Recording Business Transaction

Recording Business
Transaction.

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
PART 2............................................................................................................................................5
PART 3............................................................................................................................................6
PART 4..........................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCE.................................................................................................................................13

INTRODUCTION
Accounting concept corresponds to tasks or methods for evaluating and analysing
quantifiable finance transaction records and introduces such financial insights for decision-
making to the decision of the organisation. Accounting is compatible approach as framework
within which financial statements of entity are described over a set period to acknowledge the
organisational productivity and economic position of that corporation and to reassess and convey
the same information to the intended users dealing is referred to accounting (Atrill and Lindley,
2019). The study report encompasses a range of notions pertaining to accounting and
recordkeeping of financial transactions. The report comprises of topics on organisational
decisions as well as the extent to which accounting information, skills and practical activities are
considered necessary to disclose on business events/transactions and develop financial annual
reports.
PART 1
Recognising decision-makers and describe their requirements with regard to accounting-
information:
Decision-makers are vital part of the organisation and involve individuals, primarily in
skilled management, that take important decisions and have an influence on the manner the
company works. Organizational workers who are good decision-makers understand ways to
tackle challenges quickly and use creative analysis to effectively address issues. They will easily
weigh the different choices and settle on the result that finest matches the company and its
managers (Marsidi, 2019).
Decision-makers preclude corporations from having impulsive decisions that disrupt
economic development. They are critical part of every organisation and optimise collaboration,
intellectual resources and organisational management. Effective decision resolve complex
challenges and choose the right solution that offers the longest-term advantages to their
company. In short, a prosperous decision could dramatically change a company. In any niche,
incorrect choices would have major implications for businesses. Efficient governance decision-
making helps companies to secure sales, build new opportunities, improve their advertising
processes and increase consciousness of their products. It is also useful for growth plans. At day-
ending the best decision-makers are ensuring business success. Decision-makers are usually
senior management personnel within a commercial enterprise, as that is case of Sainsbury plc the

world-wide UK oriented retail chain, executive board of which is entity's main decision-maker.
Sainsbury plc’s BOD have:
1. Chairman: Matin Scicluna
2. CEO: Simon Roberts
3. CFO: Kevin O Byrne
4. Non-executive Directors: Brian Cassin
5. Non-executive Director: Jo Harlow
6. Non-executive Director: Tanuj Kapilashrami, David Keens, Keith Weed
7. Senior Independent Director: Susan Rice
Decision makers employ accounting documentation and files to evaluate and ascertain the
enterprise 's management results and condition, to adopt critical actions and to introduce
appropriate policies to improve economic output in terms of sales, financial status of entity.
Another primary role of decision-maker is to set down policies and practices for the achievement
of organisational goals. To this effect, decision-makers use knowledge provided by the financial
and managerial processes of the enterprise. They requires financial insight into business revenue,
results and leverage losses for planning, monitoring and judgement. Decision-makers are
involved in choosing on the capacity of the society to make money. It is concerned for
determining the efficiency of the enterprise and fulfilling its financial commitments on schedule.
Various index, ratios such as debts-equity ratio, liquidity ratios etc (Galindo-Manrique, Pérez-
Calderón and Pache-Durán, 2020).
Financial reports represent all corporation accounting tasks in a snapshot which makes it
practical and easy for the management committee, along with general administrators, to use this
information in the deployment of policies. In which the annual reports are drawn up on the basis
of general practises and processes which are identical across the industry. This helps them to
separate them from several other players for placing themselves along market benchmarks. It
creates a management/BOD structure for decision-making on financial analysis, and whether
those decisions are beneficial and economically feasible for the company to take. In addition, all
estimates and forecasts are focused on financial details within the enterprise and on adjustments
in terms of market conditions. This is critical not only in the context of comparative study, as
well as in the context of the mechanism for gathering useful information via non-financial
information.