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BTEC Unit 5 Business Accounting P1 (Pass)
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BTEC Unit 5 Business Accounting P1 (Pass)
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P1: AdidasDescribe the purpose of accounting for an organisation.
In this assignment I am going to describe the purpose of accounting
for Adidas. Adidas is a profit company headquarted in
Herzogenaurach, Germany. Adidas designs and manufactures (sport)
clothes, shoes, accessories. It is the largest sportswear manufacturer
in Europe and the second in the world. The company was founded on
July 1924 as Gebruder Dassler Schuhfabriek by Adolf Dassler and
became Adidas in 18 August 1949.
Accounting is the process of recording financial transactions that
happen within a business. The process of accounting produces
financial documents that can be used within a business or by other
people outside the business.
Record Transactions
Recording transactions is very important for a business like Adidas,
because it means that they can track the money that is coming in the
company and the money that is going out. Doing this ensures Adidas
they don’t overspend their money going this Adidas can also avoid
issues with HM Revenue and Customs (HMRC) who are responsible
for collecting tax from companies.
Monitor Activity
Adidas will use the financial documents that are produced as an
indication into how well the company is going on a daily, weekly,
monthly and yearly base. Adidas will be able to see the direction of
how well they are doing on a potentially put in a plan if the profit is
on a decreasing direction. Adidas will also be able to use the financial
documents to see whether they have enough money for the
foreseeable future.
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