Advantages and disadvantage of absorption and marginal costing......................................2(b): Determine costing systems under the mentioned cases........................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONAccounting is one of the primary techniques by which organisation can record,summaries, evaluated various financial transactions that are done by the company. There arecertain basis aspects that are useful in recording financial statements through taking into accountall standards and regulations. This project describe different types of stakeholders categories asper the conceptual framework. Formulation of financial statements in accordances to meet theirbasis required is done in proper manner (Gao, 2013). Merits and demerits of absorption andmarginal costing are also explain under this report.PART 1(a): Determining relevant stakeholders as per conceptual frameworkStakeholders are said to be one of the primary parts of any business. They are directly ofindirectly associated with decision making in future planning of any kind of activities that aredone by an organisation. As per the Conceptual framework which is assist the IASB informulating and revising IFRS that relies on consistent concepts to aid in regulate developmentof accounting policies. There are various stakeholders those are operating for an organisation.Some of them are:Internal stakeholders: These are those parties who already responsible to serve anorganisation as board member, staff and investors. Employees are working in the departments for the purpose of earning money and remainemployed in an organisation (Maskell, Baggaley and Grasso, 2011).Owners responsible for making appropriate decision regarding upcoming plans in orderto increase profitability for an organisation.Investors are responsive enough regarding income generating from their investmentsmade during the period of time.External stakeholders: It refers as those individual that are committed to taken activeparticipation in an organisation from outside of an organisation. It consists of customers, partnersand other. Customers wants business to provide upper quality of products and services at veryminimal costs.Suppliers are held reliable for business to regulate business in order to purchase theirproducts on an continuous basis.1
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