Role Of The Accountant

Question 1

Role of the Book-Keepers (AKA Ledger)

Answer 1

Responsible for day-to-day transactions

• Maintain accounting records
• Entering transactions in books of prime entry
• Verifying accuracy of records

Question 2

Role of the Accountants

Answer 2

Responsible for prep of financial statements. E.G Income statement/SOFP

They ensure
1. Accounting concepts have been applied
2. Financial statements show a fair & true side of business

Question 3

Management Accounting notes

Answer 3

Focuses on planning, control & decision making

Prepared for internal use and provide info for internal stakeholders

Control -> Standard costing & calc variances between budgeted/actual costs
—————–
Decision Making -> Short Term or Long Term

Question 4

Financial Accounting notes

Answer 4

Uses historical information to prepare financial statements

For example
-> Income Statement
-> Statement of Financial Position
-> Annual Report