Report on Financial Transaction and Transactions of Funds in the Business

Added on -2020-02-12

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Introduction to financial accounting
Table of ContentsINTRODUCTION...........................................................................................................................3CONCLUSION................................................................................................................................8
INTRODUCTIONFinancial accounting is relating to financial transactions of the business. In which involveall capital and financial transaction in the systematic manner. Keep all records and data throughaccounts department of the company. Financial accounting in include cash low and fund flow ofthe company. All these transactions are representing in balance sheet and income statement thosehelp to represent profits, losses, equity, debt amount etc. through this easy to determine actualstatus and performance of the business.(Weil, Schipperand and Francis2013) In the other hand,financial accounting is the summering, analysing and data reporting relating to financial data andcapital funds. In which involve stockholders, suppliers, employees, banks, owner of the business.Financial accounting is the systematic records of financial transactions of the business. Thosehelp to representing and determine the business status and their actual or realistic image. In thisproject report Pickering is the author those representing a research project report in whichincluding financial transaction and transactions of funds in the business. Pickering representingthe comparison of different accounting firms of various firms. Through this easy to evaluate theirfinancial strength and weakness in the financial term. Through this research report evaluatedifferent firms of financial transaction. In the research report including various issues andproblems relating to various ownership firms because through all kind of ownership firms investcapital or fund to develop their business so its require to maintain financial records andcollection of data.1.Discuss the different forms of ownership a professional service firm can take.There are having many forms of ownership those are help to differentiate all business inthe systematic manner and their nature of their business. Forms of the ownership a professionalservices working as the basis of financial investment in the business and how much equity anddebt of the ownership(Edwards 2013). There are some different forms of ownership those arerepresenting under the below:Sole proprietorship: Sole proprietorship is the ownership firm in which only one owner of thebusiness and that only one manage all activities and works of the business. That prepareaccounting records their cash flow and fund flow of financial transactions. There kind of firms inowner have unlimited liability because sole proprietor take funds through the market or public so

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