Accounting Skills Assignment (Doc)

Added on - 21 Apr 2020

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Running Head: Accounting skills1Project Report: Accounting skills
Accounting skills2ContentsQue 1.................................................................................................................................3Accounting....................................................................................................................3Advantages and disadvantages of accounting..............................................................3Que 2.................................................................................................................................3a) Profit and loss a/c.....................................................................................................3b) Calculation of owner's capital..................................................................................4Balance sheet................................................................................................................4Que 3.................................................................................................................................5a) Calculation of break even analysis...........................................................................5B) Calculation of sales unit on the basis of desired profit............................................5C) Calculation of sales unit...........................................................................................6d) Calculation of break even analysis...........................................................................7Que 4.................................................................................................................................7Cash budget..................................................................................................................7Que 5.................................................................................................................................9Managerial decision making.........................................................................................9References.......................................................................................................................10
Accounting skills3Que 1)Accounting:Accounting is a methodical process of identifying the financial information thanrecording it into the books of the company further measuring the financial information andclassifying it into the various categories, more, verifying it, summarizing it, interpreting theinformation and communicating the financial information with the user of the reports. Thesereports reveal the performance, position and profitability state of the company. Further, itexplains about the financial strength and various other positions of the company (Hák et al,2012).This accounting process helps the company to manage the financial and accountingdata of the company so that the performance and the position of the company could beevaluated and controls could be implemented over the financial stability of the company.Advantages and disadvantages of accounting:Further, the advantages and disadvantages of the accounting have been analyzed. Themain advantages of the accounting are its quick decision process. This process reveals thefinancial information to the business. It helps the investors to make a better decision about theinvestment into the business (Lee, 2006).Additionally, the disadvantages of this accounting system are its high cost which isespecially for the long business. There are also timing issues in the accounting system as thedifferent accounting methods take the concern of the various timing. It is also riskier for thebusiness to choose the best accounting methods.Que 2)a) Profit and loss a/cIn the books of Yankee Hotel foxtrotIncomeService revenue1439014390ExpensesRent2740
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