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Unformatted text preview: There are two main forms of accounting information: (1) Financial Accounts, and (2) Management Accounts Financial Accounts - A Definition Financial accounts are concerned with classifying, measuring and recording the transactions of a business. At the end of a period (typically a year), the following financial statements are prepared to show the performance and position of the business: Profit and Loss Account Also known as the income statement. Describing the trading performance of the business over the accounting period Balance Sheet Statement of assets and liabilities at the end of the accounting period (a "snapshot") of the business Cash Flow Statement Describing the cash inflows and outflows during the accounting period Notes to the Accounts Additional details that have to be disclosed to comply with Accounting Standards and the Companies Act Directors' Report Description by the Directors of the performance of the business during the accounting period + various additional disclosures, particularly in relation to directors' shareholdings, remuneration...
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This note was uploaded on 04/03/2012 for the course ACCT 272 taught by Professor Mensah during the Fall '08 term at Rutgers.

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Information - There are two main forms of accounting...

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