Chic Paints
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- Category: Other
- Date Submitted: 09/01/2015 12:05 PM
- Pages: 3
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TITLE: REVIEWING THE PURCHASING ACCOUNTING SYSTEM OF CHIC PAINTS LIMITED AND EVAALUATING ITS INTERNAL CONTROL
1. TERMS OF REFERENCE
2.1 This report investigates the purchasing accounting system of Chic Paints Limited and making recommendations so to improve the accounting system and the internal control taking place to protect it.
2.2 In relation to the investigation of the purchasing accounting system, the report will also look at the organization as a whole and the information the organization needs from this system. The report also looks at the key stakeholders’ requirements in the business both externally and internally. Sustainability and ethical issue are also investigated and the appropriate recommendations are made for improvement purposes.
2.3 This report also analysis the recommendations made in terms of costs and benefits and also analysis the potential for fraud as a risk to the organization.
2.4 This report is prepared to cover requirements of the Internal Controls and Evaluating Accounting Systems Paper that is part of the AAT Level 4 Diploma In Accounting.
TECHNICAL NOTES
1. STATEMENT OF PROFIT OR LOSS- Looking at Chic Paint Limited the statement of profit or loss is needed to show the income earned or revenue received for that period and the expenses incurred. The statement will assist the directors and managers of Chic Paints on decision making looking at the expenses incurred or the income earned and also on analyzing the business. It also assists the directors on controlling and coordinating the business.
2. STATEMENT OF FINANCIAL POSITION- this statement will show the assets and liabilities of Chic Paints Limited and also the payables and receivables of the business. Preparing this statement will give the managers and directors of the business a clear view of its receivables and payables and how to handle them.
3. CASHFLOW FORECAST- Chic Paints Limited is expected to prepare a cash...
1. TERMS OF REFERENCE
2.1 This report investigates the purchasing accounting system of Chic Paints Limited and making recommendations so to improve the accounting system and the internal control taking place to protect it.
2.2 In relation to the investigation of the purchasing accounting system, the report will also look at the organization as a whole and the information the organization needs from this system. The report also looks at the key stakeholders’ requirements in the business both externally and internally. Sustainability and ethical issue are also investigated and the appropriate recommendations are made for improvement purposes.
2.3 This report also analysis the recommendations made in terms of costs and benefits and also analysis the potential for fraud as a risk to the organization.
2.4 This report is prepared to cover requirements of the Internal Controls and Evaluating Accounting Systems Paper that is part of the AAT Level 4 Diploma In Accounting.
TECHNICAL NOTES
1. STATEMENT OF PROFIT OR LOSS- Looking at Chic Paint Limited the statement of profit or loss is needed to show the income earned or revenue received for that period and the expenses incurred. The statement will assist the directors and managers of Chic Paints on decision making looking at the expenses incurred or the income earned and also on analyzing the business. It also assists the directors on controlling and coordinating the business.
2. STATEMENT OF FINANCIAL POSITION- this statement will show the assets and liabilities of Chic Paints Limited and also the payables and receivables of the business. Preparing this statement will give the managers and directors of the business a clear view of its receivables and payables and how to handle them.
3. CASHFLOW FORECAST- Chic Paints Limited is expected to prepare a cash...