4063 Words Oct 12th, 2014 17 Pages
Paul Buzzart

Home Learning College Enrolment Number: EX1544475
AAT Membership Number: 10958120
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Section Page

1. Terms of reference 3
2. Executive Summary 4
3. Methodology 5
4. Introduction 6
5. Analysis of Current Accounting System 11
6. Weaknesses Identified Within the Accounting System x
7. Recommendations for Improvements to the Accounting System x
8. Appendices 20
9. Managers Authenticity x
10. Matrix

1. Terms of reference
1.1.1 This report has been prepared to
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The Purchase Ledger section has a direct relationship with the General Ledger and the IWL’s suppliers. The Sales Ledger section maintains a close relationship with the sales department as well as with the General Ledger. The Payroll and Personnel Database section is working closely with shop managers from whom it collects the information to prepare payroll for employees. The department also co-operates with external users such as HMRC in order to comply with statutory requirements. The Costing Section is working closely with The Sales Director.

4.3 The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users such as suppliers, customers, government agencies or financial institutions in making economic decisions, for instance, whether to grant a loan or to give credit to the company. At the financial year end the Finance Director at IWL prepares the following financial statements:
4.3.1 Income Statement: this statement provides information about the financial performance of the company in terms of revenue from sales, costs and expenses incurred to generate the profit. It also provides information about gross and net profit generated for past financial periods. It is also referred to as the Profit and Loss Account.
4.3.2 Statement of Financial Position: this statement shows the financial position

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