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How to Create Unit 10 BTEC Level 5 Financial Accounting And Reporting #assignment #business
How to Create Unit 10 BTEC Level 5 Financial Accounting And Reporting Assignment
Report
It is essential to understand the actual bookkeeping processes to keep the accounting and bookkeeping elements together. It necessary to learn the actual process to keep the records of revenues, expenses, sales and purchases. The documents should provide the exact information about the financial situation of an organization and one should be able to understand all these reports very easily.
Table of Contents
LO1: Record business transactions using double entry book-keeping, and be able to extract a trial balance
The Journal
The General Journal
The General Ledger
Trial Balance
LO2: Prepare Final Accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards.
Financial Accounting:
Double Entry and the Accrual Basis of Accounting
Financial Statements and Financial Reports
Regulations of Financial Accounting
Rules and Regulations of Financial Accounting
1. Economic Entity Assumption:
2. Monetary Unit Assumption:
3. Period of Time Assumption:
4. Price principle:
5. Full Reveal Principle:
6. Going Concern Principle:
7. Matching Principle:
8. Revenue Recognition Principle:
9. Materiality:
10. Conservatism:
Conventions and Concepts of Consistency and Material Disclosure:
CONVENTION OF DISCLOSURE:
CONVENTION OF MATERIALITY:
CONVENTION OF CONSISTENCY:
CONVENTION OF CONSERVATISM:
References:
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