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Class notes

Users of Financial Information
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  • Course
  • Business Accounting
  • Institution
  • The University Of West London

Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use

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Document information

  • March 4, 2023
  • 2
  • 2021/2022
  • Class notes
  • Bindhu
  • All classes

Subjects

  • financial accounting
  • accounting
  • business accounting

Written for

  • The University of West London
  • Unknown
  • Business Accounting
All documents for this subject (3)

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sarusuthy

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Users of financial accounting information

• Managers. These are the day-to-day decision-makers. They need to know how well
things are progressing financially and about the financial status of the business.
• Owner(s) of the business. They want to be able to see whether or not the business is
profitable.
• Investors. either existing ones or potential ones. They want to know whether or not
to invest their money in the business.
• Suppliers. They want to know if there is any risk of not being paid what they are due.
• Government. They need it to be able to calculate the taxes payable.
• Financial institutions. If the owner wants to borrow money for use in the business,
then the bank will need such information.
• Employees. They need to know financial status. Jobs, pay rises & pensions

Types of Organisation

Different types of business organisations:

• Private Limited Company
• Public Limited Company (Plc.)
• Not for Profit
• Separation of ownership and management:




• Limited Companies:
- Capital is divided into small parts called shares and owners of these shares
are called ‘shareholders’
- Separation of ownership and management
- Run by directors according to the wishes of shareholders.
- The business is legally different from its owners.
- Has Limited liability -their owners are not personally liable for the firm's
debts
- Pay corporation tax.

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