Financial Accounting coursework - Essay Example

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Financial Accounting coursework

References………………………………………………………………………………..7 1. Executive Summary This report includes some of the basic principles and conventions that must be adhered to while preparing the financial statements. It includes analysis and evaluation of some of the accounting practices and conventions. This report also analyses and evaluates some of the accounting practices in Marks & Spencer Plc. 2.1 Accrual Accounting Accrual concept includes recognition of revenue when earned while expenses are only acknowledged when they are suffered or incurred. This accounting concept needs creation of an extra account that records the variance obtained from the difference between revenue and expenses recognized as well as reception or payments of cash. Accounts receivable is normally used in recording accrued incomes while deferred revenue account is used to record revenue not earned (Banerjee 2005, p. 4-5). On the other hand, accrued expense account is used in recording expenses before payment of cash while deferred expense account is used in recording expenses after paying cash. This type of accounting concept is very expensive and that it is possible for the account to owe taxes on their income even before the cash is received. ...Show more

Summary

Financial Accounting Table of Contents_Page 1. Executive Summary…………………………………………………………………….2 2.1 Accrual Accounting……………………………………………………………………2 2.2 Going Concern…………………………………………………………………………3 3…
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