Task 1 (P1)
Identify the purpose of accounting for Represents and Bradzino.
a) record transactions;
b) monitor activity;
d) management of the business (planning, monitoring, controlling); e) dimension of financial performance (gross revenue, net earnings, value payable to through the business) N> B> Find out if M+S is producing a profit or a loss and discover up to date info
a. This is certainly used to record accurate or over to date details and to maintenance the smooth operating of the business. The business owner or the bookkeeper must record all of the revenue that goes in the business(from sales and selling) and all of the revenue that leaves the business. If a business doesn't accomplish this, then it may well end up negelecting to shell out payments, and could end up getting in trouble with HM and Earnings.. b. Documents will be current on a regular basis, preferably daily, and should then provide a good indication showing how the business does in terms of revenue, receiving payments, and paying out expenses etc . The owner will soon understand if money going out seemed to be on the enhance as funds would drop. Monitoring activity should also require keeping an eye on the financial institution balance. c. The ability to control the businesses accounts is linked to the other two purposes We have already mentioned. In the event that transactions are recorded effectively, then actions can be delivered to control the total amount between funds flowing in and money flowing out of the business/firm. For example, if it appeared that bills were raising but revenue were staying the same, then your owner could look for ways to control or cut costs. d. A administrator is the individual that is responsible for the look, running, monitoring and managing of the resources that they are assigned to manage. A manager that plainly understands the firms accounts will be better able to produce informed decisions and strategy better for future years. e. With no financial documents it would be difficult to know in case the business was making earnings...
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