Maddox Smith Staff asked 4 years ago

Financial Systems and Processes

1)Summary of the attached power points to illustrate understanding of topics covered. 2) Find the the latest research on the topic. Resources should include journals, book , video and digital/audio resources etc. 3) Based on the latest references, comment on trends and/or changes. Are there any significant shifts or change on how the topic has been viewed traditionally by academics and/or industry?·         What are the three major financial reports?   ·         Discuss the factors that influence the choice of accounting systems due to the nature of the   business and country   ·         The international conceptual framework for accounting systems   ·         Identify the cash flows of a typical   business.   ·         Use the principles of cash management and planning.   ·         Prepare a simple cash budget.   ·         Examine the difference between cash and credit transactions.   ·         Explain how accrual accounting works.   ·         Explain how revenues and expenses are recognised.   ·         Work confidently with the income statement and know its purpose and content.   ·         Explain the classification of transactions as revenues, expenses, assets, liabilities and equity.   ·         Explain the accounting concepts used in preparing financial statements.   ·         Know how to calculate and use the important operating statistics of an organisation and restaurant.   ·         Explain the balance sheet, its purpose and contents.   ·         Work with the accounting equation. Apply the general principles of internal control in a   setting