Basics of Accounting Principles

Added on -2020-02-24

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Running head: MANAGE BUDGET AND FINANCIAL PLANSManage budget and financial plansName of the Student:Name of the University:Author’s Note:Course ID:
MANAGE BUDGET AND FINANCIAL PLANS1Table of Contents1. Accounting principles............................................................................................................2Describing and summarising the basic accounting principles:..................................................22. Management of financial processes and controls of a business.............................................22.1 Depicting features of internal control structures:.................................................................22.2 Mentioning the reason for effective financial record keeping procedure and processes:....32.3 Depicting the financial management process and mentioning how it supports and monitoremployees:..................................................................................................................................33. Corporate financial record keeping & auditing......................................................................43.1 Mentioning the records required to keep under the Corporations Act by an organisation:.43.2 Mentioning the financial reporting requirements for a large proprietary company:............43.3 Depicting the timing when are small proprietary companies required to be audited:.........53.4 Mentioning the definition of Financial Reports in context of Corporations Act and statingwhat should be included in financial statements:.......................................................................53.5 Mentioning requirements of the above depicted statements:...............................................5Reference:..................................................................................................................................7
MANAGE BUDGET AND FINANCIAL PLANS21. Accounting principlesDescribing and summarising the basic accounting principles:There are the few basic accounting principles that need to be followed by anorganisation, which are business entity concept, the cost principle, and the going concernconcept. The business entity concept many states that businesses are a separate entityaltogether, where it cannot be compared by the owner as it is different from each other. Thismainly states that all the relevant personal transaction of the owner and assets should not beincluded in the business (Zeff 2016).The cost principle directly states that all the assets needs to be recorded at their actualcost in the books of the organization. Lastly, the consistency principle Indicates that yourorganisation should apply the same Accounting Principles from one period to another. thismainly helps in reducing the manipulation and allow the organisation to compare the relevantprogress over the previous fiscal years (Singleton-Green 2016).2. Management of financial processes and controls of a business2.1 Depicting features of internal control structures:The internal control structure mainly includes the relevant features such as controlenvironment, risk assessment process, information system, control activities, and monitoringcontrol. The identified internal control features mainly help in Financial Management processthat involves acquisition, flow, and processing of information. This mainly helps inimproving the efficiency and financial performance for the organisation. Moreover, it

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