NO.1. the responsibility of the personnel
who are engaged in financial accounting work for an enterprise are, firstly, to
record fully and accurate each and every financial transaction in which that enterprise
is involved. Those include all transaction which involve the receipt or payment
of money or money’s worth, including the purchase or sales of goods, material
or services (including trade and other debtors) and liabilities (including
trade and other creditors).
The next task of the accounting personnel
is to collate and analyses the records of all the transaction, and to produce
complete and accurate statements and reports which are required by the
management and/or by other authorized and interested parties (such as potential
investors, shareholders or stockholders, banks and other financial
organization, etc.) to illustrate clearly and accurately the effects of the
financial transaction on the performance and financial position of the
enterprise.
It is essential that the various statements
and reports produced are always complete and accurate, that they are as up to
date as is possible, and that they are presented in the most suitable format to
enable them to be interpreted and understood easily and correctly by management
and/or by other parties - who might be “laymen” and who might not be conversant
with the technicalities and techniques of accounting. Those features will allow
meaningful decision – based on the content of the statement and reports – to be
taken by the management and /or other parties in the best ineptest of the enterprise.
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