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