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Unit 5 - Business Accounting P1 P2

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Unit 5 - Business Accounting P1 P2 Understand the purpose of accounting and the categorisation of business income and expenditure P1 describe the purpose of accounting for an organisation P2 explain the difference between capital and revenue items of expenditure and income

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  • January 26, 2019
  • 11
  • 2017/2018
  • Essay
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  • unit 5 business accounting p1 p2
  • unit 5 business accounting
  • p1 describe the purpose of accounting for an organisation
  • p2 explain the difference between capital and revenue items of expenditure and

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Abdulalah Al-Jobore

Unit 5 Business Accountnn




Understand the purpose of accountnn and the
catenorisaton of business incoee and expenditure
By
Abdulalah Al-Jobore




Contents

1

,Abdulalah Al-Jobore

Unit 5 Business Accountnn
Introducton…………………………………………………………………………………………………………………………3
Purpose of accountnn …………………………………………………………………………………………………………3
Capital income …………………………………………………………………………………………………………………….5
Revenue income ………………………………………………………………………………………………………………….7
Capital expenditure ……………………………………………………………………………...................................8
Revenue expenditure …………………………………………………………………………………………………………..9




Task 1



2

, Abdulalah Al-Jobore

Unit 5 Business Accountnn
Understand the purpose of accountnn and the catenorisaton of business income and
expenditure
Introducton
I am currently workinn for Younn Money Accountnn and as a part of my traininn and I am
required to research the need for the business to create accounts, considerinn any lenal and
neneral implicatons of not doinn so. The partners requirinn me to research diferent types
of finance and income available to a business both at the inital set up and ensure, it
contnues tradinn. Finally, the partners wanted me to research the various types of
expenditure of the business will have to make, in the course of a financial year.
The criteria
 Describe the purpose of accountnn for an ornanisaton
 Explain the diference between capital and revenue items of expenditure

Purpose of Accountnn
Record transactons
All the business have to make sure they keep records accurate and up to date as it is very
important for the business to run well and smoothly. The owner of the business must make
sure they records all the cash fow in the business ( such as the income form sales) and cash
outflow of the business ( such as the costs of pay the business liabilites such as the rent
etc.).Business minht net in trouble sometme with the HM Revenue and Customs as result of
not recordinn the business payments and bills or the money cominn from sales. If the
Business’s transactons not records correctly they will not be able to have an accurate
reports on their finical performance which could lead to have a wronn tax payment records.
In record transactons, there is a ledner account and it is used in order to set sort balance
sheet and income statement transactons. Most of the ledner accounts will include the
business’s asset accounts investment, cash, land, equipment and other diferent type of
asset. The neneral ledner liability accounts will include diferent type of liability such as note
payable and customer deposits. As well as the assets and liability, there will be some
example of income statement accounts which will include sales, salaries costs, and rent
costs and so on.




Monitor actvity



3

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