Comprehensive Financial Accounting Report: Principles and Application

This report provides a comprehensive analysis of financial accounting principles, regulations, and their practical applications. It begins by evaluating the role and regulations of financial accounting, including the influence of bodies like the FRC, ASB, FCA, IFRC, and IASB. The report then delves into accounting guidelines and principles such as economic entity, monetary unit, full disclosure, and revenue recognition. Through several client-based case studies, the report demonstrates the preparation of journal entries, ledger accounts, trial balances, income statements, and balance sheets. Furthermore, it explores concepts like consistency, material disclosure, depreciation methods, bank reconciliation statements, and the use of control, suspense, and clearing accounts, offering a detailed understanding of financial accounting practices. Desklib provides access to this and other solved assignments for students.

Financial Accounting

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
1) Evaluating financial accounting..............................................................................................3
2) Regulations regarding financial accounting............................................................................4
3 Accounting guideline and principles......................................................................................5
4 Convention and concepts w.r.t. consistency and material disclosure.......................................6
CLIENT 1........................................................................................................................................7
a. Journal entries..........................................................................................................................7
b. Ledger accounts.......................................................................................................................9
c. Trial balance...........................................................................................................................19
CLIENT 2......................................................................................................................................20
a. Preparing income statement...................................................................................................20
b. Framing statement of financial statement..............................................................................21
CLIENT 3......................................................................................................................................22
a. Profitability statement............................................................................................................22
b. balance sheet..........................................................................................................................23
c. Stating accounting principles and concepts...........................................................................24
d. Defining the concept of depreciation and related methods...................................................25
CLIENT 4......................................................................................................................................27
A. Explaining the purpose of preparing bank statement............................................................27
B. Listing the causes due to which record of bank and cash statement varies..........................27
c. Preparation of BRS................................................................................................................28
CLIENT 5......................................................................................................................................29
A) Prepare sales ledger control account and purchase ledger control account..........................29

B) Requirement to draw the control account. Explain the term 'control account'.....................29
CLIENT 6......................................................................................................................................30
A) Explain the term suspense account and its main features.....................................................30
B) Draft a Trial Balance............................................................................................................31
C) Prepare journal entries..........................................................................................................31
D) Differentiate between suspense account and Clearing Account...........................................31
CONCLUSION..............................................................................................................................31

INTRODUCTION
Financial accounting is highly concerned with the preparation of appropriate final
accounts which in turn presents the fair view of monetary information. In the business
organization, manager is highly concerned in relation to getting information about monetary
health and performance. In this regard, system of financial accounting enables manager to
record all the business transactions by following standardized rules or guidelines. Thus, by
following the concepts and rules of financial accounting business entity can prepare suitable
income and cash flow statement as well as balance sheet. This in turn helps business entity to
assess the extent to which financial performance is on right track or not. The present report is
based on different case situations which will provide deeper understanding about the manner in
which trial balance as well as adjusted balance sheet and income statement can be framed.
Further, report will also shed light on the concepts of suspense, clearing and control account. It
will also develop understanding about depreciation methods and its significance level.
PART A
1) Evaluating financial accounting
Financials accounting can be described as the records, reports and presentation of the data
in tabular form related to the finance performance of the organization. Such data occurs when
there is transaction related to the goods and services purchased, produced and sold. Making such
entities helps to understand the gain, expenses and revenue of the company during the period of
production and supply of the product. Such tasks are accomplished in the ledger which includes
the data related to the balance sheet, data related to collection of revenue, profit and loss
occurred in the company and income statements , asset accounts etc. Moreover, it may include
the data related to accounts, cash transaction, equipment cost, investment in capital, inventory
and other investment made by the organization. Obtained above data are used by the
organization in order to forecast the economic position of company in market and allows to make
further decision and strategies which are necessary and needs to be implemented for achieving
the goals and objectives of firm (Barth, 2015).
Furthermore, momentary performance details are prepared in the form of reports and
along with the data of previous years transaction. Various financial tools and optimum funds for
financial benefit can be achieved through the financial management. In order to complete the

above task various tools like accounting information system are used which are popularly used
by the manager, accountants, stakeholder and other accounts related persons. Various set of rules
and regulation are provided and needs to be followed in order to achieve accounting standards
and provide financials accountancy. Several calculation and transacting can be easily understood
through financial accounting. Actual business, financials and economical condition of the
organisation are mentioned through the report. Such values enhance and standards the
capabilities of the business orientation (Beatty and Liao, 2014).
2) Regulations regarding financial accounting
In UK financial accounting is governed through Financial Reporting Council (FRC)
which is developed by the Accounting Standards Board (ASB). Mainly there are various sets of
regulation which are needed to be followed in financial accounting such as Accounting Standard
Boards(ASB), Financial Conduct Authority (FCA). International Financial reporting Council
(IFRC) and International Accounting Standards Broad (IASB). These accounting standards
provide the set of rules, policies along with the obligations which are needed during time of
preparation and for maintenance of the financial records. Financial reporting Council board is
supported by the three committees which are codes and standards committee which provides the
advice to them for maintaining effective framework. Conduct committee which is needed to
support the high quality corporate reporting. In order to prepare the financial statements like
income statement, balance sheet and cash flow statement varied principles are followed like
GAAP general accepted accounting principles (Beaumont, 2015). The process includes the
discipline, overseeing the accountants, monitoring and checking of the quality.
 International Financial Reporting Standards (IFRS):- For the accountancy profession,
IFRS is the international representative body. The organisation supports, promotes and
encourage public to protect the level of accountancy in the global world. They issues
standards which are required for assurance along with auditing, education, public sector
accounting, accounting ethics together with instruction regarding accountants working in
the financial sector. The organization was founded and developed by independent
society. The set of regulation made are adopted and followed internationally for
preparing Financials accountant.

 Accounting Standard Board (ASB): The accounting standards set by ASB, various
enforcement and role about accounting are given for the financial details and provision.
Moreover, role of ASB can be understood through following:
1. Supports in preparing the financial standards (Bevis, 2013).
2. Various rules, laws and policies are recorded and mentioned regarding financial information.
3. For the own standard, related terms , guidelines and condition are mentioned. Financial Conduct Authority (FCA): Established in 2013 as UK conduct regulator for
organizational financial service by replacing Financial Services Authority.
 International Accounting Standards Broad (IASB): The organisation is independent
and non profit private sector which is employed for the public interest in order to
develop high standards of accounting which can be globally accepted.
All the above mentioned accounting standards are required for establishing the rules and
regulation related to the financial accountancy. Such sets of rules are made through journals,
ledger, balance sheet, profit and loss of accounts. This sets and standards are made to prepare
statements and monetary performance of firm.
3 Accounting guideline and principles
FSAB in required for providing the provision related to guidelines and principle which
are related to mentioning the information and for making the future strategies regarding business
operation. Mentioned below are some of the guidelines and principles which are given by FASB
and are required to describe financial accountancy. These are:
 Economic entity assumption: According to this assumption, proprietorship and its
owner are considered as the same entity. But in terms of accountancy these two are
considered as two different for maintaining the data sheets. Finally, making financial
records separately for the owner and company can make the Financial accountancy
efficiently(Bradshaw and et.al., 2013). Monetary unit assumption: Used for representing the cost in unit. For preparing it
organisation profit, loss related to sales are purchase are required for preparing the true
amount of the transaction for the further organisation strategies and operation. Full disclosure principles: the related principles is required for the income gained and
losses occurred which are required during the time of financial transaction. Such

principles improves the business performance. For such accounting policies depreciated
values, loss and scrape value can be calculated. Going concern principles: Concerning the stakeholder, manager and other member are
required for the ongoing concerns which needed to be sorted out. Such principles are
required for the fame and name in the market. Through above rules company
performance and reputation can enhanced.
1. Revenue recognition principles: Mainly requires the actual data needed like income,
revenue rates which show the good reputation of organisation and losses to be ethical. To
understand more clearly following illustration is taken: Suppose company A collected
10000 for selling goods and in the data sheet mentioned 20000 which is illegal as per
business operation. Taking this, different problems are recorded which involves business
activities (Bushman, 2014).
4 Convention and concepts w.r.t. consistency and material disclosure
Convention and concepts are the methods which are required for the providing different
set of rules and guidelines to accountant for prepare financial information. Using the above
mentioned methods the financial accountancy for disclosing the sales and purchase of the
transaction. Moreover, they can be evaluate as:
 Conventions in terms of consistency: This concepts comprises of recording all the terms
and values of the business operation. The business values needs to be true and fair for
recording accountancy. Moreover, other implication can be applied during after studying
the accountancy. Financial transaction can be made after evaluating the studies. Hence,
consistency is required to be expressive for recoding and writing financial transactions.
 Convention in respect to materiality: Liability of accountant is to mention the business
operation and hence they must make the financial transactions in appropriate ways and in
proper format. Recording wrong details may affect the business operation(Dutta and
Patatoukas, 2016).

CLIENT 1
a. Journal entries
System of book keeping places high level of emphasis on recording financial
transactions in an effectual way. On the basis of double entry system, for every debit there must
be a credit. It assumes that each transaction has dual sided effects and helps in presenting the fair
view of monetary transactions (Oldroyd, Tyson and Fleischman, 2015). It helps business entity
in evaluating the transactions which are made during the year or specified time frame.

b. Ledger accounts
In ledger accounts, accounting personnel sorts and store the transactions pertaining to
income statement and balance sheet. Journals gives input for the preparation of ledger accounts
and thereby helps in preparing further final accounts (Pratt, 2013). Moreover, without preparing
journal accounting personnel is not in position to frame trial balance and thereby income
statement & balance sheet as well.

c. Trial balance
Trial balance: This statement furnishes information regarding the closing balances of
ledger accounts. It has two sides such as debit and credit which in turn helps in assessing the
transactions that are made by firm during the accounting year. Trial balance is highly significant
which in turn helps in preparing further accounts such as income statement and balance sheet
(Renz, 2016). Beside this, trial balance also helps in assessing the accounting errors or problems
in an effectual way.

CLIENT 2
a. Preparing income statement
Income statement: Profitability statement renders information about the income or profit
earned by the firm during the accounting year in against to expenses. Thus, income statement
clearly reflects information about income and expenses. Hence, by preparing income statement
business entity can make evaluation of performance over the years and in against to competitors
(Sharma and Panigrahi, 2013). Debit side of income statement contains information regarding
indirect expenses such as electricity, promotional, miscellaneous expenses etc. On the other
hand, credit side includes gross profit, interest and dividend received during the concerned year.

b. Framing statement of financial statement
Balance sheet: Statement of financial position presents liquidity and solvency position of
firm. Such statement can be divided into parts such as assets and liabilities which in turn help in
assessing the extent to which financial position and performance of firm is sound (Sudaryanti
and et.al., 2015). Assets side of balance sheet having two parts such as fixed (plant & machinery,
furniture’s & fixtures etc.) and current (debtors, stock, cash etc.). Further, liabilities side includes
shareholder’s equity, long term debt and current obligations such as creditors, bank overdraft etc.
Balance sheet of Peter Pipes

CLIENT 3
a. Profitability statement
Raintree’s income statement

b. balance sheet
Raintree’s balance sheet

c. Stating accounting principles and concepts
Accounting concept of consistency
Such concept of accounting is highly significant which in turn offers benefit to both
organization itself and concerned stakeholders. In accordance with consistency concept, business
unit requires to implement similar accounting rules and principles in each year. For instance: if
company uses written down value method for depreciating IT equipments in one year then it is
required to follow the same in upcoming time period. Besides this, such accounting concept also
lays emphasis on the aspect that in similar situations business entity should employ the same
methods (Taipaleenmäki and Ikäheimo, 2013). The main benefits of such principles are that it
facilitates standardization in the accounts. Moreover, when similar rules and principles are
applied by the company each year then it is in position to compare current financial performance

in against to past years more effectually. However, with the motive to develop high level of
fairness in the financial aspect firm can change its existing policy or framework. In such case, it
is highly required for the accounting personnel to mention the nature and reason of change.
Besides this, firm also needs to disclose information regarding the effect of changing principles
on final accounts. Hence, by considering all the above aspect it can be stated that such
accounting principle facilitates the aspect of comparability to the significant level. Statements
which are prepared according to such principle enable investor to compare the final accounts of
firm and thereby gauge financial performance.
Concept of prudence
This accounting concept entails that, business entity should be conservative while
recording the amount of revenue, expenses, liabilities and assets. The main reasons behind this,
when business entity makes estimation of and records lower expenses & higher revenue then it
may result inappropriate financial framework. Thus, accounting personnel should focus on
making highly appropriate evaluation of income, expenses, assets and liabilities. In the business
organization, sometimes accounting transactions and events are uncertain which needs to be
reported on time. In order to counter uncertainty business entity must be cautious and prudent.
On the basis of such accounting principle or concept, income and assets level must not be
overstated (Weil, Schipper and Francis, 2013). In addition to this, owner or accounting personnel
of the firm should avoid the underestimation of expenses and liabilities. Besides this, prudence
concept presents that business entity should record the amount of revenue and assets when it is
certain to a great extent. In addition to this, firm should record the amount of expenses and
liabilities when they are probable. Hence, by keeping all such aspects in mind accounting
personnel can present the fair view of financials.
d. Defining the concept of depreciation and related methods
Depreciation may be served as accounting element that places high level of emphasis on
allocating the cost of fixed assets over its useful life. Due to accounting purpose and with the
motive to get benefits in tax brackets each business unit focuses on depreciating assets.
Purpose of depreciation: The main purpose of charging depreciation is to allocate
portion of expenses related to assets that is used for the generation of revenue. Treatment of

depreciation is highly in line with the matching principle of accounting. On the basis of such
accounting principle, information regarding both revenue and expenses must be disclosed in the
same reporting period. By doing this, higher management team can get information regarding the
extent to which company has performed in the best possible way. Besides this, now quick
changes take place in the technological aspects which in turn places direct impact on its actual
value (Purpose of depreciation, 2017). In addition to this, value of fixed assets such as plant &
machinery, furniture etc decreases when they are used in business activities and operations.
Hence, by undertaking the suitable method of depreciation accounting personnel of firm can
present the fair value of assets and overall financial performance.
Methods of depreciation
 Straight line method: In this, similar depreciation is charged by the firm in each year.
From starting to over the useful life of assets business entity makes focus on deducting
the same value of depreciation. Hence, by dividing the value of cost from its life value of
depreciation can be assessed by the accounting personnel. It is the simplest form of
calculating depreciation which in turn helps in presenting the fair value of asset. In the
absence of depreciation rate, by using the following formula financial authority can
determine the amount or value of depreciation such as:
Depreciation: (Cost of assets – residual value) / asset’s life
For instance: if the value of plant and machinery is £120000 and useful life is 6 years then
amount of depreciation will be:
Depreciation: £120000 / 6
= £20000
 Diminishing or written down value method: Under such method, depreciation is charged
by the business entity on remaining value. Hence, in this, amount of depreciation
decreases when useful life of assets comes to an end. In other words, it can be stated that
the amount of depreciation is highly based on balanced value of assets.

Appropriateness of method: From assessment, it has been identified that written down value
method is highly significant or effective. Moreover, in straight line method value of assets
become zero after the useful period or timeframe. On the other side, in diminishing value method
asset has some value at the end of useful life (Oldroyd, Tyson and Fleischman, 2015). Thus, it
can be stated that business entity should make focus on the adoption of diminishing value
method which in turn helps in presenting the fair value of assets.
CLIENT 4
A. Explaining the purpose of preparing bank statement
Bank reconciliation statement is highly significant which is prepared by an accountant
with the motive to assess differences that take place between bank or cash records. Usually,
most of the companies prepare BRS with the motive to make evaluation of bank balance
according to the accounting records in against to the statement provided by financial institutions.
Due to timing differences balance of balance of bank statement and accounting records differ to
the significant level. Hence, the main motives behind the preparation of BRS are to assess
discrepancies which prevail in the accounting records of business accounts. Thus, business
entity can easily detect errors or items that are not entered by business entity in cash book.
Besides this, to ensure that entries of cash book or statement are complete organization lays
emphasis on the preparation of BRS (Pratt, 2013). In addition to this, the main intention behind
the preparation of BRS is to get information about bank errors and cheques which are
dishonoured during the specified time frame. Along with this, information regarding fraudulent
activities can also be attained by business organization through the preparation of BRS.
B. Listing the causes due to which record of bank and cash statement varies
From assessment, it has been identified that there are several reasons due to which
balance of bank statement and accounting records vary. Bank charges some cost or fees in
against to the services provided by it. Sometimes, due to unaware from such information
accounting personnel do not record the same. Besides this, cheque provided by suppliers also
gets dishonoured. Hence, it is another main cause due to which accounting and bank balance
differs. In addition to this, sometimes debtors directly deposit amount in bank which is also the
main reasons behind the occurrence of deviations in bank and accounting records. In this, by

preparing BRS firm can present the suitable and fair view of bank accounts. Thus, by
considering such statement business entity of Kendal Ltd can take suitable decision in relation to
deposit and withdrawal.
c. Preparation of BRS
Updated cash book

CLIENT 5
A) Prepare sales ledger control account and purchase ledger control account.
 Sales Ledger Control Account- This is a part of the balance sheet and one can
determine the amount which is owed by the customers to the company. The main
aim is that the balance of this account should match the balance of the individual
accounts (Weil, 2013). In order to control, these accounts are reconciled every
month in order to match the balances between the individual account and the sales
ledger control account. It any differences has arisen the same should be find out.

 Purchase Ledger Control Account- This account is exactly opposite to the Sales
ledger control accounts which shows the amount which we owe to the suppliers.
In order to keep the general ledger account from messing up the transactions are
stored in the purchase ledger control account and this account forms the part of
the balance sheet. It is made in order to ensure the balances and reconcile the
same from the individual accounts. A control account for purchases ledger is
known as purchase ledger control account.
B) Requirement to draw the control account. Explain the term 'control account'.
Control Accounts as the name suggests is used to ensure the control and it summarizes
the total of the individual accounts. In the control account the entries are made at the end of each
accounting period (Nag, 2015). This is useful to even avoid the chances of the occurrences of the
errors. Control accounts helps in cross checking the work and also provide the summary of the
same. It helps in specialization in work as the work is divided among the specified ledgers. The
preparation of profit and loss account and the balance sheet preparation is prompted as the errors
are identified ad the previous stage only. For increasing the accuracy of accounts, it provides the
internal check.
The main aim of control account is to keep all the general account free from all the
excess details. It is also helpful in providing the correct balance which is then useful for the

preparation of the financial statements. In order to control the other accounts the emphasis is laid
upon the control account and thus it is considered very important.
CLIENT 6
A) Explain the term suspense account and its main features.
A suspense account is a account in the general ledger where the amounts are recorded for
a temporary purpose. And after the final calculations the amount in the suspense account is
transferred to the main account which is permanent. This is used when at the time of recording
the transaction the exact account cannot be determined so as to solve the problems during that
time the amount is transferred to the suspense account and the same can be further taken from
the suspense account (Cahill, 2014). This is also used to cover the differences occurred in the
trial balance. Whenever there is a difference in the total of debit and credit side of the trial
balance ans so as to match both the sides of trial balance the balance amount is transferred to the
suspense account.
The main features of suspense account are-
 This can be used to rectify the once sided errors of the previous years.
 After rectification the no balance is appeared in the suspense account.
 The suspense account is prepared for the temporary basis.
 The main purpose of suspense account is to identify the previous years errors and
rectifying the same.
 It helps in drafting the final, account along with checking the errors
 Suspense account helps to show the different accounts where rectifications are to be
made.

B) Draft a Trial Balance
.
C) Prepare journal entries
D) Differentiate between suspense account and Clearing Account.
There are following differences which exists among the accounts-
2. Temporary Accounts- A suspense account is used only when there is a problem and the
same is close down till the problems is not resolved. Whereas Clearing accounts are used
to hold the transactions for the later posting and also to ensure that information is
recorded correctly and accurately (Freeman,2014).

3. Uncertain situations- Suspense account is used for tracking the uncertainties whereas
the Clearing Account is just used to put the balances in that account will it is posted to the
permanent account.
4. Posting- In case of Clearing account the account is balanced by zero balanced
transferring the balance to the final account whereas in the case of suspense account the
final balance is transferred to their respective accounts.
5. Main work- Clearing account it used to keep the track on the ongoing transactions where
the suspense account is used to detect the problems and errors in the transaction.
CONCLUSION
From the above report, it has been concluded that financial accounting rules provides
high level of assistance to the accountant in preparing monetary statements. Besides this, it can
be stated that financial statements help in getting information about profitability, liquidity and
solvency aspect significantly. It can be summarized from the report that concepts of consistency
and prudence assists accountant in providing stakeholders with highly accurate final accounts.
Along with this, it has been articulated that by preparing BRS company can get information
about its actual bank balance. By considering this, firm can take suitable decision regarding
investment and other aspects. It can be seen in the report that suspense account helps in meeting
the deficiencies that take place in trial balance. Further, it can be presented from evaluation that
suspense and clearing account differs to a great extent.

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