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Report on Concept of Financial Accounting

   

Added on  2020-06-04

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Financial Accounting
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1A. Report to line manager with information about accounting principles, regulations and rules.....................................................................................................................................................1Defining Financial accounting....................................................................................................1Regulations facilitated by financial accounting..........................................................................1Financial accounting principles...................................................................................................2Material disclosure and Consistency concepts and principles....................................................2CLIENT 3........................................................................................................................................2C Prudence and consistency concept..........................................................................................2D. Motive of estimating depreciation and the two techniques of measuring depreciation.........3CLIENT 4........................................................................................................................................3A. Analysing the reason for preparing BRS................................................................................3B. Influences from various factors that affect BRS preparation.................................................3CLIENT 5........................................................................................................................................3B. Identifying the wants of presenting the Control accounts......................................................3CLIENT 6........................................................................................................................................3A. Evaluating the main features of suspense account as well as reasons behind presenting it...3D. Comparing the Suspense account and Clearing account........................................................4CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONIn order to have the profitable industrial operations the disclosure of the financialstatement will be helpful in terms of analysing the performance and efficiency of the firm. Onthe other side, it can be said that, preparation of such data set must be in consideration of ethicalinfluences which are presented by various institutions such as IASB, IFRS and FRC.A. Report to line manager with information about accounting principles, regulations and rulesToLine ManagerSubject: Describing various principle and concepts of financial accounting which will bebeneficial for business activities.Defining Financial accountingThe accounting refers to record of all the monetary and financial transactions whichwere held during the period such as purchase, sales, payments and receipts. Therefore, therecords of such transactions, summarising them as well as analysing the end results to have theadequate informations regarding the profitability, efficiency of the business. Thus, it will benecessary that the industry must implement the financial accounting techniques in the dailyoperations which will help in proper decisions, making planned strategies to make adequatechanges in the activities.Regulations facilitated by financial accountingThere is favourable influence of all the institution which has facilitated the adequateframework in the operational aspects of the businessIASB: This is the board of all the accounting standard which help in facilitating theadequate informations relevant with keeping record of all the transactions as well as making thefruitful disclosure of the accounts (Warren and Jones, 2018).IFRS: this is the financial institution that helps in funnelling the accounting professionalin terms of making the appropriate disclosure of the financial statement of the business. Such asincome statement, cash flows statements, statement of change in equity and the balance sheet.GAAP: This board has helped the corporate world in having the most adequateprinciples and concepts which help in analysing the operational aspects of the business.1
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