Accounting Padlet by TANZ eCampus https://padlet.com/itsupport4/jtje5yjdd42u NZDB504E-17EX-M10 en-us 2017-10-04 00:12:21 UTC 2017-11-01 08:11:49 UTC hello@padlet.com Shannon Hayne https://padlet.com/itsupport4/jtje5yjdd42u/wish/195029044 Accounting Function:

Purpose: Ongoing financial record keeping that of operational expenses, salaries, donations, capital expenditures, investments, cash flow and utilities which should be tracked monthly. This information then provides the business with a financial history which allows managers a snapshot of the businesses' financial health at one time.

Businesses track accounts for a number of reasons which include:
1. To comply with legal and other requirements.
2. To provide information to stakeholders about financial performance and viability.
3. To provide information to managers for decision making.
4. To provide a structure to business activity based on the careful processing of numerical data.

The accounting function may be organised accordingly in a large business. Financial accountants responsible for recording business transactions produce of the accounts. Management accountants who calculate the cost of production and prepare management accounts. Finally, payroll who keep a record of wages payable, tax and other deductions.

Sources:
http://smallbusiness.chron.com/accounting-functions-organization-22781.html

http://businesscasestudies.co.uk/business-theory/finance/accounting-functions.html

]]> 2017-10-08 18:26:19 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/195029044 Jamie-lee jamieleeross https://padlet.com/itsupport4/jtje5yjdd42u/wish/195391954 Theory of accounting 
Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, 
Summarizing , analyzing and reporting these transactions. 
Accounting is a key factor to any business, 
Various streams of accounting, such as accounting and management accounting, are in valuable in helping management make informed business decisions. 
One of the most important key functions of management accounting is to provide necessary information and data for making short-term and long-term forecasts and planning operations of the business. 
Using techniques, statistic's like probability, budgeting, standard costing and cash fund flow statements etc are all important tools in the hands of management accounting for the business. 
Accounting help you track who owe what and what you owe to who, manage payroll records, track loan and interest repayments, maintain a budget and sets you up with the financial data you need, it is essential if you want to be able to grow a business in a way that can be measured and predicted. 
System tracking of your business assets, liability's, income lets you make smart, informed business decisions. 
Information source:

workforcehttp://www.investopedia.com/terms/a/accounting.asp. 
https://www.kashoo.com/blog/what-is-accounting-and-why-do-i-need-it 
 ]]> 2017-10-09 21:36:15 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/195391954 Julia Hine https://padlet.com/itsupport4/jtje5yjdd42u/wish/195462332 The accounting function within an organisation manages financial records, business transactions, cash flow, evaluates the current financial position of the business and forecasts for the future.

Accounting provides management and stakeholders with important data in which they can base business decisions on.

To summarise, the accounting function within business ensures they comply with legal requirements, provides information to stakeholders in relation to financial proformance, provides information to managers to assist in decision making and provides a structure to business activity in relation to the processing of numerical data.

Source used:
http://businesscasestudies.co.uk/business-theory/finance/accounting-functions.html


]]> 2017-10-10 06:56:13 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/195462332 Rachel-Jane Raukawa https://padlet.com/itsupport4/jtje5yjdd42u/wish/195870341 The function of accounting within an organisation is to help in Budgetary Control, Cost Control, Material Control and Operational Control and also in minimising wastage, losses and errors and frauds.

Through record keeping of financial transactions, business transactions etc to find out the profit or loss of the business at the end of the accounting period to enable organisations to make financial decisions for the business.

Protecting of properties accurately calculate the correct amount of depreciation to ensure the properties and assets of the business are protected from unauthorised and unwarranted use.

Communication of results to the different parties who are interested in the particular business.

Meeting legal requirements by developing a system of keeping record and reporting the results that will always meet legal requirements.

Source:
https://accountingtheory.weebly.com/functions-of-accounting.html
]]> 2017-10-11 03:37:20 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/195870341 Sam Grapes https://padlet.com/itsupport4/jtje5yjdd42u/wish/196293661 Accounting in a vital aspect of a business as it allows them to view their performance, how their competitors are faring and the development of the market/industry (Vitez, 2017).   Osmond Vitez states that there are two methods of accounting in a business environment; cash basis and accrual (Vitez, 2017).  Cash basis records transactions when cash or cash equivalent changes hands, i.e. a sale is made, a bill is paid etc.  The Accrual method is done through the recording of transactions when they occur, regardless of if any cash changes hands.  
 
In addition to these two methods, a business will also use a combination of management and financial accounting.  Management accounting is responsible for the tracking of all internal business costs associated with the products and/or services they provide.  The price that a business charges for its product(s) will include these internal costs, such as staff wages and power etc.  
Financial accounting involves creating financial statements based on the financial information generated by the company.  These statements will allow the stakeholders of the business to make decisions about the business’ future and they will hope to predict the direction that the market is headed in.

Vitez, O. (2017). Principles and Importance of Accounting for a Business. Retrieved from Chron: http://smallbusiness.chron.com/principles-importance-accounting-business-703.html
 
]]> 2017-10-12 06:41:11 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/196293661 Ashleigh Nunns https://padlet.com/itsupport4/jtje5yjdd42u/wish/196978194 Accounting is business function that helps record keep financial transactions. This helps report whether the business is making a profit or loss. Usually made up of a team, the finance department will record what comes in and out of the business, and help predict with a budget the following years to come.

http://businesscasestudies.co.uk/business-theory/finance/accounting-functions.html

]]> 2017-10-13 21:39:23 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/196978194 Maia Waters https://padlet.com/itsupport4/jtje5yjdd42u/wish/197185297 The function of accounting within a business is to systematically record financial transactions and provide accurate statistical data and information, such as profit - loss and the financial position of the business to management.
Companies can use a mixture of management and financial accounting within their business operations:
Management Accounting
- Responsible for tracking internal business costs, then allocating costs to stock or services produced by the company.
- Forecasting future sales.
- Creating budgets to manage expenditure.
Financial Accounting
- The process of creating financial statements based on the companies financial information.
- Internal or external business stakeholders will use these statements to make business or investment decisions.

Vitez, O. (2017). 

Principles and Importance of Accounting for a Business

http://smallbusiness.chron.com/principles-importance-accounting-business-703.html
Unnamed. Undated.
https://iedunote.com/accounting-importance-business-organization

]]> 2017-10-16 00:51:23 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/197185297 Lisa Turnbull https://padlet.com/itsupport4/jtje5yjdd42u/wish/199800860 Accounting is basically concerned with the recording of business transactions, designing the types of records to be maintained, preparing the reports on the basis of that recorded data and transactions and interpreting those reports. Accounting is also  concerned with communication of the results of the recorded transactions in the form of Final Accounts consisting of the Profit and Loss Account and the Balance Sheet.

https://accountingtheory.weebly.com/functions-of-accounting.html]]> 2017-10-23 22:33:56 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/199800860 Emma Bell https://padlet.com/itsupport4/jtje5yjdd42u/wish/202404731 Practice and body of knowledge concerned primarily with
methods for recording transactions,
keeping financial records,
performing internal audits,
reporting and analyzing financial information to the management, and
advising on taxation matters.
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

Accounting provides information on the

resources available to a firm,
the means employed to finance those resources, and
the results achieved through their use.

Accounting. (n.d). Business dictionary. Retrieved from http://www.businessdictionary.com/definition/accounting.html]]> 2017-11-01 08:03:12 UTC https://padlet.com/itsupport4/jtje5yjdd42u/wish/202404731