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Financial accounting & business operations
This document outlines the key components of financial accounting and business operations including cash book, general ledger, sales, purchases, fixed assets, payroll, inventory management, accounts receivable and payable, loans, provisions, bank reconciliation, accruals, consistency, prudence, accounting periods, transactions, financial statements, and notes. It also discusses operating cycles, stakeholders, business growth, working capital, taxation, and treatment of subsidiaries, joint ventures and associates. The overall purpose is to provide a comprehensive reference of elements involved in financial accounting and managing business operations.
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- 1. Cash Book General Ledger Sales Purchase FixedAsset & Changes to Maturity Petty Cash Pay roll Day Book • Sales • Purchase Journal Inventory Information database • Records • Updates on inventory level • Decision support • Management control • Recording • Classifying • Summarizing • Interpretation • Loans • Receivables • Payables • Provisions Others Bank / FI Reconciliation Accruals /Matching Consistency Prudence Going concern Accounting period • Trial Balance & Adjustments • Financial Statements Notes Transactions & Hedging • Customer • Supplier • Stakeholder • Regulatory • Board • Investor FINANCIAL ACCOUNTING & BUSINESS OPERATIONS Changes/ Updates Payments, Feedback, Inquiry , Information flow Restructuring activities • Acquisitions • Debt structure • Mergers Growth • Tangible • Intangible • Identified • Unidentified Business Operations Customers A/c Owners A/c ____ Stakeholder OPERATING CYCLE PERIOD • Consolidated Accounts • Financial Markets • Analyst • Auditor • Employee salary • Overtime • Taxation • General & admin Working capital Capital gains & Credit risk 12/25/2015 Subsidiaries Joint ventures Associates Financial / instrument