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(Solution) Financial Accounting- Assignment

   

Added on  2020-12-24

18 Pages4328 Words273 Views
FinancePolitical Science
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FINANCIALACCOUTING
(Solution) Financial Accounting- Assignment_1

ContentsContents...........................................................................................................................................2a. BUSINESS REPORT..................................................................................................................3CLIENT 1........................................................................................................................................7Client 2...........................................................................................................................................11c. Accounting concepts..............................................................................................................12d. Types and purposes of depreciation in formulating financial statements..............................13CLIENT 3......................................................................................................................................13(B). Areas which cause the organizational records to vary from banker's record.....................14(c) Imprest in petty cash book...................................................................................................14CLIENT 4......................................................................................................................................15CLIENT 5......................................................................................................................................16REFERENCES..............................................................................................................................19
(Solution) Financial Accounting- Assignment_2

INTRODUCTIONFinancial accounting is the field of bookkeeping worried about the deprived, examinationand announcing of monetary exchanges relating to a business (Arvidsson, 2011). All enterprisesneed to plan fiscal reports for a particular timeframe and money related reports have presentbefore partners. It is useful for the association to take viable choices seeing speculation just asextension. Fiscal reports demonstrates the money related position of the company. To morereadily comprehend this idea Airdri Limited has been chosen which bargains in electronicsegments and it has a place with United Kingdom. In this report, there are following subjects aresecured, for example, budgetary bookkeeping and its motivations, examination of inward andoutside partners, trail balance , asset report, last records for sole dealers, bookkeeping ideasidentified with consistency and prudency. Aside from this it also talk about reasons for gettingready bank compromise articulations and deals and buy control record.FINANCIAL ACCOUNTINGFinancial accounting is a part of accounting which helps in tracking the financialtransactions of any organisation for operating and managing its operations in a systematicmanner. It helps in recording, summarizing and presenting all the transactions to prepare thefinancial statements. The purpose of preparing such statement is to provide information related tothe operations, performance and cash flows to the managers for taking effective decisions(Edwards and et. al., 2013). All the organisations are required to maintain their financialtransactions in effective manner so that information be able to usable for stakeholders andowners. This report includes book keeping system, ledger posting system and the reconciliationstatements. Accounting rules, principles, consistency and importance of financial accounts arealso defined in this context.
(Solution) Financial Accounting- Assignment_3

a. BUSINESS REPORT1. Financial Accounting:Financial accounting is a process recording financial transactions toprovide information related to financial performance and position of the organization. All thefinancial statements are prepared by considering the local as well as international standardsprescribed. Such accounting helps in collecting and summarizing financial data for thepreparation of statements, such as, income statement, cash flow statement and financial positionstatements. All such statements are described below:Income Statement: Income statements also known as profit & loss statements areprepared to show the profits and losses of an organization over a period. Suchstatements are used to display the organizational revenues, selling and administrativeexpenses, incomes and expenses, costs, taxes paid, gross profit, net profit in a systematicand logical manner. With the help of such statements owners, directors and stakeholdersare able to determine the profitability of the organisation.Cash flow statement: Cash flow statements are those statements includes transactionsrelated to the inflows and outflows of an organization during an accounting period. Suchstatements provides important information related to the cash requirements and needsfor execution of the functions and operations of business in smooth manner. It reflectsthe liquidity position of any organisation.Financial position statement: Financial position statements are the written recordswhich conveys the activities and financial performance of any organization. Thesestatements are inspected by the government agencies, accountants to ensure accuracy inthe operations. Such statements are also known as balance sheet which includes thedetails related to assets and liabilities. These are majorly used to take financial andinvesting decisions for current as well as future time period.Regulations related to financial accounting: There are various rules and regulations which aremandatory to follow in an organization while preparing financial statements in order toeffectively manage the financial transactions by the management for better execution of financialoperations (Francis and et. al., 2013). In order to present the financial information, variousregulations are formed and these are described as :Financial Reporting Council (FRC): FRChas provided various provisions in specificand descriptive format. FRC Board is responsible for overall governance and setting
(Solution) Financial Accounting- Assignment_4

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