Accounting For Business Coursework Accounting - 3707 Words

Accounting for Business Coursework: Introduction Accounting is the comprehensive way keeping track of all financial transactions pertaining in a firm. It is considered to being the language of most firms nowadays where they are found to communicate their performances to the externals. In addition to evaluating and examining their employees performances using the information conducted by the different financial statements and reports. Therefore, learning the language of accounting is bound to being essential for almost all firms and any other parties who might be involved in a decision making role based on financial information. Over this course of study we will be enabled to a wider research which will enable us to understand the†¦show more content†¦Thus, the objectives of financial reporting are crucial because it’s a way of formally providing reports of financial actions and files within a firm to owners, stockholders, governmental tax authorities. Moreover, they provide a consistent approach for firms in order to be more transparent, avoiding any scams which might takes place within the fiscal (money related) records. Conclusively, financial accounting is the preparation of financial statements. These statements report the overall image of a firm’s accounting period presumably an annual’s. This is considered to being a legal obligation of directors and managers in getting those statements publicisied and report to shareholders in order to examine the efficiency and performance of the firm in the period of time i.e. in the year. Therefore, future strategy related decisions are seen to be made easier with the information conducted from these financial reports and statements. Nevertheless, The following statement assumes that â€Å"Every UK company registered under the Companies Act is required to prepare a set of accounts that give a true and fair view of its profit or loss for the year and of its state of affairs at the yearend (Riley J: 2012) †. Therefore, efficient financial reports are seen to be mandatory for all firms, whether it’s at a national level or even privately owned. 2) The key features and structure of a balance sheet: The balance sheet is one of the financial statements whichShow MoreRelatedUniversity of West Alabama927 Words   |  4 PagesLivingston Division of Online Programs - Business Programs With a longstanding tradition of offering quality education for over 175 years, the University of West Alabama branched out in the fall of 2002 and began offering online educational programs. Since then, online education has taken off at UWA. 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