Financial Accounting And Its Purpose

Introduction

Financial accounting is an organised course of action including activities such as recording of accounting transaction, classification, verification, interpreting, summarizing and communicating or reporting of financial information. Financial accounting provides details and information regarding availability of existing or potential resources, way of financing and output through their utilisation. Financial accounting also provides groundwork for Internal and external stakeholders in order to take significant decisions (Agasisti and Catalano, 2013). All activities and functions of financial accounting are governed or administrated by some rules and guidelines called as financial accounting principles such as UK GAAP (Generally Accepted Accounting Principles). This report provides an explanation about definition of financial accounting, purpose of financial accounting, internal and external stakeholders and brief knowledge about accounting concepts, purpose of providing depreciation and major methods of depreciation, control accounts and purpose of bank reconciliation statements.

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Business Report

1. Financial Accounting and its purpose:

Financial accounting refers to a systematic process classification of financial and non financial transactions, recording of transaction, summarizing them for a better interpretation and reporting under a formal format to internal and external stakeholders. Financial accounting processes are structured in a systematic way and ensures compliances of various accounting principles, policies, rules and regulations (Alver, Alver and Talpas, 2013). Financial accounting gives a structure for quick assessment of any problems and for taking vital decisions. Following are the most considerable purpose of financial accounting, as follows:

Financial reporting helps to record all financial transactions as per double entry system in an organised manner.
It helps to asses the actual position and performance of business organisation.
It assists in projecting anticipated earnings and performance of business organisation.
Financial reporting provide a basis for better decision making to investors and other stakeholders actual profitability and liquidity situation of business organisation as on a particular date.
It ensures compliance of statuary requirements, policies, framework, rules and regulations.
It provides a comparative data and records along with previous years data and competitor’s data and record to evaluate the performance effectively.
It serve as a formal report of financial health of business organisation to top management and external users of financial information (Barth, 2015).
It helps to classify organisation's various assets and liabilities in order to manage them efficiently.

2. Internal and external stakeholder:

Stakeholders are person, individual, group, body of individuals or organisation having direct or indirect interest in organisation's position, performance, objectives or goals and results. Stakeholder are classified as internal stakeholders and external stakeholders. Internal stakeholders are person, group or individuals within the business organisation having substantial interest. Whereas external stakeholders are individuals, persons, group or organisation outside the business organisation associated with organisation and having direct or indirect interest (Edwards, 2013).

Internal Stakeholder: In a large business organisation internal stakeholders are shareholders, owners, management and employees (Stice and Stice, 2013). Following is a brief discussion about major internal stakeholders and, possible way through which they are interested in financial information of organisation, as follows:

Owners and shareholders: They are real stakeholders of entity. Owner and shareholders are holding major shares of a large business organisation and gain profits in case of increase in share price. They are having substantiate stake in organisation in form of profits and dividends. They are highly affected by the performance and financial position of company.
Employees: Employees are most considerable resources of a business organisation and always wants to achieve growth within the organisation. Employees are having sustainable stake in business organisation because their salary and career are dependent on performance and growth of organisation.

External Stakeholder: External stakeholders in case of a large business organisation are its customers. Suppliers, government, creditors etc. Following is a short explanation about key external stakeholders and, manner through which they are interested in financial information of organisation, as follows:

Government: Government collect various taxes on income of business organisation so government hold stake in profits of entities in form of taxes. Government along with collection of taxes insures proper compliance of rules and regulation in business organisation.

Suppliers: Suppliers of goods and raw material receives payments from business organisation and full-fills the demands. They always tries to receive payment in scheduled times and provides credit based on liquidity position of company so suppliers having stake in business organisation in form of their payments and sales (DRURY, 2013).

Customers: Customers decides an organisation's growth and revenue. They contribute in business by purchasing and by recommending product of company to others. Customers buy product or services of organisation by analysing their popularity, quality, performance, growth and beliefs therefore they are holding stake in form of performance and sustainability of business organisation.

Investors: Investors are most significant for business organisation because they contribute in expansion and growth of company by investing their money or other financial assets in company. They are highly affected by performance and growth of business organisation. Investors are actual stakeholder of company because they always tries to get maximum return from investment made by in business organisation.

CLIENT 1

1. Journal Entries and Ledgers in the book of Alexandra Study:

*Date*	*Particulars.....*	*Debit*	*Credit*
01/01/19	Premises A/c....................................................................Dr.	240000
	Motor Van A/c.................................................................Dr.	51250
	fixtures A/c................................................................ Dr.	8100
	Inventory A/c................................................................ Dr.	23900
	P Mole A/c................................................................ Dr.	4400
	F Lane A/c................................................................ Dr.	6100
	Bank A/c................................................................ Dr.	68400
	Cash A/c................................................................ Dr.	15600
	To S Hood A/c		12150
	To J. Brown A/c		16600
	To Capital A/c (Balancing Figure)		389000
	(Being Owner's Capital is calculated )

	Therefore, Alexandra Study's Capital at 1st January = £ 389000


Date	Particulars	Debit	Credit
01/01/19	Storage cost A/c...............................................................Dr.	450
	To bank A/c		450
	(Being storage cost is paid)

02/01/19	Purchases A/c ................................................................Dr.	7680
	To S Hood A/c		1450
	To D Main A/c		2060
	To W Tone A/c		960
	To R Foot A/c		1610
	(Being goods purchases on credit from various parties)

03/01/19	J Wilson A/c ................................................................ Dr.	1200
	T. Cole A/c ................................................................ Dr.	1650
	F. Syme A/c ................................................................Dr.	2100
	J. Allen A/c ................................................................ Dr.	1020
	P. White A/c ................................................................Dr.	2520
	F Lane A/c ................................................................ Dr.	980
	To Sales A/c		9470
	(Being goods sold on credit to various parties)

04/01/19	Motor Expenses A/c …..................................................Dr.	470
	To Cash A/c		470
	(Being motor expense is paid)

07/01/19	Capital A/c ................................................................Dr.	1500
	To Cash A/c		1500
	(Being cash withdrawal by owner himself)

09/01/19	T. Cole A/c................................................................ Dr.	680
	J. fox A/c ................................................................ Dr.	1310
	To Sales A/c		1990
	(Being goods purchase on credit with various parties)

11/01/19	Sale Return A/c ............................................................. Dr.	680
	To J. Wilson A/c		270
	To F. Syme A/c		410
	(Being goods is returned back by the parties

16/01/19	Bank A/c ................................................................ Dr.	7020

	To P. Mullen A/c		1400
	To F. Lane A/c		3100
	To J. Wilson A/c		850
	To F. Syme A/c		1670
	(Being Payment received from various parties)

19/01/19	R Foot A/c ................................................................ Dr.	50
	To Purchases Return A/c		50
	(Being Goods is returned to creditor)

22/01/19	Purchases A/c................................................................ Dr.	3740
	To L Mole A/c		1830
	To W Wright A/c		1910
	(Being goods purchased on credit)

24/01/19	S Hood A/c ................................................................ Dr.	3600
	J Brown A/c ................................................................ Dr.	4600
	R Foot A/c ................................................................ Dr.	1400
	To Bank A/c		6000

	(Being payment is made to creditors)

27/01/19	Salaries A/c ................................................................ Dr.	4800
	To Bank A/c		4800
	(Being salaries are paid through cheque)

30/01/19	Business Rates A/c.........................................................Dr.	1320
	To Bank A/c		1320
	(Being business rates are paid through cheque)

Purchases A/c
Date	Particulars	Amount	Date	Particulars	Amount
02/01/19	To S Hood A/c	1450	31/01/19	By Trading and P&L A/c	9820
	To D Main A/c	2060
	To W Tone A/c	960
	To R Foot A/c	1610
22/01/19	To L Mole A/c	1830
	To W Wright A/c	1910
Total		9820	Total		9820

Bank A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/01/19	To Opening Balance (B/f)	68400	01/01/19	By Storage cost A/c	450
16/01/19	To P Mullen A/c	1400	24/01/19	By S Hood A/c	3600
	To F Lane A/c	3100		By J Brown A/c	4600
	To J Wilson A/c	850		By R Foot A/c	1400
	To F Syme A/c	1670	27/01/19	By Salaries A/c	4800
			30/01/19	By Business Rates A/c	1320
			31/01/19	By Closing Balance C/d	59250
Total		75420	Total		75420

D Main A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/19	To Closing Balance A/c	2060	02/01/19	By purchases A/c	2060
Total		2060	Total		2060

By Purchases Return A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/18	To Trading and P&L A/c	50	19/01/18	By R foot A/c	50
		50			50
R Foot A/c
Date	Particulars	Amount	Date	Particulars	Amount
19/01/18	To Purchase Return A/c	50	02/01/19	By purchases A/c	1610
24/01/19	To Bank A/c	1400
31/01/19	By Closing Balance C/d	160
Total		1450	Total		1610

T Cole A/c
Date	Particulars	Amount	Date	Particulars	Amount
03/01/19	To Sales A/c	1650	31/01/19	By Closing Balance C/d	2330
09/01/19	To Sales A/c	680
Total		2330	Total		2330

J Allen A/c
Date	Particulars	Amount	Date	Particulars	Amount
03/01/19	To Sales A/c	1020	31/01/19	By Closing Balance C/d	1020
Total		1020	Total		1020

F Lane A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/01/18	To Opening Balance (B/f)	6100	16/01/19	By Bank A/c	3100
03/01/18	To Sales A/c	980	31/01/18	To Closing Balance C/d	3980

Total		7080	Total		7080

Cash A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/01/19	To Opening Balance (B/f)	15600	04/01/18	By Motor Expenses A/c	470
			07/01/19	By Capital A/c	1500
			31/01/19	By Closing Balance C/d	13630
Total		15600	Total		15600

Sales Return A/c
Date	Particulars	Amount	Date	Particulars	Amount
11/01/19	To J Wilson A/c	270	31/01/19	By Trading and P&L A/c	680
	To F Syme A/c	410
Total		680	Total		680

L Mole A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/19	To Closing Balance C/d	1830	22/01/19	By Purchases A/c	1830
Total		1830	Total		1830

W Wright A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/19	To Closing Balance C/d	1910	22/01/19	By Purchases A/c	1910
Total		1910	Total		1910

J Brown A/c
Date	Particulars	Amount	Date	Particulars	Amount
			01/01/19	By Opening Balance b/f	16600
24/01/19	To Bank A/c	4600	31/01/19	By Closing Balance C/d
31/01/19	To Closing Balance C/d	12000
Total		16600	Total		16600

Business Rates A/c
Date	Particulars	Amount	Date	Particulars	Amount
30/01/19	To Bank A/c	1320	31/01/19	By Trading and P&L A/c	1320
Total		1320	Total		1320

Storage Cost A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/07/19	To Bank A/c	450	31/07/19	By Profit & Loss A/c	450
Total		450	Total		450

Sales A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/19	To Trading and P&L A/c	11460	03/01/19	By J Wilson A/c	1200
				By T. Cole A/c	1650
				By F. Syme A/c	2100
				By J .Allen A/c	1020
				By P .White A/c	2520
				By F .Lane A/c	980
			09/01/19	By T .Cole A/c	680
				By J fox A/c	1310
Total		11460	Total		11460

S Hood A/c
Date	Particulars	Amount	Date	Particulars	Amount
24/01/19	To Bank A/c	3600	01/01/19	By Opening Balance (B/f)	12150
			02/01/19	By purchases A/c	1450
31/01/19	To Closing Balance C/d	10000
Total		13600	Total		13600

W Tone A/c
Date	Particulars	Amount	Date	Particulars	Amount
31/01/19	To Closing Balance C/d	960	02/01/19	By purchases A/c	960
Total		960	Total		960

J Wilson A/c
Date	Particulars	Amount	Date	Particulars	Amount
03/01/19	To Sales A/c	1200	11/01/19	By Sales Return A/c	270
			16/01/19	By Bank A/c	850

			31/01/19	By Closing Balance c/d	80
Total		1200	Total		1200

F Syme A/c
Date	Particulars	Amount	Date	Particulars	Amount
03/01/18	To Sales A/c	2100	11/01/19	By Sales Return A/c	410
			16/01/19	By Bank A/c	1670

			31/01/19	By Closing Balance c/d	20
Total		2100	Total		2100

P White A/c
Date	Particulars	Amount	Date	Particulars	Amount
03/01/19	To Sales A/c	2520	31/01/19	By Closing Balance c/d	2520
Total		2520	Total		2520

P Mullen A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/01/19	To Opening Balance (B/f)	4400	16/01/19	By Bank A/c	1600

			31/01/19	By Closing Balance c/d	2800
Total		4400	Total		4400

Capital A/c
Date	Particulars	Amount	Date	Particulars	Amount
07/01/18	To Cash A/c	1500	01/01/18	By Opening Balance b/f	389000
31/01/18	To Closing Balance C/d	387500
Total		389000	Total		389000

J Allen A/c
Date	Particulars	Amount	Date	Particulars	Amount
09/01/18	To Sales A/c	1310	31/01/18	By Closing Balance c/d	1310
Total		1310	Total		1310

Motor Van A/c
Date	Particulars	Amount	Date	Particulars	Amount
01/01/19	To Opening Balance (B/f)	51250	31/01/19	By Closing Balance c/d	51250
Total		51250	Total		51250

Salaries A/c
Date	Particulars	Amount	Date	Particulars	Amount
27/01/19	To Bank A/c	4800	31/01/19	By Trading and P&L A/c	4800
Total		4800	Total		4800

Motor Expenses A/c
Date	Particulars	Amount	Date	Particulars	Amount
04/01/19	To Cash A/c	70	31/01/19	By Trading and P&L A/c	470
Total		470	Total		470

2. Trial Balance as at 31^st January 2019 in the books of Alexandra Study:

*Trial Balance for the month of July..........*
*Particulars*	*Debit*	*Credit*
Storage Cost	450
Purchase	9820
Sales		11460
Motor Expenses	470
Receivables:
P Mullen	3000
F Lane	3980
J Wilson	80
T Cole	2330
F Syme	20
J Allen	1020
P. White	2520
J Fox	1310

Cash At Bank	52680
Cash In Hand	20200

Payables:
S. Hood		10000
J. Brown		12000
W Tone		960
R Foot		160
L Mole		1830
W. Wright		1910
D Main		2060
Premises	240000
Van	51250
Fixtures	8100
Inventory	23900

Sales Return	680
Purchase Return		50
Salaries	4800
Business Rates	1320
Capital		387500
Total	427930	427930

CLIENT 2

1. Statement of Profit and Loss of Munteanu Ltd. For the year ended 31^st December 2018:

Statement of Profit and Loss of Munteanu Ltd. For the year ended 31st December 2018
Particulars		Amount	Particulars		Amount
To opening inventory		15000	By Sales	138000
To Purchases	61000		Less: Return Inward	3000	135000
Less: Return Outward	1500	59500	By Closing Inventory		20000
To Gross profit		80500
Total		155000	Total		155000

To Administration Cost		32000	By Gross Profit		80500
To Distribution Cost		32000
To Depreciation		8800
To Finance Cost		1500
To Tax		2000
To Net Profit		4200
Total		80500	Total		80500

2. Statement of financial position of Munteanu Ltd. As at 31^st December 2018:

Statement of financial position of Munteanu Ltd. As at 31st December 2018
Assets		Amount in EUR
Land		20000
Building	40000
Less: Accumulated Depreciation	10000
	30000
Depreciation for the year	800	29200
Plant and machinery	60000
Less: Depreciation	20000
	40000
Depreciation for the year	8000	32000
Total non-current assets		81200

Inventories		20000
Prepaid Rent		3000
Accounts receivable		26000
Total current assets		49000

Total assets		130200
Equity and liabilities
Share capital		40000
Share premium		20000
Retained Earnings including current year profit		26200
Equity		86200
Current and other tax liabilities		2000
Accrued salaries		2000
Bank Overdraft		18000
Accounts payable		22000
Total current liabilities		44000
Total equity and liabilities		130200

3. Accounting Concepts: Consistency and Prudency:

Accounting concepts are basic fundamentals rules that are required to be followed while framing financial statement of a business organisation (Fourie, 2015). Accounting concepts are acts as guideline for finalization of accounts. Following are the major accounting concepts, as follows:

Consistency: This accounting concept emphasises towards maintaining consistency with respect to accounting policies and procedures followed by a business organisation from one period to other. This accounting concept ensures uniformity in accounts of one or more periods.

Prudence: This accounting concepts requires that business organisation should not overestimate its income or revenues, assets, and should not underestimate its expenses, losses and obligation or liabilities.

4. Purpose of depreciation in formulating accounting statement:

Depreciation provided by business organisation on fixed assets exhibits a reduction in value of fixed asset due to physical wear and tear or obsolescences and by any other reason during a particular period. Two significant methods used by entities to provide and calculate depreciation are discussed as below:

Straight Line Method: Under this method of depreciation entity provides depreciation cost evenly throughout the whole useful life or effective life of a tangible fixed asset. This method is used by organisations in case where economic benefits from an fixed asset are expected to be realised equally over its effective life. This method is also appropriate in case of uncertainty regarding economic benefits (Hale and Held, 2012).
Written Down Method: It is method of depreciation under which depreciation in form of a fixed percentage is charged by entity on book value of assets, over its effective useful life. This method is used for those assets whose maintenance expenses increases as their useful life increases like vehicles, heavy machinery.

5. Evaluation of difference between financial statements prepared by the sole trader & the limited companies

Following are the major differences among financial statements prepared by sole traders and limited companies:

Sole trader	Limited companies
The main purpose of preparation of financial statements for sole traders is to assess their actual profitability condition (Hall, 2012).	Where as in limited companies financial statements are prepared by companies to report their actual performance and position to internal or external stakeholder.
Here less statutory requirements to be followed by sole traders as compared to limited companies.	There are too much compliance of statutory requirement while preparing financial statement of Limited companies.

CLIENT 3

1. Purpose of preparation of Bank-reconciliation Statement

Every business organisation prepares cash book in which cash as well as bank transactions are recorded. Sometimes difference arises in amount in bank column of cash book and balance of bank statement due some common reasons. So in order to reconcile such balance bank-reconciliation statement is prepared by business organisation. Bank-reconciliation statement is prepared by entities on monthly basis, annual basis and quarterly basis. However most of the entities prepare bank reconciliation statements on monthly basis to avoid any complexity at year end (Jönsson, 2013).

2. Reasons for difference between balance of bank column of cash book and bank statements

Most common reasons for difference between balance on the bank statement and the balance on the books are deposits in transit, errors of books, electronic charges charged by bank but not yet recorded in books, outstanding charges, check printing charges, bank service charges, cheque issued but not presented etc.

3. Imprest

Imprest is a system of accounting in which a fixed amount is reserved by organisation for payment of day to day small amount of expenses. Petty cash book is an example of accounting under imprest system (Tschopp and Nastanski, 2014).

4. Bank-reconciliation Statement as at 30 September 2018

*Particulars*	*Amount*
- Bank Balance as per pass book	398
Add: Items having effects of higher balance in cash book
- Bank charges not recorded in cash book......	36
- Adjustment for direct debit rates..............	105

Less: Items having effects of lower balance in cash book
· Payments to:
- C David	122
- S Leeming	116
- C Lyons	87


Bank balance as per cash book	214

CLIENT 4

1. Sales Ledger Control Account in the books of January 2018

*Sales Ledger Control A/*c
*Particulars*	*Amount (£)*	*Particulars*	*Amount (£)*
Balance b/d.........	12600	Sales Return.............	4320
Credit Sales.............	152350	Bad Debts..................	1600
		Discount Allowed.............	1060
		Bank/ Cash (Receipt from credit customers)..................	120610
		Set-off (Transfer to purchase ledger).............	640
		Balance c/d.................	36720
*Total*	*164950*	*Total*	*164950*
Balance b/d	36720

2. Purchase Ledger Control Account in the books of January 2018

*Purchase Ledger Control A/*c
*Particulars*	*Amount (£)*	*Particulars*	*Amount (£)*
Discount Received.......	850	Balance b/d............	11360
Purchase Return..........	3110	Credit Purchase...................	126500
Bank/ Cash (Payment to suppliers)..............	91010	Bank (Refund from supplier).............	500
Set-off (Transfer from sales ledger)............	640
Balance c/d..........	42750
*Total*	*138360*	*Total*	*138360*
		Balance b/d	42750

3. Control Account

A control account is general ledger account which exhibits total amount of balance of related subsidiary ledgers accounts. Main purpose of control account is to keep all general ledgers free of any complex headings or details and still to provide accurate balance for preparing final accounts (Oulasvirta, 2014).

CLIENT 5

1. Suspense account and its main features

Suspense account is prepared by business organisation to record unclassified transactions.

Suspense account is an general ledger account which temporarily records balances, amounts or entries which are remain unclassified or unidentified at the year end. For example in an organisation supplier invoices amounting $1250 for services. Entity has doubt about name of department to be charged, such amount can be placed in a suspense account.

Features of suspense account:

Suspense account is prepared by business organisation to identify any error or in-appropriate amount in accounts.
It provide a framework for quick assessment of any type of error.
It assists in finalization of accounts within the scheduled time (Mullinova, 2016.).
It defines nature of error and helps to allocate them.
It helps to find out any fraudulent bills, payments. embezzlement or unidentified thefts.

2. Trial Balance using a control account as balancing figure

*Particulars*	*Dr. (in £)*	*Cr. (in £)*
Purchase Account Account	7000
Sales Account Account		11000
Rent Paid Account	2500
Cash in bank Account	8400
Travel expense Account	1600
Receivables Account	3200
Payables Account		3500
Opening Inventory	2200
Capital Account		7100
Control Account		3300
Total	24900	24900

3. Journal Entries for corrections

*Particulars*	*(in £)*	*(in £)*
Simon A/c …........................................................................... Dr. To Smith A/c (..Being sale was debited to smith instead of Simon..)	2200	2200
Jones A/c..................................................................................Dr. To Suspense A/c (..Being sale of £420 not entered in Jones account, now entered...)	4200	4200
Suspense A/c.............................................................................Dr. To White A/c (..Being purchase of £750 not entered in White account, now entered..)	7500	7500

*Suspense A/c*
*Particulars*	*Amount*	*Particulars*	*Amount*
To White...A/c	7500	By Balance...b/d	3300
		By Jones..A/c	4200
*Total*	*7500*	*Total*	*7500*

Conclusion

From above report it has been concluded that main motive of financial accounting is communicating the true and fare view of organisation's financial performance and position, All accounting functions of business organisation are linked with reporting of financial performance and guided by principles of financial accounting. Evaluation of main purpose of financial accounting assists in providing a appropriate framework for decision making activities. Management also prefer financial accounting as it helps to determine objectives and goals of a business organisation. Reporting under financial accounting ensures compliance of policies, rules and regulation.

References

Agasisti, T. and Catalano, G., 2013. Debate: innovation in the Italian public higher education system: introducing accrual accounting. Public Money & Management. 33(2). pp.92-94.
Alver, L., Alver, J. and Talpas, L., 2013. Institutional pressures and the role of the state in designing the financial accounting and reporting model in Estonia. In Accounting in Central and Eastern Europe (pp. 91-120). Emerald Group Publishing Limited.
Barth, M .E., 2015. Financial accounting research, practice, and financial accountability. Abacus. 51(4). pp.499-510.
DRURY, C. M., 2013. Management and cost accounting. Springer.
Edwards, J. R., 2013. A History of Financial Accounting (RLE Accounting). Routledge.
Fourie, M. L., and et. al., 2015. Municipal finance and accounting. Van Schaik Publishers.
Hale, T. N., Hale, T. and Held, D. eds., 2012. Handbook of transnational governance. Polity.
Hall, J. A., 2012. Accounting information systems. Cengage Learning.
Jönsson, S., 2013. Accounting and business economics traditions in Sweden: A pragmatic view. In Accounting and Business Economics (pp. 203-219). Routledge.
Mullinova, S., 2016. Use of the principles of IFRS (IAS) 39" Financial instruments: recognition and assessment" for bank financial accounting. Modern European Researches. (1). pp.60-64.
Oulasvirta, L., 2014. The reluctance of a developed country to choose International Public Sector Accounting Standards of the IFAC. A critical case study. Critical Perspectives on Accounting. 25(3). pp.272-285.
Stice, E. K. and Stice, J.D., 2013. Intermediate accounting. Cengage Learning.
Tschopp, D. and Nastanski, M., 2014. The harmonization and convergence of corporate social responsibility reporting standards. Journal of Business Ethics. 125(1). pp.147-162.
Zeff, S. A., 2016. Forging accounting principles in five countries: A history and an analysis of trends. Routledge.

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Financial Accounting And Its Purpose

Introduction

Business Report

1. Financial Accounting and its purpose:

2. Internal and external stakeholder:

CLIENT 1

1. Journal Entries and Ledgers in the book of Alexandra Study:

2. Trial Balance as at 31st January 2019 in the books of Alexandra Study:

CLIENT 2

1. Statement of Profit and Loss of Munteanu Ltd. For the year ended 31st December 2018:

2. Statement of financial position of Munteanu Ltd. As at 31st December 2018:

3. Accounting Concepts: Consistency and Prudency:

4. Purpose of depreciation in formulating accounting statement:

5. Evaluation of difference between financial statements prepared by the sole trader & the limited companies

CLIENT 3

1. Purpose of preparation of Bank-reconciliation Statement

2. Reasons for difference between balance of bank column of cash book and bank statements

3. Imprest

4. Bank-reconciliation Statement as at 30 September 2018

CLIENT 4

1. Sales Ledger Control Account in the books of January 2018

2. Purchase Ledger Control Account in the books of January 2018

3. Control Account

CLIENT 5

1. Suspense account and its main features

2. Trial Balance using a control account as balancing figure

3. Journal Entries for corrections

Conclusion

References

2. Trial Balance as at 31^st January 2019 in the books of Alexandra Study:

1. Statement of Profit and Loss of Munteanu Ltd. For the year ended 31^st December 2018:

2. Statement of financial position of Munteanu Ltd. As at 31^st December 2018: