Finance: 1

kaitlyn.tregenza
Mind Map by , created over 5 years ago

Accounting ... an introduction: Chapter 1

36
0
0
Tags
kaitlyn.tregenza
Created by kaitlyn.tregenza over 5 years ago
AQA GCSE Business Studies -Unit 1
Anya Riley
Specific Order Costing
Natalie Gray
Ch. 2 Making finance -Social Science
Daniela Pirisi
Matters of Life and Death - Edexcel GCSE Religious Studies Unit 3
nicolalennon12
GCSE - Introduction to Economics
James Dodd
Business Studies - AQA - GCSE - Sources of Finance
Josh Anderson
BTEC Business Finance Notes - Unit 2
tillyprestridge
DipFS Unit 4 Key Terms
Steve Gidley
Business Studies - Finance
Ahmad Joumaa
CeFS Unit 2 Key Terms
Steve Gidley
Finance: 1
1 Accounting: Information system
1.1 Collection, Analysis and Communication of economic information
1.1.1 Information Identification
1.1.1.1 Information Recording
1.1.1.1.1 Information Analysis
1.1.1.1.1.1 Information Reporting
1.2 To assist in Decision Making, Planning and Control
1.2.1 - Resource providers, - Customers, - Reviewers (gov't, unions, auditors), -Managers
1.2.2 Uses: Financial performance, efficient use of resources, financial position, long term stability, liquidity for short term survival, compliance, social responsibility
1.3 Relevant
1.3.1 Reliable
1.3.1.1 comparable
1.3.1.1.1 understanable
1.3.1.1.1.1 verifiable
1.3.1.1.1.1.1 Timely
1.3.1.1.1.1.1.1 cost/benefit
2 Steps in Planning Process
2.1 1. Objectives/ MIssion
2.1.1 2. Long Term Plans
2.1.1.1 3. Short Term Plans
2.1.1.1.1 Budget
2.1.1.2 How the business will aim to meet its objectives
2.1.2 What the business is ultimately trying to achieve
2.1.2.1 Typical objectives are to maximise sales; profit; revenue, financial survival, financial stability, growth, satisficing, sus. devlpt, wealth enhancement
2.2 CONTROL
2.2.1 compelling events to conform to the plan
3 Financial Accounting
3.1 REPORTS
3.1.1 aggregated detail
3.1.2 regulated / standardised
3.1.3 infrequent
3.1.4 historical focus
3.1.5 monetary focused
3.1.6 objective
3.1.7 P&L
3.1.8 Balance Sheet
3.1.9 Cash Flow
3.1.10 Equity
3.2 External Use
4 Management Accounting
4.1 Internal Use
4.2 REPORTS
4.2.1 Specific Focus
4.2.2 dissected detail
4.2.3 frequent
4.2.4 Forward looking
4.2.5 monetary & non monetary focused
4.2.6 less objective

Media attachments