• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Financial Accounting

Extracts from this document...


Financial Accounting Financial accounting or 'book-keeping' is the process of recording financial transactions from the day-to-day operation of a business. The sale of goods to a customer and the subsequent settlement of the debt are two examples of financial transactions. Sales Accounting When credit sales are made to customers, a record needs to be kept of amounts owing and paid. Payment is normally requested with an invoice. An invoice usually gives details of goods supplied, quantities, prices and VAT. Credit sales are usually made on weekly a basis, which means that the customer has to pay within that period to obtain the discounts, if any offered. Overdue payments need to be chased, so sales accounting systems normally produce reports analysing the indebtedness of different customers. Debt control is vital to business profitability and computerised systems can produce prompt and up-to-date reports as a by-product of the main application. Human Resources The human resources (personnel) ...read more.


The production department must know exactly what is required and when; it must also have the staff with the necessary skills and any machinery must have the appropriate facilities and production capacity. Marketing A marketing function is a vital part of many large national and international businesses; it aims to generate information, from a wide range of data sources, to support marketing decisions. Three such decision areas are: 1. Strategic and relating to, for example, expansion of the company's existing market share and the identification of new marketable products; 2. Tactical, for example, planning the marketing mix; 3. Operational, for example, day-to-day of sales calls and ad hoc promotions. At the operational level, data gathered from sales invoices, sales force staff and accounting information could be used to establish customer types. This means customers can be classed as 'low', 'medium' or 'high' volume users according to the frequency and volume of their orders. This helps sales staff target a particular category of customer and to plan the timing of sales calls. ...read more.


ICT Services Apart from small firms, most organisations need specialist staff to develop, introduce, maintain and update the various systems that make use of information technology. The responsibilities of ICT Services are much broader than those traditional held by wholly centralised computer services or data processing departments because communication is a larger part of IT with the introduction of the internet and E-mail amongst other things.. The development of cheaper and more powerful microcomputer systems has resulted in computer facilities being distributed more widely. For this reason, ICT Services needs to provide a much more flexible service and support user systems at the point of use. For example, uses of network workstations need support when equipment, such as a shared printer, breaks down or they may require help in the use of software on the network. This contrasts with a centralised department, which holds all the computer equipment, carries out all computer processing and restricts user access to specialised applications, run through dedicated terminals. ICT Services may be known variously as Computer Services, Management Information Services or less commonly now, the Data Processing Department. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Business Aims and Objectives.

    The aim of resource management and waste minimisation is to reduce and refuse waste. This can be done by: * Operating more efficiently to minimise waste * Recycling waste materials * Disposing of dangerous or special waste responsibility and according to the law.

  2. The use of ICT in accounting

    they basically are an organised sheet of columns or rows which can be used for things such as, calculations and data handling. The three main advantages of using computerised spreadsheets are as follows: * Calculations such as the mean of something, or standard deviations, or regression analysis * Spreadsheets can

  1. The Use of Geographical Information Systems (GIS) And International Technology Transfer by Non-Governmental ...

    made a basis for critical attention of researchers interested in the relationship between technology and development. DIGITAL MAPPING AND DEVELOPMENT AGENCIES Many reasons have been proposed as to why the GIS technology is attractive to development agencies? Mather (1997) suggested three most impotent reasons.

  2. kanthal - accounting

    allocations, the real cost of an order for a given customer was not properly captured. These methods of cost treatment lead to the merging of costs and revenues across all orders and sales, despite their profitability or unpredictability. Appendix 'A' shows that under the old system, two products- one stocked (customer #33514 - case exhibit 7)

  1. Introduction to sales promotions

    I presume that their main idea is to have their target audience picturing themselves watching the world cup and drinking coke out of the free glass before they actually purchase it. Deciding the Style This stage in the success of a sales promotion must link with the format of the promotion and be compatible with its aims.

  2. College breakdown

    They are delighted to inform you if you are interested in joining the Fitness Centre. The membership will cost approximately �2.50 for the first 3 months and thereafter �4.00 a month for the rest of the month. To renew a membership is free of charge until the 20th March 2004.

  1. Business Administration: Management Accounting

    Cost management can provide the tools, techniques, and mechanisms needed by companies to help achieve goals and strategies (Andersen, 1999). The augmentation of automation and rationalisation in manufacture, as well as the steady increase of complexity in production and distribution, has led to a serious adjustment of the companies cost structure (Freidank, 1997).

  2. Assignment in Financial Accounting

    The financial statements reflect the effects of economic events on the business entity. Financing may be obtained from owners, lenders, or both. When owners provide financing, assets and owners' equity on the balance sheet increase. When money is borrowed from lenders, assets and liabilities on the balance sheet increase.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work