Recording Transactions in Business

Recording Business
Transactions

Contents
INTRODUCTION.....................................................................................................................................3
ASSESSMENT 1........................................................................................................................................3
PART 1.......................................................................................................................................................3
PART 2.......................................................................................................................................................5
PART 3.......................................................................................................................................................7
PART 4.....................................................................................................................................................10
CONCLUSION........................................................................................................................................12
REFERENCES........................................................................................................................................13

INTRODUCTION
Accounting refers to an activity that underpin transcript, categorization, assessment and outlining
of payment information of an entity inside of business segment and it is only managed to carry
out with the help of financial reporting (Mouritsen and Kreiner, 2016). Essentially accounting is
a dialect of funding. This helps a business to turn a team's employees into meaningful findings
that can be distinguished. All these documents and reviews are produced in a form which helps
to evaluate financial performance together with the company's information. Wherein the current
task consists of a query that includes multi-company financial transactions and needs to generate
trial balances, together with the revenue statement from those documents. The benefits and
drawbacks in the sense of business company are further addressed. Finally, the effect of covid-19
is evaluated on market performance and sustainability.
ASSESSMENT 1
PART 1
A. Identify the choice inside major corporations and clarify their accounting knowledge
criteria.
Financial accounting requires all financial data to be recoded, interpreted and presented
in a way that can be included in reports. And these kinds of financial statements are
helpful for creating successful financial and budget-related planning and policies. This
business will be able to cope with the short results in the future (Bebbington, Russell and
Thomson, 2017). As well as being able to give end-users a superior customer experience.
All the tasks from induction to dismissal include the assessment of the revenue objective,
the preparation and financial planning of advertising events, and the procurement of
various techniques and tools to execute different roles and operations. And all these
decisions are made by the company's chief management and administrators. Obligation in
judgment inside the project relies on the company's organizational framework, for
example, the management chart the leadership team adopted in a bigger company may be
a hierarchical system, governed by senior leadership or board members so that they can
reach their target within a given amount of time. A BT British telecom is a large-scale

stock market and executive board corporation controlled by its CEO, Philip Jansen, and
makes all business decisions for the betterment of the project. This corporation embraces
a structured organizational framework that is a mixture of organization departments and
divisional. All business decisions are made by the top-level governing board on the basis
of the corporation's aim, purpose, mission and vision. For this function, all
responsibilities and positions are assigned to administrators of different agencies and
authority to carry them out.
Financial accounts reflect the financial details pertaining to the company in summary,
which makes it feasible and convenient for the leadership team and business owners to
use the information in strategic growth (Ebaid, 2016). In which financial statements are
prepared on the basis of same industry-wide common standards and guidelines. This
helps them differentiate themselves from other rivals to lay across performance
indicators. It sets out the framework for company to manage investment proposal-related
decisions, such as whether or not these decisions are profitable and commercially viable
for business to take. Further the forecast and guesstimates also are needs to rely on
financial information within corporation and for enhancement according to the situation
of global market. This is important not just in spite of contrast, as well as in view of the
basis for collecting crucial data through non-financial results.
B. Accounting benefits and disadvantages within a corporate unit.
The activities in accounts are reported and assessed within an organization and unique in
scope and all of them are carried out in terms of laws (Libby, 2017). Some benefit and
drawback in relation to the management of accounting documents is as follow in terms of
importance of provided two entities Mc Donald and KFC:
Advantages:
Decision making- It is the duty of the management committee of a company to make
appropriate finance-related decisions and to fulfill this purpose with the aid of accounting
by analyzing existing and previous financial reports (Woods, Linsley and Maffei, 2016).
That market position is fulfilled by accounting books. This offers revenue increase and