Accounting system, Financial Management

Assignment Help:

Accounting System:

The accounting systems are the primary financial systems that any business should have in place to ensure accurate and usable financial information.

The basic records that make up an organisation's accounting system are:

  • Source documents
  • Cash Payments and Receipts Journals
  • Ledgers
  • Trial Balance
  • Bank Reconciliation
  • Profit and Loss Statement
  • Balance Sheet
  • Cash Flow Statement
  • Asset Register
  • Share Register (if company structure)
  • Partners Capital and Drawings account (if applicable)

All these records are linked with the consequence that an error in one particular record will influence the accuracy of information in all other reports.

The flow of information in the accounting system:

923_accounting system.png


Related Discussions:- Accounting system

What are the operating and financing decisions of any firm, A firm's operat...

A firm's operating and financing decisions   Risk also results from decisions made within the company.  This risk is usually divided into two classes:  - Business risk is th

Approximating the percentage price change using duration, Let us expr...

Let us express the process of calculating approximate percentage price change for a given change in yield and a given duration using the following formula:

Multi-period compounding or else future value, Multi-period Compounding or ...

Multi-period Compounding or else Future Value :- If the company determination compounding interest half-yearly (semi-annually) instead of annually then investors will gain as he wi

Inflated budgeted expense account, Write down what processes and data you w...

Write down what processes and data you would analyse when looking at the following scenarios and write down any improvements you could include to ensure that the problem would be l

What happens when a bank charges discount interest on a loan, What happens ...

What happens when a bank charges discount interest on a loan? When a bank charges reduction in interest on a loan the required interest payment is subtracted from the loan proc

Proposed pollution control project -memorandum, Memorandum Memo to: Bla...

Memorandum Memo to: Blackwater plc Main Board. Subject: Proposed Pollution Control Project. From: Lower down the hierarchy. Date: That'll be the day. On purely non-

Kim, Blossom Lawn expects to have total sales next year totaling $15,000,00...

Blossom Lawn expects to have total sales next year totaling $15,000,000 and the firm pays taxes at 35% and will owe $300,000 in interest expenses.

Personal Finance, The difference between the cost of attending a particular...

The difference between the cost of attending a particular school and the expected family contribution, minus any other financial aid.

Determine the concept of dividend yield, Dividend yield Dividend yield ...

Dividend yield Dividend yield = (Dividend per share/Market share price) x 100% Dividend yield is the cash return on the share (not whole return which is cash dividend and ca

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd