HNBS 310 - Financial Accounting Assignment

HNBS 310 Financial
Accounting

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
SCENARIO 1..................................................................................................................................1
Question 1....................................................................................................................................1
Question2.....................................................................................................................................6
SCENARIO 2................................................................................................................................12
Question 1..................................................................................................................................12
Question 2..................................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
In business context, financial accounting is a key process of analysing, recording,
reporting the summaries financial and business transaction that are happened due to different
operation in a specific time frame (Financial accounting, 2019). Manager use to prepare various
financial statements according to GAAP guidelines so that exact strength and position can be
determined. The crucial financial statements are cash flow statement, trading profit and loss
account and balance sheet that are beneficial to report the company operating performance over a
specific accounting year. In this report, journal entries, ledger account and trail balance is
discussed. Report also cover, accounts for sole trader, partnership companies that are prepared
with the support of appropriate standards and principle. Additional in report, bank reconciliation
statements, control and suspense accounts and are being presented in according to guidelines.
SCENARIO 1
Question 1
Journal entries: The systematic way that is used to record the business transaction in
authentic records of a business transaction (Chen, 2015). The main concept behind making
accounting entries is to record each and every kind of business operation at least in two place
that is known as double entry. For instance, when there is sales on cash it will increase revenue
as well as cash accounts. There are different kind of journal entries such as adjustment entry,
compound and reversing entry.
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