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Write a concise report detailing the purpose and value of keeping accurate financial records.

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  • Essay length: 796 words
  • Submitted: 22/09/2003
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University Degree Finance

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VCE Business Assignment - Task 1A

Write a concise report detailing the purpose and value of keeping accurate financial records.

ac-count-ing. The principles and methods involved in keeping a financial record of business transactions and in preparing statements concerning the assets, liabilities and operating results of a business.

The purposes of accounts are there not just for the organisations benefit but for the stakeholders as well.

Legal requirements also play a major part in the maintenance of companies financial records. The government and its subsidiaries are the main people who have an interest in the preservation of the company's accounts. Most 'Taxes' are checked up on annually. Customs and Excise are responsible for the V.A.T. (Value Added Tax - Set at 17.5% in the U.K) collecting. ALL companies MUST keep V.A.T. records and accounts. It is extremely illegitimate if a company does not pay its V.A.T.

Corporation Tax (took from a companies profits) must also be paid to the Inland Revenue as well as National Insurance Contributions and Income Tax.

(Source - http://www.inlandrevenue.gov.uk/)

" The Inland Revenue's Core Purpose is to ensure that everyone understands and receives what they

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