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purpose accounting (role accounting (external accountant (management…
purpose accounting
role accounting
tax return/reduce tax
commercial law
external accountant
management accounting
business adviser
record/summarise/report
4 fundamental financial questions
profit/loss
liablities
cash flow
assets
main source documents/data sources
three part document
invoice
GRN (Goods received not)
GDN (good delivery note)
Three main function accounting
control
on-course
achieve objectives
management planning/decision making
future business activities
future operations
stewardship
looks after money resources behalf manager
accounting information cycle
output
financial statements
process
double-entry bookkeeping
input
source documents
accounting
purpose
record,summarise,report
roles
business adviser
tax returns/reductions
financial position
types
financial accounting
external users
income statement
balance sheet
management accounting
internal users
cost account
setting prices
best budget
accounting cycle
transaction 1st recorded
ends financial statements prepared
transaction cycle
starts order of purchse
ends payment
accounting requirements
no legal requirements
business entity concept
business/personal accounts separate