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IndexNumber. Level 6 Accounting Task1. late commer.pptx -...

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BYYOUR NAMEINDEX NUMBERBYYOUR NAMEINDEX NUMBERTASK 1Presentation With Supporting Notes
Outline of PresentationLO1 AC 1.1 Role Of Accounting Concepts And Standards In Financial AccountingLO1 AC 1.2 Characteristics Of A Public Limited Company’s Financial StatementLO1 AC 1.3 Usefulness Of A Public Limited Company’s Annual ReportLO1 AC 1.4 Roles And Responsibilities Of Directors And AuditorsLO1 AC 1.5 Usefulness Of The Elements Of A Public Limited Company’s Annual ReportExtension activities:1M1 How Legislation Affects Business Organisations Accounting Processes1D1 The Impact On Limited Companies Of The International Accounting Standards
Role Of Accounting Concepts And Standards In FinancialAccountingAccounting principles are viewed as a wide variety of norms meant to offer a fundamentalfoundation for financial reporting, according to a research by Kumar (2018). These conceptsand principles are significant because they apply to the whole accounting process and have adirect influence on the preparation of financial statements.Here are some of the roles they play:Accounting is a language of an organization. With this in mind, accounting concepts give itmore meaning and help convey the same meaning to its users.Accounting concepts make accounting information more understandable. It enables users offinancial statements to easily understand them.Accounting principles are viewed as a wide variety of norms meant to offer a fundamentalfoundation for financial reporting, according to a research by Kumar (2018). These conceptsand principles are significant because they apply to the whole accounting process and have adirect influence on the preparation of financial statements.Here are some of the roles they play:Accounting is a language of an organization. With this in mind, accounting concepts give itmore meaning and help convey the same meaning to its users.Accounting concepts make accounting information more understandable. It enables users offinancial statements to easily understand them.
Role Of Accounting Concepts And Standards In Financial AccountingContinuationAccountants will be motivated to generate financial information that matches the expectations ofthe favored user group if there are no accounting rules to decide how particular transactionsshould be classified, according to (ACCA, F7). Creative accounting procedures such as off-balance sheet finance, for example, can be used to improve a company's financial health andmake it more appealing to investors and lenders.The roles of Accounting Standards to:provide a basic framework for preparing financial statements that all business enterprises mustfollowmake financial statements credible and reliable, andcreate a general sense of confidence infinancial statementsAccountants will be motivated to generate financial information that matches the expectations ofthe favored user group if there are no accounting rules to decide how particular transactionsshould be classified, according to (ACCA, F7). Creative accounting procedures such as off-balance sheet finance, for example, can be used to improve a company's financial health andmake it more appealing to investors and lenders.

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Term
Summer
Professor
Kudze
Tags
Balance Sheet, Corporation, Limited Liability Company, public limited company

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