Accounting Principles and Procedures

Question 1

What is the difference between Management and Financial accounts?

Answer 1

The main difference is the audience they are intended for. Financial accounts are intended for external audiences, whereas management accounts for internal audiences. Audited financial accounts are better for assessing a companies financial position.

Question 2

What does a ‘Creditsafe report’ show you?

Answer 2

Company risk score, contract limit, directors, date formed