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Introduction to accounting

   

Added on  2020-06-04

7 Pages1283 Words424 Views
INTRODUCTIONTO ACCOUNTING
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Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1A. Identification and description on relevant stakeholders.........................................................1B Explanation on construction on financial statement meets their needs. .................................2PART 2............................................................................................................................................2b. Identification of the costing system of each of the type business listed below as are- ..........3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONAccounting is the systematic process in relation to record the financial statements. This isthe process which works as to summarizing, analysis and reporting the relevant information sothat all thing can be done in expertise mode. It is the process of communication about financialinformation about business entity to users. The present report will outline the activities of firmas Mark & Spenser. It is the firm which is engaged in proving clothing stuff to men and women.In addition to this it will be inclusive of things as are Sever users of IASB, construction onfinancial statements and advantage and disadvantage of adsorption and marginal costing. PART 1A. Identification and description on relevant stakeholders.In this there are two kinds of stakeholder to collect the financial information so that theyare able to take better financial decision. Users can be known as stakeholder and these are twotypes as are- External stakeholders- it is inclusive of follows as are- 1.Creditors- They work as to having effective determination of credit worthiness of theentity. In this the terms of credit are set by the creditors as per the customers financialstatements. The creditors may be inclusive of lenders and suppliers of fiance such asbanks.2.Tax authorities- They are those who works as to determine the credibility of the taxesfiled on behalf of the enterprises. 3.Investors- they are the person who take the decision in relation to analyses the amountwhich is need to be invested in the company. The investor need to sure about the returnon investment. 4.Customers- In order to access the financial position of the suppliers, it is important tomaintain stable source of supply for longer period. 5.Regulatory authorities- In order to ensure companies accounting information as per therules and regulations which are set to protect the interest of stakeholders. Internal stakeholders- This is inclusive as are- Management – In order to analyze organization performance and takes steps to havingimprovement in the firms results. 1
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