Write an essay on the following topic: Accounting is the system of recording and summarising business...
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Write an essay on the following topic: Accounting is the system of recording and summarising business and financial transactions. Choose any real-life company from the underlisted sectors and perform a detailed discussion on the importance of accounting for your selected business and what is the main process of accounting. Your chosen company must be from the following sectors: -Retail sector - Manufacturing sector Transport sector Health care sector Finance sector Technology sector The essay should contain the following: 1- Brief introduction of your selected company. (20 marks) 250 words to 300 Company information: type (PVT LTD/ PLC), the sector they are in, established year, market size (Global Organisation), financial position, number of employees, competitive advantage, Covid19 impact, etc Companies House: https://www.gov.uk/get-information-about-a-company 2- An explanation of the accounting principle and the importance of accounting for your selected business. (30 marks) 400-450 Accounting Principles: Going concern, Accruals, Consistency, Double entry, Business entity, Materiality, Historical cost, Prudence. https://www.accaglobal.com/gb/en/student/exam-support-resources/foundation-level- study-resources/fa2/fa2-technical-articles/a-matter-of-principle.html Importance of accounting: Planning Budget, Keeping Records, Evaluating the Performance of the Business, Ensures Statutory Compliance, Decision Making, Information to Investors, Reporting Profits, Managing and Monitoring Cash Flow, debtors management and control, Transparency, etc 3- An explanation of the main process of accounting. (30 marks) 350-400 Process step Explanation of the steps Identify The transaction "identified" was the purchase of a printer. Process step Measure Record Classify Summarise Analyse Interpret Explanation of the steps Conclusion The cost of the printer was "measured" as £5000. The transaction was "recorded" in books systematically as £5000. The transaction was then moved to the ledger and "classified" with similar transactions. Here the ledger balance was "summarised" and converted into trial balance and financial statements accordingly. The purchase manager "analysed" the financial statements at year- end. The analysis leads to the "interpretation" that the printer was costly and cheaper alternatives were available. Communicate This was "communicated" to the owners as a recommendation for future purchases of this kind. 4- Use Harvard Referencing where applicable (10 marks) 6-10 references. In-text citations and reference list Harvard Referencing Quick Guide 5- Professional marks - Presentation and layout (10 marks) Appropriate cover page - Module Title, Assignment, Student's Name, UWL ID, Campus, Tutor's Name Essay format, 1000 words 10 % +/- Write an essay on the following topic: Accounting is the system of recording and summarising business and financial transactions. Choose any real-life company from the underlisted sectors and perform a detailed discussion on the importance of accounting for your selected business and what is the main process of accounting. Your chosen company must be from the following sectors: -Retail sector - Manufacturing sector Transport sector Health care sector Finance sector Technology sector The essay should contain the following: 1- Brief introduction of your selected company. (20 marks) 250 words to 300 Company information: type (PVT LTD/ PLC), the sector they are in, established year, market size (Global Organisation), financial position, number of employees, competitive advantage, Covid19 impact, etc Companies House: https://www.gov.uk/get-information-about-a-company 2- An explanation of the accounting principle and the importance of accounting for your selected business. (30 marks) 400-450 Accounting Principles: Going concern, Accruals, Consistency, Double entry, Business entity, Materiality, Historical cost, Prudence. https://www.accaglobal.com/gb/en/student/exam-support-resources/foundation-level- study-resources/fa2/fa2-technical-articles/a-matter-of-principle.html Importance of accounting: Planning Budget, Keeping Records, Evaluating the Performance of the Business, Ensures Statutory Compliance, Decision Making, Information to Investors, Reporting Profits, Managing and Monitoring Cash Flow, debtors management and control, Transparency, etc 3- An explanation of the main process of accounting. (30 marks) 350-400 Process step Explanation of the steps Identify The transaction "identified" was the purchase of a printer. Process step Measure Record Classify Summarise Analyse Interpret Explanation of the steps Conclusion The cost of the printer was "measured" as £5000. The transaction was "recorded" in books systematically as £5000. The transaction was then moved to the ledger and "classified" with similar transactions. Here the ledger balance was "summarised" and converted into trial balance and financial statements accordingly. The purchase manager "analysed" the financial statements at year- end. The analysis leads to the "interpretation" that the printer was costly and cheaper alternatives were available. Communicate This was "communicated" to the owners as a recommendation for future purchases of this kind. 4- Use Harvard Referencing where applicable (10 marks) 6-10 references. In-text citations and reference list Harvard Referencing Quick Guide 5- Professional marks - Presentation and layout (10 marks) Appropriate cover page - Module Title, Assignment, Student's Name, UWL ID, Campus, Tutor's Name Essay format, 1000 words 10 % +/-
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Four years ago a Delhibased chaiwala tea maker family decided to build their first chai tea shop in Leicester UK using their great grandfathers secret recipe The creators of Chaiiwala who were born an... View the full answer
Related Book For
Materials Science and Engineering An Introduction
ISBN: 978-0470419977
8th edition
Authors: William D. Callister Jr., David G. Rethwisch
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