Recording Business Transaction

RECORDING BUSINESS TRANSACTION

Contents
INTRODUCTION...........................................................................................................................................3
PART 1.........................................................................................................................................................3
PART 2.........................................................................................................................................................6
PART 3.........................................................................................................................................................8
PART 4.......................................................................................................................................................11
CONCLUSION.............................................................................................................................................14
REFERENCES..............................................................................................................................................15

INTRODUCTION
Accounting refers to a set or collection of activities concerning the monitoring, measurement,
review and description of an individual's personal financial performance data inside the company
segment, which is only carried out with accounting assistance (Hoyle, 2015). Virtually,
accounting is simply a formal corporate language and associated operations. This helps the
organization to turn ongoing events into delivered effectively that can be classified as per their
respective usage and significance. These declarations and reports shall be made in such a way as
to aid in the assessment, along with the corporate status, of the financial performance. The
research includes numerous topics pertaining to revenue and expenditure transaction logging.
The study addresses financial decision to what degree they need accounting knowledge,
accounting advantages and drawbacks, as well as realistic activities to document company
transactions and file financial reports.
PART 1
Recognize who are decision-makers and describe their requirement/needs with regard to
accounting-information.
The decision-makers are a human, normally in the leadership, who makes difficult decisions that
strongly influence the company, operates. Employee workers who are great decision learn how
to fix problems easily and use logical thinking capabilities to resolve problems faster (Loughran
and McDonald, 2016). They can quickly weigh the multiple options and decide on the outcome
that best suits the organization and its employees.
The collection, analysis and description of all financial information in the manner they may be
included in reporting are used in financial management. These types of reports, which contain
financial information, are useful for the production of a satisfactory financial and fiscal strategy
and policy. In the near future, this company is able to deal with their success. While also being
able to give end users great customer deals. All of the activities starting from recruitment to
firing include the estimation of the sales target, the resource planning of promotional events, and
also the choosing of different techniques and software to execute various tasks and functions.
And senior leaders and general administrators make both of these choices.

Decision makers are primarily senior management staff within the company, such as Tesco, and
has an executive board focused on international UK retailers, which are the company's main
judgment (Vasarhelyi, Kogan and Tuttle, 2015). The Organization of Boards of Directors with
diverse viewpoints, perspectives and opinions benefits the members of the Group by better
organizational success. The Board consists of the Chairman, the Senior Internal Auditor, and the
Chief Operating Officer of the Company, the Financial Officer, and a set of individual semi
officers. The board of Tesco is composed of:
 Jhon Allan Non-executive Chairman
 Ken Murphy Group Chief Executive
 Alan Stewart CFO
 Stewart Gilliland Independent Non-executive Director.
 Byron Grote Independent Non-executive Director.
 Alison Platt Independent Non-executive Director.
 Mikael Olsson Independent Non-executive Director.
 Steve Golsby Independent Non-executive Director.
 Simon Patterson Independent Non-executive Director.
They need accounting framework for strategic, tracking and making decisions on the cost of
sales, profitability and liquidity of the company. Decision-makers are interested in assessing the
group's ability to raise profits in the future. It is responsible for assessing the institution's
liquidity and meeting its financial responsibilities on time (Wild, Shaw and Chiappetta, 2015).
By various quantities, such as debt-equity percentage, liquidity ratios, etc. They want accounting
statistics to consider the company's short-term or longer-term financial health. Similarly, with the
help of statement of cash flows, the requirement for narrower and lengthier funds may be
established. Financial accounts/statements represent all company-related accounting activities in
a nutshell that enables the management committee to use this information in the execution of
plans in a viable and easy manner, including corporate managers. The financial reports are
worked out on the basis of general principles and practices that are similar across the industry.
This encourages them to differentiate it from other entrants in order to put themselves across
customer's purchase. It lays out a management/BOD structure for taking capital budgeting