Introduction to accounting
Added on 2020-02-05
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Introduction toaccounting1
Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3Purpose of conceptual framework for financial reporting...........................................................3PART 2............................................................................................................................................4Users of accounting information..................................................................................................4PART 3............................................................................................................................................5Characteristics and limitations of costing methods in context of financial and managerialaccounting....................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCE...................................................................................................................................72
INTRODUCTIONAccounting refers to express organization's financial position through determiningincurred expenses and gained revenue. There are different kinds of accounting presented such ascost, management, corporate and so on. The present report is based on understanding differentaccounting aspects for firm's effectiveness. Therefore, financial reporting purpose UK retailsector covers goods to public is to described. Including this, critical evaluation on marginal andabsorption costing can be expressed. Thus, learners are able to understand different accountingsystems and aspects through this report.PART 1Purpose of conceptual framework for financial reportingConceptual framework addresses objectives, characteristics and different information toimplement plans. However, it is useful to prepare and maintain reports made by accountant topresent organization's performance. In this process, different tools and techniques for accountingare prepared such as journal, ledger, income statement, cash flow and fund flow statement and soon. Therefore, management accountant of the organization prepares these accounting statementsthat shows entity's performance in monetary and non-economic ways (DRURY, 2013).However, financial reporting is benefited for organization's effectiveness and enhancing itsefficiency at high level. In this regard, conceptual framework plays crucial role for preparingplanning including forecasting and decision making process that leads to gain better quality ofservices. Thus, conceptual framework for financial reporting can be understood as below:-To prepare and maintain financial records to present organization's performance.To generate different ideas for better quality services and enhancing efficiency at highlevel.To prepare systematic planning procedure for entity's effectiveness.To improve services provided by company for capital maintenance.To prepare strategy for qualitative characteristics to show financial informationeffectively.To manage resources and fund systematically for increasing productivity and profitabilityof firm.3
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