3.1 An Introduction to the role of the accountant in the business

Question 1

What are the responsibilities of an accountant?

Answer 1

Accountants are responsible for the preparation of financial statements such as I/S & SOFP and that they are submitted by deadlines. They make sure accounting concepts have been applied and Show a true fair view of the business. They analyze financial information and produce budgets.

Question 2

What is financial accounting?

Answer 2

Financial accounting uses historical information to produce financial statements.

Question 3

What is management accounting?

Answer 3

Management accounting focuses on planning, controlling, and decision making. It provides information for internal rather than external stakeholders

Question 4

What are the bookkeepers responsible for?

Answer 4

Bookkeepers are responsible for recording day to day transactions in the book of prime entry and in the ledgers.

Question 5

What are auditors?

Answer 5

Auditors are appointed by the directors to check the financial statements that have been produced by the directors or other employees of the company.