2023 years ago     0     235     Manual


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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