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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