Table of contents:

1. The purpose of accounting

2. Career opportunities in accounting and roles responsibilities

1
 3. Roles in commercial finance
4. Skills required for positions in accountancy and finance.
5. Key skills and competences for accounting roles
6. Users and use of financial information
7. Context and purpose of financial and management accounting
8. Management accounting information comprise processes and procedures used to aid
internal decision- making, with five essential elements being.
9. Accounting is a vital component in the rapidly evolving and increasingly, complex
business world.
10. Financial Statement
11. Digital accounting software
12. Income Statement
13. Balance Sheet
14. Financial Ratios
15. Cash budget
16. Conclusion
17. List of References

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 1. The purpose of accounting

Accounting is a method used to identify and quantify financial operations, and to present
these financial statements to decision-makers. Business accounting involves gathering and
analysing financial data for businesses, enabling better understanding of operations, financial
insights, and accurate reporting through collaboration, internal accounting teams, or
individual initiative. Accounting encompasses the identification, documenting, and
transmission of economic events to interested users of information. Accounting gathers and
presents financial data about a company's activities, financial matters, and cash flows via
specialist transactions, like accounting records or conventional commercial transactions such
as customer or supplier invoices. Accounting performs several functions in a variety of
circumstances, including those connected to society, business, the individual, the financial
sector, production, daily life, and so on (Accounting Tools, 11 June 2023).

Accounting primary functions:

 produce financial reports like an income statement, balance sheet, shareholder equity
statement, and cash flow statement.
 produce essential records and reports to users related to the organization's financial
status.
 provide management duties for the organisation, such as maintaining business and
non-business operations, budgeting, standard setting, controlling, and decision
making.
 the process of recognising, documenting, and conveying economic events to
prospective customers of an organisation.
 analyse and comprehend financial activity to make future corrections and
improvements.

Branches of accounting:

Financial accounting is a branch of accountancy associated with the procedure of recording,

aggregating, and displaying the various activities that arise because of company activities
during times. The results of these activities are summarised in financial reports like the
balance sheet, income statement, and cash flow statement.

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Cash accounting focuses on cash-based business transactions, with bookkeepers debiting
and crediting cash accounts in journal entries. This technique ensures financial statements
contain transactions with monetary input, like sales revenue recording.

Management accounting - involves financial analysis to inform administration about

operational business parameters, using costs, budgets, and performance reports to quantify
planning choices and identify discrepancies between actual and budgeted results.
The following are some examples of management accounting techniques:

 Profit analysis: This approach studies production optimisation. It entails identifying

the level of profitability and the ideal sales combination for the company's objects.
 Analysis of constraints: this aids in identifying ineffectiveness and how it affects a
company's capacity to make profit from its operations.
 Capital budgeting: This approach looks at the facts required to identify the decisions
on expenditures that must be made. Managerial accountants present their findings to
owners and managers to aid in budgeting choices.
 Forecasting and trend analysis: These techniques aid in identifying significant
departures from the forecasted values as well as patterns and trends in the prices of
products.

Auditing - is the inspection of a company's financial records and statements in compliance

with a regulatory framework and norms. Auditing is necessary, and in certain situations,
mandated, so understanding its implications is crucial for financial analysts and management
alike read on to discover more.
 Internal auditing is a management tool used to enhance the control systems and
procedures.
 An accounting company will typically do an outside audit. It comprises an
examination of the business's internal security measures as well as its financial
statements. The examination report includes the auditor's point of view.
 The IRS audits: is an examination of a company's financial records to confirm that
they have been recorded accurately and in accordance with tax rules.

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Tax accounting - focuses more emphasis on taxes and less on public financial statements. It
focuses on acts that have an impact on a company's tax liability and how such actions relate
to precise tax calculation and document preparation. It is governed by the Internal Revenue
Code, which must be correctly followed when individuals and corporations file their tax
returns.
Furthermore, is a crucial process that helps companies understand their tax obligations and
submit them to the appropriate authorities, ensuring compliance with the ever-changing tax
regulations.
Forensic accounting - integrates accounting, auditing, and financial analysis with
investigative abilities to offer thorough financial evidence in court trials, frequently utilised in
fraud and embezzlement prosecutions, (Indeed Editorial Team,2023).

2. Career opportunities in accounting and roles responsibilities

The accounting industry involves various roles, including account clerks, who handle data
input, financial management, and basic accounting tasks, while account assistants handle
account reconciliation, financial report production, and assist experienced accountants.
Account clerks often hold entry-level positions in the accounting business, where their
primary responsibilities include data entry, financial management, and assisting with basic
accounting tasks. They are crucial to the organisation and the accuracy of financial data.
Account assistants, on the other hand, have a little more complex job, frequently in charge of
obligations such as account reconciliation, financial report writing, and help to more
experienced accountants. They operate as a liaison between certified clerks and accountants.
A financial assistant and credit analyst are critical professions in finance and accounting that
require technical abilities and competence to flourish in their respective industries.
Finance and accounting are often used interchangeably, yet they are fundamentally distinct.
Accounting documents a business's or individual's financial transactions, whereas finance
refers to how an organisation or individual manages its money. Understanding both
disciplines is essential for assessing a company's financial health.
A critical thinker will look at a situation objectively. As a financial expert, clients and
customers will want you to assess a situation objectively, whether it's a balance sheet or the
performance of a stock. The ability to perceive an issue from all aspects helps experts to
apply their financial and accounting knowledge to identify faults, make important decisions,
and propose solutions. Employers prefer applicants who are capable of independent thinking,
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investigation, reasoning, and problem-solving since a poorly thought-out option may cost a
firm a lot of money.
Good negotiation abilities, as one of the most crucial financial analyst skills, help finance
professionals to secure long-term commercial connections. Negotiation enables you to fight
your war without upsetting parties or jeopardising crucial relationships, whether you're
debating a customer's payment terms, evaluating departmental budgets, or sealing a big
commercial deal. Failure to reach an agreement produces dissatisfaction and destroys vital
business connections, which can result in revenue loss for a corporation, (Lambert J, 2023).

3. Roles in commercial finance

The financial sector plays an essential role in ensuring stability, affordability, and efficient
operations for organizations through various pivotal positions such as price professionals,

cost analysts, and business controllers. Commercial finance involves various crucial
responsibilities for an organization, (Mapue J, 2023).

Figure by student: Cristina Caragia

4. Skills required for positions in accountancy and finance.

The accounting industry is a crucial field that requires accurate financial data, mathematical
skills, and a strong understanding of legislation and compliance requirements. Accountants

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must interpret complex data, analyze problems, and uphold moral behavior, ensuring the
integrity of financial information and maintaining ethical standards, (Gibson K, 2022.)

Figure by student: Cristina Caragia

5. Key skills and competences for accounting roles.

The accounting department is responsible for numerous administrative tasks essential for the
efficient functioning of a corporation, including back-office operations:

 Billings- a billings group compiles data from shipping and customer order
departments to prepare bills for clients, ensuring timely billings to improve cash
flows.
 Budget- the corporate budget, a crucial tool for managing expenses and acquiring
fixed assets, is a vital tool for businesses to plan for the upcoming year.
 Collections- the accounting department employs various methods like dunning calls,
emails, and attorney letters to collect unpaid invoices from consumers.
 Financial statements- The department's reporting group creates financial statements,
footnotes, publishes data, and adjusts journal entries to align with accounting
frameworks after each reporting period.
 Internal reporting- is crucial in assessing the financial viability of product lines and
sales areas, ensuring that management prioritizes improving financial outcomes.

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  Payables- department manages suppliers' invoiced amounts, ensuring authorized
payment and timely distribution of funds to beneficiaries.
 Payroll- The HR department estimates and distributes net pay amounts using cash,
checks, debit and credit cards, or direct deposit after deducting taxes and costs from
employee compensation.
 Taxes- a qualified group assesses the total amount of taxable earnings, filing regular
tax returns and assessing franchising fees, sales taxes, use taxation, and property
taxes.

6. Users and use of financial information.

Financial data is crucial for various users, including investors, loan providers, creditors,
leaders, and government agencies. It helps assess business success, liquidity, and expansion,
aids in decision-making, ensures compliance with accounting rules, and aids in assessing tax
liabilities. Financial analysts provide advice and perspectives, while employees evaluate
employment and labour relations. Accounting records are crucial for financial stability
assessment by suppliers, consumers, competitors, the public, shareholders, and not-for-profit
organizations. They help make accurate decisions, promote openness, and maintain the
effective operation of the stock market and economies.

In complex operating environments, the accounting and finance departments maintain close
ties with many organisational units. In addition to producing financial reports and budgets,
they collaborate with departments to assign resources, evaluate investments, and analyse and
manage financial risks. The interplay between these responsibilities and other areas is critical
for strategic decision-making and regulatory compliance in an increasingly complex business
context (tutor2u, Users of Financial Accounts 2021).

7. Context and purpose of financial and management accounting

Accounting data records financial transactions, reports, and analyses for decision-making in
leadership, taxation, and financial accounting. It promotes effective resource management,
transparency, and accountability in businesses and NGOs.

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  Recording - an essential part of accounting is the meticulous recording of all
financial transactions, including income, expenses, assets, and obligations. Ensuring
proper recording of all financial transactions is facilitated by this technique.
 Reporting - accounting generates the cash flow, income, and balance sheets for the
financial statements. These reports provide a succinct summary of an organization's
effectiveness and financial situation over a certain period.
 Financial analysis - is a tool that accounting uses to help evaluate a company's
accomplishments and financial status. It may be used by the stakeholders to identify
trends, benefits, drawbacks, and substitutes.
 Making Decisions - to make informed decisions, precise accounting data is
necessary. Managers, creditors, investors, and business owners assess a company's
financial liquidity and efficacy through the usage of financial information.

Innovative information technologies are crucial in the accounting and decision-making

industries, automating processes, reducing errors, and boosting productivity. They ensure data
accuracy, facilitate swift financial reporting, and facilitate data integration, making firms
more efficient, safe, and informed. These technologies also provide cost reduction, decision
support, security measures, compliance aid, and scalability (Strutner S, 2023).

8. Management accounting information comprises processes and procedures used

to aid internal decision-making in organizations, with five essential elements
being:
 Cost accounting - monitoring and evaluating expenses related to manufacturing or
services helps managers make informed decisions about pricing, cost reduction, and
budgeting, based on the organization's cost structure.
 Inventory management - optimizing completed items, ongoing work, and basic
supplies ensures effective production, reduces holding expenses, and maintains a
correct balance between demand and supply in a company.
 Job Costing - this technique aids in allocating expenses to specific tasks, goods, or
operations, particularly beneficial for sectors producing unique or customized goods,
as it allows companies to evaluate earnings.

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  Activity Based Costing - (ABC) method efficiently divides expenses based on
supplies used in various tasks, providing a comprehensive view of costs, enabling
process optimization and cost reduction.

Accurate and efficient reporting in management accounting offers numerous benefits,

including expediting procedures, ensuring timely financial data availability, fostering trust in
data accuracy, preventing legal issues, and reducing running costs, ultimately leading to
better decision-making, regulatory compliance, and cost savings. Security threats and power
outages pose significant risks to management accounting information, including data loss and
potential cyberattacks. These risks expose sensitive financial data, leading to downtime, data
corruption, and operational interruptions. To mitigate these risks, businesses must invest in
robust cybersecurity, data backup, and recovery procedures.
Financial information must be reliable, accurate, timely, and convincing to meet internal and
external stakeholder demands. Accuracy ensures consistency, reliability ensures data follows
accounting rules, timeliness aids informed decisions, and compelling presentations highlight
important patterns. This technique is used by investors and regulators, (Management
accounting definition, Accounting Tools, 31 July 2023).

9. Accounting is a vital component in the rapidly evolving and increasingly complex

business world:
 Increased reputation and accountability - accounting procedures safeguard an
organization's reputation and accountability, ensuring transparency and accountability
in the face of increasing scrutiny from stakeholders like investors, consumers, and
regulators.
 Risk Management - accounting helps identify, evaluate, and manage financial risks,
ensuring organizations constantly assess their economic standing and adjust as
needed, providing valuable insights into potential hazards and prospects.
 Governance - relies on reliable financial information for decision-making and moral
behavior, and robust accounting procedures and controls are essential for maintaining
sound governance.
 IFRS (International Financial Reporting Standards) - IFRS adoption worldwide is
increasing, simplifying financial data evaluation and comparison, and increasing
comparability of financial statements across national borders (Lyon J, 2022).

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 10. Financial Statement

Accounting ideas, also known as principles or standards, provide a structured framework for
capturing, reporting, and understanding financial data. They cover concepts like accrual basis
accounting, material information presentation, consistency, future concern, uncertainty
management, and maintaining financial separation from owners. Fundamental concepts in
accounting involve dividing income and expenses into capital and revenue categories,
separating continuous activities from unusual transactions, aiding in financial reporting and
analysis.
A disciplined approach is essential for creating a profit and loss statement and balance sheet
for incorporated organisations. This involves adding income or non-operational costs,
determining gross profit, and ensuring total assets, liabilities, and equity balance. Displaying
financial accounts in accordance with legal and accounting standards is crucial.

Before making strategic choices or investments, investors and stakeholders should have
access to a company's financial information. Financial statements, prepared on an annual
basis, provide a comprehensive view of a company's financial performance over a fiscal year,
ensuring stakeholders can make informed decisions based on multiple statements, ensuring a
comprehensive understanding of the company's financial situation. The statements of a
company are wise in indicating its expansion, but their performance is questionable if the
costs, debt, and expenses exceed sales, earnings, and profits (Boxell A, August 2020).
Income statements, also known as profit and loss statements, vary in format and content for
different financial entities such as sole trader, partnership, and NPO organizations.

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Sole trader

Figure by student: Cristina Caragia

Partnership

12
 Figure by student: Cristina Caragia

Not-for Profit Organisation (NPO)

Figure by student: Cristina Caragia
It is crucial to understand that changes to the financial position statement and profit or loss
statement impact the trial balance, and it is essential to address these issues promptly to avoid
unnecessary time spent.
Accruals and prepayments - expenses for a period must be shown in the profit or loss
statement, adjusted for remaining payments and previous times. Current liabilities are shown
in the economic status report, and prepayments are shown as current assets in the financial
condition report. The entire cost must be included in an operational report (Margaret J, 2023).
 the accounting period can be completed without an invoice for incurred costs,
allowing for the absence of formal obligations and documentation of payables.
 accruals are recorded to include unvoiced costs during a period in the profit
computation.
Bad debt - is the money a creditor must write off when a borrower fails on a loan, as it stops
being collectable and is recorded as a charge-off (Tuovila A 2023).
 A company selling credit products assumes the risk that the customer will not pay the
balance due.
 The company may need to write off bad debt, reducing its profit as it must reimburse

the non-paying client.

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Depreciation- is a complex adjustment that charges against profit by spreading the cost of
non-current assets over their useful lives. It applies the accruals principle, ensuring that the
expenditure is balanced against the profits generated by the asset's use.
 the straight-line method assesses an annual percentage of the cost, reducing residual
value to a useful life of years, ensuring consistent expenditure regardless of
presentation.
 the diminishing balance approach applies a percentage to the carrying amount, while
the declining balance technique shows a more accurate depiction of the asset's decline
in carrying amount.

11. Digital accounting software

Sage, Xero, and QuickBooks, offers major benefits to businesses in terms of maintaining
their economic records and creating financial reports.
QuickBooks ensures accuracy by automating repetitive operations and streamlining
accounting procedures. Sage helps with informed financial decision-making and regulatory
compliance by providing all-inclusive solutions for payroll, tax compliance, and financial
data management. For companies and their advisers, Xero is a cloud-based system that offers
real-time information access, automatic bank reconciliation, and collaborative tools. For

14
small enterprises and independent contractors, FreshBooks is a great alternative since it
streamlines financial reporting, spending monitoring, and invoice generation, facilitating the
creation of financial statements and simpler money management. These software choices
meet a range of corporate requirements and improve the accuracy and efficiency of financial
administration (Bromley S, 2023).

Figure by student: Cristina Caragia

12.

INCOME STATEMENT

The Particulars AMMOUNT (£)

Revenue from sales £25.000
COGS
Opening inventory £3.000
Spending £8.000
Reduced closing inventory £1.500
£9,500
Gross income | profit £15.500
All other expenses deducted.
Renting and earnings £2.400
Less pre-paid £800
£1.600
Expenses for utilities £800
Addition: Unpaid accruals £150
£950

15
 Salaries and wages £5.000
Loan interest rates £250
Fuel and repairs £300
Insurance deductions £200

Equipment and appliance depreciation £1.050

Van devaluation £375
Profit on net income £5.775

Looking at the financial statement above, the sales amount is £25.000, and the cost of goods
sold is £9.500, for a gross profit of £15.500 after subtracting all expenditures from the gross
profit of £5.775. (Chen J, 2023).

13.Balance Sheet

Fixed Assets Amount: Amount:

Machinery Equipment (12.000 – 1.050)

£10.950

Van (1500 - 375) £1.125

£12.075

Current Assets:

Creditors £2.800
Money in hand & bank account £4.500
Closing Inventory £1.500
Rentals and rates paid in advance. £800
£9.600
Current liabilities
Creditors (account payable) £2.000
Utility bills that remain to be paid £150
£2.150
Current assets (net/working capital) £7.450

Long-term commitments
Bank mortgage £5.000
£5.000

16
 Net Assets £14.525

Sponsored by:
The equity of the owner £8.750
Net profit £5.775
Capital £14.525

The equation: Assets = (Liabilities + Owner’s Equity) £8,750 + £5,775 = £14,425.

This total amount allows the business to operate and grow, ensuring that its assets are
adequately supported.
The calculations below, show that the full amount is committed to acquiring and managing
items such as inventory and equipment, as well as other critical resources needed to run the
business.
The expenditure, revenue, and debt of a company are all disclosed on the balance sheet. It
displays the over £8750 equity held by the owner and the about £5000 in debt owed to
creditors and bank loans (Fernando J, 2023).

14. Financial Ratios

Outcomes Outcomes
Equations Numbers for 2022 for 2023
Ratio of profitability
12.500/20.000 x 15.500/25.000 x
62.5 62
Sales income / gross profit x 100 100 100
Ratio of net profit
4.000/20.000 x 5.775/25.000 x
20 23.1
Sales revenue / net profit x 100 100 100

Liquidity ratio
current assets/current liability 5.500/2.150 2.6 7.510/2120 3.5
Quick assets test ratio
current assets-stock/currents 5.500- 7.500-
1.72 2.83
liability 1.800/2.150 1.500/2.120

Efficiency Ratio
COGS/Inventory* 3.500/2.250 1.6 9.000/2.250 4
Assets turnover ration
revenue/total assets** 20.000/1.4500 1.38 25.000/1.9635 1.27

Investment Ratio

17
 4.000/15.000 x
26.7 5.775/8.750x100 66
net profit/capital employee x 100 100

According to the calculations, the net profit ratio for the same firm is projected to be 20% in
2022 and to reach 23.1% in the following year. This demonstrates an improvement and
growth in the corresponding entity's financial circumstances with the aid of rising net profit
and rising net sales. The gross profit percentage for ABC Ltd. was 62% in 2023 and 62.5% on
average in 2022. That specific organization's net profit ratio decreased by 0.5% during a year,
as is obvious in this situation. The data makes it clear that ABC Ltd.'s present resources have
increased in the most recent year, 2023, as compared to the previous year, 2022. Both in 2022
and 2023, the rapid ratio was nearly 1.72 and 2.83 (CFI Team, 2021).

15. 6-MONTH CASH BUDGET YEAR 2023

Cash inflows Jan Feb March April May June
Opening balance 0 -16000 -10100 -11500 -7650 -3450
Income
Sales-Cash 5000 5500 7000 9000 7500 10000
Sales-Credit 5000 5500 7000 9000 7500
Debtors 4000
Share premium 1000
Total Inflows 5000 10500 13500 16000 16500 21500
Total cash available 5000 -5500 3400 4500 8850 18050
Expenses
Wages 1000 2100 2250 2300 2150 2250
Materials-Purchase 0 0 10000 7000 7000 11000
Production overheads 0 1600 1650 1700 1750 1600
Selling and distribution exp 0 400 450 450 500 450

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Paid commission 0 500 550 700 900 750
New Equipment 20000 0 0 0
Whole outflows of cash 21000 4600 14900 12150 12300 16050
Cash balance at closing -16000 -10100 -11500 -7650 -3450 2000

Details of a cash budget for the six-month period from January to June are displayed in the
table above. After calculation, the eligible company's total cash intake for the previous six
months may be reported as £21500. A little while later, the cash budget—which had a
maximum spend of £16050—showed the money outflow.
Budgetary control, the foundation of financial management, greatly affects organisational
decision-making and the efficient use of resources. These solutions serve as a guide for the
effective distribution of financial resources by using historical data and projections for the
future. They let businesses to monitor their real-time financial performance against their
expected targets, which helps them spot abnormalities and initiate early remedial actions.
Decision-makers guarantee that resource allocation aligns with the organization's purpose and
vision, facilitating cost-cutting and process-improvement initiatives to address inefficiencies.
To ensure effective resource utilisation and the accomplishment of organisational objectives,
fiscal control procedures often promote accountability, transparency, and responsible
financial management (Cash budget definition, Accounting Tools, 2023).

Benefits of a cash budget and budgetary planning

1. Cost control
Allocated funds should be carefully managed in a cash budget to ensure efficient use, cost
reduction, provider compromise, and operational effectiveness.

2. Financial goals
Establishing financial targets in a cash budget ensures daily operations align with goals,
manages liquidity, maintains positive cash flow, reduces reliance on external funding,
strategically allocates funds, and sets aside unexpected funds.

3. Savings and Debts

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Allocating funds for future objectives, unexpected expenses, and debt repayments in a cash
budget ensures financial stability and long-term goal advancement (Turnes J.A).

Limitations of a cash budget and budgetary planning

1. Risk of inflexibility
The corporate environment can be challenging to adapt to due to the rigidity of budgets,
which can hinder last-minute changes, especially when sudden changes occur due to internal
or market conditions.
2. Inaccuracy
Future occurrences and economic circumstances pose challenges in forecasting due to their
unknown nature, with market swings potentially influencing initial budget assumptions and
affecting overall accuracy.

3. Constraints on innovation and creativity

Budgetary restrictions can hinder creative initiatives and long-term development prospects
for organisations, potentially limiting inventiveness and hindering the exploration of novel
concepts and innovative approaches (Turnes J.A).

16. Conclusion

Accounting is the foundation of an organization's financial management and decision-

making, providing a framework for efficient resource management, regulatory compliance,
and strategic decision-making. It helps monitor financial transactions, assess performance,
and ensure rules are followed. Accounting-derived financial statements are crucial for
evaluating financial stability and profitability. Without accurate accounting and trustworthy
reporting, businesses struggle to effectively manage resources, comply with regulations, and
make wise financial decisions.

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  Management accounting definition, Accounting Tools, 31 July 2023, viewed 2
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