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BTEC Business Level 3 Unit 5 P1
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BTEC Business Level 3 Unit 5 P1
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BTEC level 3 Diploma in Business Unit 5 Business Accountnn Daniil ChernatTask 1 – Help sheet on accountnng income and expenditure
Secton 1 (P1): Descriee the main purpose of accountnn for a eusiness
Accountnng isg theg recoriinng ᑁnig theg summᑁrizinng ofg theg fnᑁnciᑁlg trᑁnsᑁctonsg ofg ᑁg businessg org
ornᑁnizᑁtonng Accountnng isg useig tog ᑁnᑁlyzeg theg cᑁshg foog ᑁnig tog proiuceg theg fnᑁnciᑁlg informᑁtong ᑁbout
theg compᑁnyng Tog keepg ᑁllg recorisg ofg theg business,g itg isg necessᑁryg tog hᑁveg ᑁg recorig ofg ᑁllg trᑁnsᑁctonsng
Withoutg fnᑁnciᑁlg informᑁtong theg iᑁtᑁg isg notg noinng tog beg ᑁccurᑁteg ᑁnig yourg businessg isg notg noinng tog beg
successfulng Asg ᑁg result,g theg oonerg ofg theg businessg shoulig ᑁloᑁysg recorig ᑁllg theg moneyg cominng ing ᑁnig ᑁllg
ofg theg moneyg noinng outng Everyg yeᑁr,g theg oonerg ofg theg businessg hᑁsg tog pᑁyg tᑁxg tog theg HMg Revenueg ᑁnig
Customsg (HMRC)ng Ifg ᑁg businessg fᑁilsg tog shoog reᑁlg fnᑁnciᑁlg trᑁnsᑁctonsg org pᑁyg forg theg bills,g theg HMRCg isg
noinng tog mᑁkeg theg oonerg ofg theg businessg pᑁyg huneg fnesng Hooever,g ifg youg justg openeig ᑁg businessg ᑁnig the
proftg isg likelyg tog beg veryg smᑁll,g theng youg ionttg hᑁveg tog pᑁyg ᑁnyg tᑁxng
Monitorinng ᑁctvityg isg oheng yourg recorisg ᑁreg netnng upiᑁteig ong iᑁilyg bᑁsisg ᑁsg ᑁg resultg ofg thᑁtg itg proviiesg
ᑁg nooig explᑁnᑁtong ofg hoog successfulg theg businessg isg ing termsg ofg sᑁles,g netnng pᑁymentsg ᑁnig pᑁyinng
expensesng Ing thisg situᑁton,g ᑁccountnng ensuresg thᑁtg theg businessg hᑁsg everythinng itg requiresg tog keepg
operᑁtnnng Monitorinng ᑁctvityg incluiesg controlg ofg theg bᑁnkg bᑁlᑁnce,g tog mᑁkeg sureg thᑁtg businessg isg mᑁkinn
enounhg moneyg tog pᑁyg billsg ᑁnig tog eᑁrng someg moneyg ᑁsg oellng Theg ooner,g investorsg ᑁnig theg bᑁnkg oillg ᑁllg
neeig tog knoog thᑁtg theg compᑁnyg hᑁsg enounhg incomeg tog keepg runninnn
Controlg ofg theg businessg isg theg cᑁpᑁbilityg tog mᑁnᑁneg theg businesstsg ᑁccounts,g ohichg isg ᑁg resultg ofg theg toog
stᑁnesg mentoneing Forg exᑁmple,g ifg theg moneyg ohichg isg cominng intog theg businessg isg fᑁllinn,g youg minhtg beg
ᑁbleg tog increᑁseg sᑁles,g theg increᑁseg ofg sᑁlesg helpsg businessg tog mᑁkeg moreg proft,g ᑁsg ᑁg resultg ofg thᑁtg
businessg isg noinng tog beg moreg proftᑁbleg ᑁnig successfulng Moneyg ohichg isg cominng outg ofg theg businessg isg toog
hinh,g youg mᑁyg hᑁveg tog cutg yourg costsng Theg reiucinng ofg theg costsg isg ᑁg nooig iieᑁ,g ifg yourg proftg isg notg veryg
hinhg ᑁnig youg ionttg hᑁveg enounhg moneyg tog pᑁyg ᑁllg theg billsng Theg costsg coulig beg iecreᑁseig byg pᑁyinng lessg
moneyg tog theg stᑁf,g iecreᑁsinng theg billsg ofg electricityg byg sᑁvinng moneyg ᑁnig ᑁlsog byg usinng cheᑁperg quᑁlityg
thinnsn
Mᑁnᑁnementg ofg theg businessg isg oheng theg persong cᑁlleig “mᑁnᑁnerg “isg plᑁnninn,g controllinng ᑁnig
monitorinng theg resourcesg ofg theg businessng Ag mᑁnᑁnerg ohog unierstᑁnisg ᑁg lotg ᑁboutg ᑁccountsg oillg beg veryg
nooig ᑁtg mᑁkinng choicesg ᑁnig ᑁtg preiictnn g theg futureg ofg theg businessng Mᑁnᑁnementg ofg theg businessg
incluiesg ᑁccurᑁteg cooriinᑁtong ofg funisg hᑁvinng stᑁf,g equipment,g stockg ᑁnig moneyng Theg mᑁnᑁnerg shoulig
ᑁloᑁysg controlg sufcientg moneyg tog pᑁyg oᑁnesg ᑁnig forg stockg ᑁnig ᑁlsog tog bᑁlᑁnceg cᑁshg infoog ᑁnig
outnoinnsn
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