Unit 5 P1 P2

In: Business and Management

Submitted By shalom3
Words 934
Pages 4
shalom kpogho

What is Accounting?
Accounting is the process of keeping financial accounts in check and stored in records for future references. Every business have to keep in check of their accounting data so that they know how much they have spent. How much goes in and how much goes out. There are many ways businesses keep record of data in the business by using a cash flow sheet, profit and loss account and a balance sheet. All these ways of keeping the business updated about the money they use, lose and make helps them for the future will let them know what to avoid or what to do again in order for that certain thing to happen again.

Recording transactions
Recording transactions of a business is to keep record of how much is being spent or how much is being sent to the company. Many keep record of this in a journal or documented so they have history of previous transactions made by the business. For example HM customs and revenue keep monthly transactions made by the public so they keep it as a data in their system of people who have made transactions with them. Annual and property transactions are also kept in a database with HM so they have all the transactions of the UK.

Monitoring activity
Monitoring activity of a business is key as you need to keep an eye on what the business is doing for example what transactions are being made and what money is being taken out or being put into the business and what the money is being spent on. Having a profit and loss account spread-sheet for monitoring activity that the business makes can be very helpful as it allows the business to know how much the business has made and lost and as well as knowing how to avoid it next time. Having a cash flow sheet can also help monitoring activity as it shows the breakdown of everything the business has spent down to the last penny and how much they have sold the…...

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