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Essay / Research Paper Abstract
This 9 page paper answers 8 questions. These include the stages of the accounting cycle, why accounting is only a means to an end rather than an end in itself. Who designs and installs accounting systems, who external users may be, the different types of accounting, the impact of profitability on the balance sheet, explanations of revenue and expenses and the importance of cash flow.
Page Count:
9 pages (~225 words per page)
File: TS14_TEques17.rtf
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Unformatted sample text from the term paper:
closing entries and from the adjustment trial balance leading to the final production of the financial statements. This may be the correct order. Journalize transactions Post transaction data to
the ledger. Prepare a trial balance. Journalize and post the closing entries. Make end-of-period adjustments. Prepare an adjusted trial balance. Prepare an after-closing trial balance Prepare financial statements b). The
information produced at different stages of the accounting cycle may be used by the management and employees in different ways. The information in the ledger can give management a good
picture of the position of the company, such as assessing the level of outstanding debtors and creditors. This can help in looking at performance of the company in terms of
output, efficiency and general performance. This may include elements such as level and value of stock, level of sales, profit levels as well as productivity levels. These may
be seen as the source of management accounts which can be prepared on a regular basis, such as monthly, weekly or even daily and changes may be tracked as well
as averaged over time to allow management a greater level of control over the inputs into the system than is possible if only annual accounts are used. Question 2
It is often said that accounting is a means to an end rather than an end in itself. If we look at this we can consider the reason that the
accounts are put together. There are different stakeholders who will all have different needs, but in common they will all want to know how the company is performing. The main
measure of this is the level of profit. Shareholders will want to know this to assess their investment, and if a company does not known how much profit it is
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