Accounting 1

Question 1

How to accounting principles integrate with firms?

Answer 1

They allow to see if a firm is financially successful, failing or just surviving.

Allow planning and to see if they can expend of things/staff/service.

Track expenditure and income (Cash flow statements)

Provide statutory information to government.

Question 2

What information do you need to provide a government and RICS?

Answer 2

End of year financial accounts.

Carried out by a Chartered Accountant

Includes Statements of Financial Position, Profit/Loss Statements and can include Cash Flow Statements.