Page 195 - F1 - AB Integrated Workbook STUDENT 2018-19

Chapter 13

Accounting and finance functions within

business

Outcome

By the end of this session you should be able to:

 identify and describe the main financial accounting functions in business:
recording financial information, codifying and processing financial information
and preparing financial statements

 explain the various business purposes for which the following financial
information is required:

– the statement of profit or loss

– the statement of cash flows

– the statement of financial position

– sustainability and integrated reports

 explain the contribution of the accounting function to the formulation,
implementation and control of the organisation’s policies, procedures and
performance

 identify and describe the main management accounting and performance
management functions in business:

– recording and analysing costs and revenues

– providing management accounting information for decision-making

– planning and preparing budgets and exercising budgetary control

189