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purpose accounting (bookkeeping/accounting (record, report, summaries,…
purpose accounting
bookkeeping/accounting
record
report
summaries
economic events
three main functions accounting
control
management accounting control
financial plans
targets achieved
overall control function
fit-for-purpose accounting maintained
two distinct system
up-to-date/accurate
individual
credit customers
credit suppliers
aggregated records
1 combined account
management planning decision making
relevant info
quick and easy
management decision making
Stewarship
manager looks after
resources
money
fundamental questions
what are?
liabilities
profit/loss
assets
cash flow
business entity concept
business records kept separate personal