Summary
Summary Accounting Revision Resources
- Institution
- AQA
ACCN1 topic revision notes creating an overview of the first topics covered in the first year of A-level
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Topic 1 Role of the Accountant Revision ResourcesAccountants Roles:
• Collection (collecting money)
• Accuracy (make sure that all of the information is right)
• Recording (make sure that all information is recorded in the correct places)
• Analysis (what does this information show)
• Presentation (make sure that the information is displayed in a valid format for the end user)
Administrative Roles:
• FA- Primarily financial data collection, entry and report generation
• MA- Accountant can also deal with third parties (e.g. suppliers, customers and financial institutions)
• MA- Determine operational plans in the future, review past performance and check current business
functions
Management Accounting:
• Presented internally
• Necessary for managers to make current and future financial decisions
• Used to make decisions on the day-to-day operations of the business
• Not based on past performance but on current and future trends
• Operational decisions in a changing environment
• Forecasting markets and trends
Financial Accounting:
• Meant for external stakeholders
• Presents the financial health of the organisation
• The audience is the Board of Directors, shareholders, financial institutions and investors
• Financial Accounting reports must be filed on an annual basis
• Presents a specific period of time in the past, enables the audience to see how the company
performed
Financial Accounting: Management Accounting:
Purpose: Financial Data collection allows Day-to-day decision making to
the external stakeholders to see forecast future trends in the
how the company has performed market
Requirement: Legal requirement and filed with No legal obligation although it
the HMRC can be beneficial
Audience: The External Stakeholders The Internal Stakeholders- e.g.
managers
Externally Reviewed?: Yes- have to be audited No- it is subjective
Frequency: Periodically: normally annually Day-to-day: as and when
required
Focus: Focusses on the business’ past Focusses on the business’
performance current and future trends
Scope: The whole business The Individual, Team,
(what does it encompass) Department, Whole Business
etc. it depends
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