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FINANCIAL ACCOUNTING (PART - 2) INTRODUCTION

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Added on  2021-02-18

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FINANCIAL ACCOUNTING (PART – 2) INTRODUCTION 1 TASK 31 (a) Comparison between direct debit and various aspects that are related with the bank 1 P5: Application of bank reconciliation process 3 TASK 44 P6: Rectification entries and suspense account 4 (a): Journal entries4 CONCLUSION 5 REFERENCES 6 INTRODUCTION Financial Accounting is specialised branch of accounting because it track of every financial information of company in order to understand actual financial position of company. It is used by individual for

FINANCIAL ACCOUNTING (PART - 2) INTRODUCTION

   Added on 2021-02-18

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FINANCIAL ACCOUNTING(PART – 2)
FINANCIAL ACCOUNTING (PART - 2) INTRODUCTION_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 3 ..........................................................................................................................................1(a) Comparison between direct debit and various aspects that are related with the bank...........1P5: Application of bank reconciliation process .........................................................................3TASK 4............................................................................................................................................4P6: Rectification entries and suspense account...........................................................................4(a): Journal entries.......................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
FINANCIAL ACCOUNTING (PART - 2) INTRODUCTION_2
INTRODUCTIONFinancial Accounting is specialised branch of accounting because it track of everyfinancial information of company in order to understand actual financial position of company. Itpresents through financial statements such as cash flow statement, balance sheet and profit andloss accounts (Ball, R., 2013) . The transaction are recorded by using guidelines of accountingand present in summarized way. The presented report consist of overall preparation of financialrecord those are available for purpose of public consumption. There is performing bankreconciliation statements, clearing suspense accounts and control accounts. In addition, reconcilecontrol accounts and clear suspense accounts. TASK 3 (a) Comparison between direct debit and various aspects that are related with the bankDirect Debits – A direct debit a direction from individual side to bank or building society.It authorises a company want to pay to collect variable amounts from their bank accounts. It is acrucial matter that will be related with the recording of financial transaction into several financialstatements of the company. It is used by individual for with draw enough amount of funds fromother account after the permission of the account holder (Arouri And et.al, 2012) . It is mainlybased on payment system like credit card and other utilities bills. In the case of bills paymentusing direct debits, it would reckon as order for the company with the amount of capital ofowner. It will supply to common customer which is related to transferring of consistent sum ofcapital. With the help of process, each consumer used to certain ability in the subject to collectpayment from single accounts. It will make easier to manage and control overall paymentsthrough disposal all the paper works. It is provided important instruction regarding to customerdelivery information to the fear banks to charge the amount without taking into account thecondition that is already due. There is mentioned few matter which is related to direct debit - Utility bills ans expenses is becoming more reliable in each month. The bank has right toabout payment service rather than of asking any question from the customers. It is related with the system of techniques which is considered by paying part of fixedmembership amount. Standing orders – It is important facility which is provided by bank to their customers inorder to get more satisfaction from their side. The certain method is based on particular direction1
FINANCIAL ACCOUNTING (PART - 2) INTRODUCTION_3

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