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Financial Accounting Research Paper

   

Added on  2020-01-07

40 Pages5589 Words141 Views
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FINANCIAL ACCOUNTING
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INTRODUCTIONThe criteria and department of the accounting under which all kinds of the financial andmonetary transactions are to be recorded as well as analysed is identified as the financialaccounting. When the business entity going to assess that company and business entityperforming in which manner such as declining or upward then the financial accounting is themost helpful criteria for this condition. An entrepreneur when want to check that whether thefinancial and profitability position of the company growing or not in the industry then use suchmentioned branch. Apart from this, by considering the financial accounting process themanagement able to make the different types of the financial reports and accounts like as incomestatement, balance sheet, cash flow etc. In addition to this, all the disclosures and theories,standards etc. of the accounting are to be analysed and while making the accounts of thefinancial (Weil, Schipper and Francis, 2013). The current project is based on the differentnumber of the accounts from initial or start to end of the financial statements. On the basis of thepresent report the reader able to know formate and process to prepare journal entries, trialbalance, ledger account, profit and loss accounts, statement of financial position etc. byconsidering such all the statements the management of business organisation able to make thestrategies for the further and next financial periods to make the company healthier in for of theprofitability. In addition to this, about the two types of depreciation techniques, suspense andclearing account etc. also explained in the current case study. Apart from this, the report showsabout the BRS which states for the bank reconciliation statement used by the companies forassessing various financial data and conditions in the segment where it existed and operating.Financial accountancy is the record of accountancy preoccupied with the compact and analysisand reporting of financial transaction concern to a enterprise. When make financial statement ,they necessary follows points:-Relevance:- Financial accounting which is mind particular.it is very important forpreparation of financial accounting statement of the organization for information todeterminer decisions. Unless this evidence is present ,there is no point in disorderlinessstatement.Materiality :- materiality is important for reparation of fiscal statement in theorganization because information is materiality if its mistake or statement could1
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determiner the economical decisions of exploiter confiscate on the basis of the financialstatement.Reliability:- accounting essential be self-governing from important mistake or bias. Itshould be easy relied upon by managers. Often message that is extremely applicable.Understand-ability:- financial accounting written report should be ununderstood bythose to whom the content.Comparability :-- financial reports from different time period should be compare withone some other in command to conclude meaningful assumption about the tendency in anentity fiscal presentation and perspective over time.this point are very important for preparation of correct and valuable financial statement for theorganization. 2
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CLIENT 1a) Select Book entry1. Representation journal entries and calculation of proprietor assetsA. Preparing the account book of Select Entry3
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b) Complete double entry recording5
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