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Unit 6 - Financial Accounting M1
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Unit 6 - Financial Accounting M1 M1 compare the final accounts of two organisations explaining the similarities and differences
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Abdulalah Al-JoboreUnit 6
M1
M1. Compare the final accounts of two organisation explaining the similarities&
differences.
In this task I will be comparing the final accounts of the partnership of F&O accounts and the
Henford Football Club and explaining the similarities and differences of both businesses.
The similarities
The partnership of F&O accounts and Henford Football Club have been using the same
format of business accounts in order to produce the balance sheet and trading profits and
loss account. Both of the business use this format to record the different types of
transactions, for example, F&O accounts used the balance sheet to show the values of their
assets, liabilities and so on. Henford Football Club use just the same format as the
partnership accounts, as they use the balance sheet to show their value of their assets and
liabilities. In addition, both of the accounts followed the duality concept (Double entry
system). Therefore, this means that both assets and liabilities are balanced and match each
other. This because, if the assets and the liabilities didn’t match then, the records are
incorrect.
In both accounts, the format of the trading profits and loss accounts produced in the same
way. As both of them, were showing records of different types of transaction such the
opening balance and the closing balance.
Both of the business, were following the same concept of valuing the assets such as the
equipment and stocks. As both of the accounts shows the value of their asset on the
balance sheet with the original costs, the loss in value of the assets over time (depreciation)
and also its present value. This to make sure that all the information on the balance sheet of
both accounts are showing on the balance sheets as it will help to provide the users of the
accounts with accurate and complete picture of the.
The difference
In term of profit, the partnership of F&O accounts and Henford Football Club different aims
and objectives. This is due to the fact that, the owners of the F&O accounts invested money
into their business, in order to expand their business and make profits in the future.
However, on the other hand, the Henford Football Club is not interested in making a profits
in the future, as they only want to make sure they can cover their cost and keeping running
their business. There is a slightly different in the using of accounting terminology in both
accounts. . For example the partnership called their profit as ‘profit and loss account’,
whereas the club call it ‘surplus of income over expenditure’.
The source of the income in both business are quite different. For example, the owners F&O
account have invested money in the business as a source of income and in addition to the
sales of the business. However , in the club’s biggest source of income are ’subscription’
which can be done through the yearly subscription or the ‘advance’ subscription as some
costumers pay in advance. Moreover, some of their incomes can come from the bar sales
and also donations.
1
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