Financial and

Management
Accounting
Isabela Dura - 2129830
Daniela Alexe - 2128708
Rahela Dura - 2128592
Florenta Pruteanu - 2129357
Aurelia Ispas - 2133840
Andrei Nicolae Oancea - 2129827
Introduction
- Financial accounting entails the systematic documentation, synthesis, and disclosure of an entity's
financial transactions to external stakeholders, including creditors, investors, and regulatory bodies. The
process entails the compilation of financial statements, such as the cash flow statement, income
statement, and balance sheet, which collectively present an all-encompassing view of the financial
position and performance of a business.

- In contrast, the objective of Management Accounting is to furnish pertinent financial data to internal
stakeholders, including management and decision-makers, with the intention of facilitating planning,
control, and decision-making. It comprises forecasting, performance evaluation, cost analysis, and
budgeting in order to support the strategic and operational decisions of an organisation.

- Financial and management accounting are integral

components of financial management as they empower
entities to oversee, evaluate, and enhance their financial
operations in order to achieve long-term viability and
prosperity. During this presentation, we shall further
examine the complexities of these fields of study and
determine how they contribute to the achievement of
organisational excellence.
 Fundamental Accounting: Book-keeping
Bookkeeping plays a critical role in the field of accounting by systematically documenting financial
transactions. Financial accounting is the systematic and precise documentation of all financial transactions
that take place within an establishment, with the aim of organising, classifying, and storing all financial
information for subsequent analysis and reference.

Formulas

A fundamental principle in accounting, this formula,

known as the accounting equation, illustrates the
connection between the assets, liabilities, and equity of a
business. Liabilities are obligations or debts owed to
external parties; assets represent the resources possessed or
controlled by the company; and equity signifies the
owner's claim to the assets after the deduction of liabilities.
 Fundamental Accounting: Book-keeping
The general ledger is where Company XYZ
keeps track of all of its financial dealings, such
as sales, purchases, and expenditures. According
to the general ledger, when Company XYZ sells
a product to a customer, the transaction is logged
as an increase in income (an asset) and a
decrease in either account receivable (an asset)
or cash (another asset), based on whether the
customer paid right away or on credit. The
acquisition of inventory from a supplier by
Company XYZ increases inventory (an asset)
and accounts payable (a liability) to pay the
supplier.
 Balance Sheet, Income Statement, and Cash Flow
Among the many financial statements used in financial accounting, the Balance Sheet,
the Income Statement, and the Cash Flow Statement are the three most important ones
for understanding a business's financial health and success.

• Balance Sheet - Represents a company's financial situation at a certain period. At that time, it shows a picture of
the company's assets, liabilities, and equity, making it clear to all parties what the company owns (assets), owes
(liabilities), and what owners are still owed (equity). The equation for the balance sheet is: Assets = Liabilities +
Equity.

• Income Statement - The Profit and Loss Statement summarises a company's financial performance over a period,
such as a month, quarter, or year. It lists the sum of cash that was made and spent during that time period, which
gives the net income or loss. The Income Statement shows how profitable the business is and gives information
about its ability to make money.

• The Cash Flow Statement - categorises cash inflows and outflows into operating, investing, and financing
activities for a certain time. It shows how the firm generates and uses cash, revealing its liquidity, solvency, and
financial responsibilities. The Cash Flow Statement helps people who have a stake in the company figure out how
well it can make money and handle its cash flow.
Balance Sheet, Income Statement, and Cash Flow

• Example: Company XYZ's balance sheet shows assets,

liabilities, and equity, revealing its financial health.
Company XYZ with large cash reserves, little debt, and
valuable assets may imply financial stability and good
management. Additionally, if Company XYZ has a lot
of debt and its stock is going down, it could mean that
the company is having financial problems and there may
be risks.

• The Balance Sheet, Income Statement, and Cash Flow

Statement let stakeholders evaluate a company's
finances, performance, and cash flow. These words are
very important for making choices, analysing
investments, and managing money.
 This is an example:
Company XYZ
Balance Sheet
As of 31st December •What the company owns or controls are its assets. The assets of
Company XYZ are £350,000. These assets include cash,
Assets
Fixed Assets
accounts payable, goods, land, plant, and equipment. Liabilities
Property, Plant, and Equipment 200,000
are the payments or responsibilities of the company. There are
200,000
£110,000 in debts owed by Company XYZ. These debts include
Current Assets accounts due and both short-term and long-term loans.
Cash and Cash Equivalents 50,000
Accounts Receivable 30,000
Inventory 70,000

Total Assets 150,000

•Afterdebts are paid off, equity is the owner's claim to the
150,000

350,000
company's assets. The equity of Company XYZ is £240,000,
which is made up of common shares and reserved profits.
Liabilities
Accounts Payable 20,000
Short-Term Loans 10,000
Long-Term Loans 80,000

Total Liabilities 110,000

•The equation for the balance sheet is Assets = Liabilities +
Equity. The equation is correct in this case because total assets
Equity:
equal total liabilities and equity (£350,000 = £110,000 +
Common Stock 100,000
£240,000).
Retained Earnings 140,000

Total Equity 240,000

Total Liabilities and Equity 350,000

 The Accounting Equation (Assets, Liabilities,
and Equity)
Accounting's basic equation shows a company's assets, liabilities, and equity. Double-entry accounting
relies on it to balance these three components in every financial transaction.

A company's assets are its economic resources that are anticipated to provide future economic advantages.
Cash, accounts receivable, inventories, assets, and equipment are examples. Balance sheet assets are
classified as current (anticipated to be converted into cash within one year) or non-current.

Liabilities refer to the company's debts to other parties, such as creditors,

suppliers, and lenders. These prior commitments must be settled by asset
transfers or products or services. Accounts payable, loans, mortgages, and
accrued costs are liabilities. Current and non-current liabilities are reflected
on the balance sheet.

Equity, often known as owner's equity or shareholders' equity, is the proportion of a company's assets remaining
after subtracting liabilities. Shareholder ownership and financial worth are reflected in it. Equity comprises retained
earnings and contributed capital like common stock. On the balance sheet, equity reflects the owners' claim on the
company's assets.
 The Accounting Equation
Example Meaning

• Company ABC adds £10,000 in equipment, keeping its If Company ABC buys £10,000 worth of equipment, it
obligations and equity. increases its assets. Company-owned equipment is intended
to provide economic advantages. Through this transaction,
Company ABC's assets grow by £10,000.
In the accounting equation, a rise in assets must be balanced
by an increase in liabilities or equity, or both. Company ABC
buys equipment using a bank loan. A £10,000 bank loan
Following the deal becomes a new obligation for the corporation.

Acquisition of equipment increased assets to £10,000.

Bank loan for equipment purchase increased liabilities to
£10,000.
No equity change
As assets rise by £10,000, liabilities rise by £10,000,
preserving the accounting equation:

Assets worth £10,000 = Liabilities plus Equity.

 Defining Terms for the Balance Sheet
Understanding the balance sheet requires a grasp of key terms like
assets, liabilities, and equity. These terms are essential in
comprehending the financial picture. These terms offer valuable
information about a company's financial status, allowing stakeholders
to evaluate its solvency, liquidity, and overall financial well-being.
Defining Terms for the Balance Sheet - explanation
1. Assets are economic resources owned or controlled by a company that has quantifiable value and are
anticipated to yield future advantages. They encompass the company's possessions, ranging from tangible
assets like cash, inventory, property, plant, and equipment, to intangible assets like patents and trademarks.
Assets can be classified into two categories: current assets, which are anticipated to be converted into cash
or used up within a year, and non-current assets, which are expected to provide benefits for more than a
year.

2. Liabilities refer to the obligations or debts that a company has to external parties, such as creditors,
suppliers, and lenders. They represent the claims of creditors against the company's assets and require future
settlement, typically through the transfer of assets, provision of goods or services, or payment of cash.
Liabilities encompass a range of financial obligations, such as accounts payable, loans, bonds, and accrued
expenses. Similar to assets, liabilities are categorised as either current liabilities (due within one year) or
non-current liabilities (due beyond one year).

3. Equity, which is also referred to as owner's equity or shareholders' equity, signifies the remaining stake in
the company's assets once its liabilities have been subtracted. This represents the owner's claim to the
company's assets and reflects the net worth of the business. Equity comprises contributed capital from
shareholders, such as common stock, and retained earnings, which are the accumulated profits or losses
retained in the business. Equity reflects the company's ownership structure and encompasses various
components such as additional paid-in capital, treasury stock, and other equity elements.
 Defining Terms for the Balance
Sheet - Example
The balance sheet of Company XYZ includes various assets such as cash, inventory, and
property. Liabilities consist of accounts payable and loans, while equity represents
shareholder investments. As an example, Company XYZ possesses £100,000 in cash,
£50,000 in inventory, and £200,000 in property, plant, and equipment. These assets signify
the resources owned by the company. The company has obligations to creditors, including
accounts payable of £30,000 and loans of £70,000. Equity, which includes common stock
and retained earnings, signifies the owner's entitlement to the company's assets once
liabilities have been subtracted. This demonstrates the shareholders' contributions to the
business.
 Accounting Conventions and Accounting Standards
GAAP, IFRS, and accounting norms like conservatism and consistency help ensure financial
reporting uniformity and credibility. These conventions and standards control financial statement
production and presentation, improving transparency, comparability, and accuracy.

Accounting conventions regulate accounting processes and enable consistent and reliable
financial reporting. Despite not being legally binding, these accounting standards are commonly
recognised. Prudence, consistency, materiality, and complete disclosure are accounting norms.
According to conservatism, while documenting transactions, accountants should err on the side
of caution, accounting for probable losses but not inflating profits. Accounting processes and
practices must stay consistent to ensure financial period comparability.

Accounting Standards - Authoritative guidelines issued by standard-setting bodies (e.g., FASB & IASB) outline principles and
procedures for financial statement preparation and presentation. These standards ensure that financial reporting is on the same
page, as clear as day, and apples to apples across companies and jurisdictions. Examples of accounting standards include the gold
standard of Generally Accepted Accounting Principles (GAAP) in the United States and the cream of the crop International
Financial Reporting Standards (IFRS) adopted by many countries worldwide.

ABC Company follows GAAP rules to provide uniform and comparable financial reporting. Company ABC's financial
statements are more reliable and credible since it follows GAAP. This sticking to GAAP allows investors, creditors, and other
stakeholders to make informed decisions based on accurate and crystal-clear financial information. GAAP compliance also
enhances regulatory compliance and reduces financial misstatements. Overall, sticking to accounting conventions and standards
promotes trust, transparency, and accountability in financial reporting practices.
 Analyzing Transactions Using the
Accounting Equation
Using the accounting equation to
analyse transactions assures financial
record balance and correctness.
Accountants may use the accounting
equation to methodically assess the
effects of transactions on a company's
assets, liabilities, and equity,
guaranteeing that the equation maintains
equilibrium after each transaction.
 Accounting Principles

Principles control Explanation:

Example:
how accounting Accounting standards
According to the accrual principle,
provide accurate and
firms recognise, Company ABC records income as
consistent recording and
quantify, and reporting of financial
generated, matching it with costs.
disclose financial transactions. They help
For example, if Company ABC
transactions. does consult work for a client in
make sure that financial
These standards December but doesn't get paid until
data is shown in a way that
January, it tracks the income in
make sure that accurately depicts the
December when the work is done,
financial reporting deals' economic situation
which is in line with the
is consistent, and lets people involved
accumulation principle. This makes
make smart choices.
comparable, and sure that the company's financial
Financial reporting may be
reliable. This transparent, reliable, and
records correctly show its success
makes financial regulatory-compliant by
and financial state, which makes
accounts more financial reports clearer and more
following accounting
reliable.
honest and open. standards.
 Financial Statements as a Means of
Communication
Financial statements help stakeholders understand a company's finances. The company's financial
operations, results, and conditions are covered in these statements, allowing stakeholders to
evaluate its profitability, liquidity, solvency, and financial health.

Explanation

The significance of financial statements is to provide stakeholders, such as investors, creditors,

management, and regulatory agencies, with accurate and relevant information about a company's
financial performance and situation. These statements are the company's main communication with
stakeholders, promoting openness, accountability, and informed decision-making.
 Financial Statement Components - Financial statements
generally consist of three primary components
 Profit and loss account (Income Statement) - This statement shows the company's sales, costs, and net income or loss
for a period, indicating profitability and operational performance.
 The Balance Sheet (Statement of Financial status) - shows the company's assets, liabilities, and equity at a given
moment, revealing its financial status and resources.
 The Statement of Cash Flows - This statement shows the company's operating, investing, and financing cash flows for
a period, revealing its liquidity, solvency, and cash management.

• In stakeholder analysis, financial statements address the informational demands of

diverse stakeholders.

• Financial statements are examined by investors to determine the company's For instance, Company XYZ's financial statements provide
profitability, growth, and investment appeal. vital insights into its profitability and financial health for
investors, creditors, and management. For instance, Company
• Financial statements are reviewed by creditors to assess the company's XYZ's financial statement showing rising sales and falling
creditworthiness, liquidity, and debt-repayment potential. costs suggests rising profitability and operational efficiency.
good liquidity ratios and steady equity levels on its balance
• Management - Financial statements let management track performance, make sheet indicate a good financial position and financial
strategic choices, and plan forward. management. Company XYZ's financial statements let
stakeholders evaluate its performance, make educated
choices, and comprehend its finances.
• Compliance with accounting standards, rules, and disclosure requirements is
monitored by regulatory agencies using financial statements.
Statement of Cash Flows

A company's cash flow dynamics

and liquidity management may be
gleaned from the Statement of Cash
Flows, which covers operating,
investing, and financing cash flows.
 Statement of Financial Position (Balance Sheet) and
Income Statement (Profit and Loss Account)

The balance sheet provides a snapshot of a

company's financial position at a particular
moment, while the income statement portrays its
financial performance over a given period.
Revenue, Costs, and Measures of Profit
Revenue is the income that comes from sales or services,
while costs are the expenses that are incurred to generate that
revenue. Having a clear grasp of these components is crucial
when evaluating a company's profitability and financial
performance.
Revenue (P = TR-TC)

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Profit Calculations

There are different measures of profit such

as gross profit, operating profit, and net
profit, which offer valuable insights into
different aspects of a company's
profitability.
The Concept of Profitability
Profitability is a measure of how effectively a
company can generate profits in relation to its
resources and expenses. This measures the
efficiency and effectiveness of a company's
operations in generating returns for its
shareholders.
Conclusion
 It is essential to have a solid grasp of the fundamentals of Financial and Management Accounting
in order to effectively manage finances and make informed decisions. By understanding key
financial concepts such as the accounting equation, financial statements, and profitability
measures, companies can confidently navigate the intricate world of finance.
 Through a thorough grasp of these core principles, businesses can elevate their financial
management strategies, enhance their decision-making procedures, and foster long-term growth
and profitability. Having a strong grasp of Financial and Management Accounting principles
enables companies to efficiently allocate resources, recognise opportunities and risks, and
confidently adapt to evolving market conditions.
 Having a strong grasp of the fundamentals of Financial and Management Accounting is crucial for
any company aiming to succeed in the highly competitive world of business. By effectively
applying these principles, companies can enhance their financial foundation, optimise performance,
and successfully achieve their strategic objectives. We appreciate your attention and are open to
any inquiries you may have.
Thank you
 References
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https://study.com/academy/lesson/using-the-accounting-equation-analyzing-business-transactions.html.

 Guilding, C. and Mingjie Ji, K. (2022). Accounting essentials for hospitality managers. London: Routledge.

 Lage, M. (2008). Accounting-Financial Statements. LPF.

 Mccrary, S.A. (2010). Mastering financial accounting essentials: the critical nuts and bolts. Hoboken, N.J.: John Wiley & Sons.

 Media, E. (2022). Summary of Tycho Press’s Accounting for Small Business Owners. Everest Media LLC.

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 Nishat Azmat and Lymer, A. (2015). Basic Accounting. Teach Yourself.

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 Tracy, J.A. (1985). How to Read a Financial Report. John Wiley & Sons.

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Introduction
Both accounting and finance are concerned with the handling of money, but the two disciplines approach this topic from different angles and aim to achieve different goals. In accounting,
monetary transactions are methodically recorded, analysed, and reported; in finance, monetary objectives are pursued via the management of assets, liabilities, and investments. (Atrill, P., &
McLaney, E. J. (2019)).
Financial and managerial accounting are defined and discussed in this project. Management accounting is concerned with delivering pertinent financial information to internal stakeholders like
managers and decision-makers for the purposes of planning, controlling, and decision-making, as opposed to financial accounting's primary focus on preparing financial statements for external
stakeholders like creditors and investors.

Nature and Source of Financial Information in Management and Financial Accounting

Accounting vs. Finance
Accounting and finance are separate business disciplines with different goals.
Accounting essentially records, summarises, and reports an organization's financial transactions. It includes financial, managerial, auditing, and tax accounting. Accounting is to deliver
accurate and trustworthy financial information to internal and external stakeholders for decision-making, performance assessment, and financial transparency. (Atrill, P., & McLaney, E. J.
(2019)).
However, finance manages financial resources, investments, and risks to meet an organization's financial objectives. It includes financial planning, investment analysis, capital budgeting, and
risk management. Finance experts maximise profits, minimise risks, and optimise resource allocation to increase company value.

Financial Accounting vs. Management Accounting

Accounting has two main branches: financial and management, serving separate audiences. (Needles, B. E., Powers, M., & Crosson, S. V. (2013)).
Financial Accounting
Financial accounting prepares and presents financial data to investors, creditors, authorities, and the public.
The main goal of financial accounting is to accurately and reliably reflect an organization's financial performance and position over time.
To achieve financial statement uniformity and comparability, financial accounting follows GAAP or IFRS.
The balance sheet, income statement, statement of cash flows, and statement of changes in equity are the key financial statements.
Managerial Accounting
Management accounting provides financial information and analysis to managers, executives, and decision-makers.
Management accounting was created to aid internal decision-making, planning, controlling, and performance assessment.
Management accounting includes budgets, projections, cost analysis, variance analysis, and other reporting geared to management.
Financial and non-financial data help management accountants understand corporate operations and strategy.

Financial and Management Accounting Data Source

Finance and management accounting employ different data sources depending on their goals and consumers.
Financial Accounting
The organization's main ledger and subsidiary ledgers contain the majority of financial accounting data.
Invoices, receipts, bank statements, purchase orders, and sales contracts capture these transactions.
To compile the balance sheet, income statement, cash flow statement, and statement of changes in equity, financial accountants collect, analyse, and summarise financial data.
Managerial Accounting
Management accounting uses financial and non-financial data from internal sources.
Accounting records, budgeting systems, cost accounting systems, and performance reports provide financial data.
Operational indicators, customer feedback, staff productivity, and market research data are non-financial.
Management accountants analyse, evaluate, and suggest this information to help internal decision-making, planning, and control.

Different Financial Information Uses

Management accounting and financial accounting utilise financial information differently. (Needles, B. E., Powers, M., & Crosson, S. V. (2013)).
Financial Accounting
External stakeholders including investors, creditors, regulatory bodies, and the public utilise financial accounting data.
External users use financial statements to analyse the company's financial performance, position, and prospects, make investment choices, assess creditworthiness, and monitor accounting
standards and regulations.
Managerial Accounting
Internal stakeholders including managers, executives, department heads, and decision-makers utilise management accounting financial information.
Management accounting reports and analyses aid strategic planning, budgeting, cost control, performance assessment, decision-making, and resource allocation.
Management accountants adjust report structure, substance, and timeliness to internal users' needs, giving timely and relevant information to assist operational and strategic decision-making.

Purpose and types of Businesses with corporate governance and ethics

According to their objectives and legal structures, the intentions of enterprises may differ. Understanding these purposes, corporate governance principles, and ethics is essential for business
transparency, accountability, and sustainability. (Sangster, A., Gordon, L., & Wood, F. (2018)).
Businesses
To make a profit for the owners or shareholders is the primary goal of a for-profit firm. Maximising shareholder value, revenue, and sustainable growth are their goals. These companies offer
goods and services for money, producing shareholder value.
Not-for-Profit Organisations: Rather than generating profits for proprietors or shareholders, not-for-profit organisations (also known as non-profit organisations) are established to serve
particular social, charitable, or community-oriented purposes. Their goals may encompass the provision of public services, the advancement of education, the promotion of social welfare, or
the support of charitable causes. To support their mission and operations, not-for-profit organisations rely on contributions, grants, and funding from philanthropic or government sources.
(Sangster, A., Gordon, L., & Wood, F. (2018)).
Business Classifications Predicated on Legal Structures
In a sole proprietorship, only one person acts as both owner and operator of the company.
A partnership is a legal form of organisation wherein two or more entities or individuals own and manage the business jointly.
A limited liability company (LLC) is a hybrid organisational framework that integrates the tax advantages and adaptability of a partnership with the liability restrictions and control of a
corporation.
A corporation is a legally distinct entity that is not affiliated with its shareholders, who are the proprietors. The shareholders of corporations are afforded limited liability
 protection, which generally safeguards their personal assets from potential exposure to the debts and liabilities of the business.

Governance of Corporations and Ethics

The rules, practices, and procedures that guide and control a business to reach its goals, make sure it is accountable, and look out for the interests of all its partners are called corporate
governance. (Needles, B. E., Powers, M., & Crosson, S. V. (2013)). Fundamental elements of corporate governance comprise:
The board of directors is entrusted with the responsibility of supervising the operations of the organisation, establishing strategic goals, and guaranteeing corporate responsibility to its
shareholders.
Auditing entails the verification and independent examination of the financial statements, internal controls, and compliance with the laws and regulations of a business.
Financial reporting standards, including Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), establish directives for the
consistent and transparent preparation and presentation of financial statements.
Financial regulatory bodies, including the Financial Reporting Council (FRC) in the United Kingdom, are entrusted with the responsibility of supervising and regulating corporate
governance, auditing, financial reporting, and auditing procedures.
Leadership Ethics and Professional Values - Corporate leaders and executives follow ethical principles and values.

Conclusion
In summary, this report has examined fundamental principles and concepts in management and financial accounting, in addition to the objectives and classifications of organisations, with
an emphasis on corporate governance and ethical considerations.
Our analysis revealed numerous noteworthy findings
 Understanding the distinctions between accounting, finance, financial accounting, and management accounting is crucial to understanding their responsibilities and goals in
organisations.
 Businesses have different goals and legal frameworks, whether for-profit or non-profit. To ensure openness, accountability, and integrity in company operations, corporate
governance, audits, financial reporting, and ethical leadership are essential.
 Financial information, corporate governance policies, and ethical behaviour help investors, creditors, regulators, workers, and the public make choices, assess risks, and assess
organisations' legitimacy and sustainability.
Important to Stakeholders
 Investors and creditors must grasp financial and management accounting concepts to evaluate organisations, make investment choices, and manage risks.
 Corporate governance, auditing, and financial reporting requirements help regulators enforce laws, preserve market integrity, and safeguard investors.
 Transparent corporate governance and ethical leadership foster trust, morale, and a positive work environment. Ethical behaviour promotes honesty, fairness, and accountability in
organisations, increasing employee engagement and retention.
 Consumers and community members gain from ethical, socially responsible, and corporately responsible firms. Ethical business practices build trust, credibility, and sustainability,
benefitting society.

Reference List

Atrill, P., & McLaney, E. J. (2019). Accounting and finance for non-specialists (Eleventh edition).
Collis, J., Holt, A., & Hussey, R. (2017). Business Accounting (3rd ed.). Palgrave.
Horngren, C. T., Sundem, G. L., Schatzberg, J. O., Burgstahler, D., & Schatzberg, J. R. (2008). Introduction to Management Accounting (14th ed.). Pearson Education.
Needles, B. E., Powers, M., & Crosson, S. V. (2013). Financial accounting (11th ed.). Cengage Learning.
Sangster, A., Gordon, L., & Wood, F. (2018). Frank Wood’s Business Accounting: 1 (Fourteenth edition).
Spiceland, J. D., Thomas, W. B., Herrmann, D., & Herrmann, D. (2019). Financial accounting (5th ed.). McGraw-Hill Education.