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Title: Flowchart from needs & wants through to accounts
Description: A flowchart showing how needs and wants of people lead to financial transactions (mainly buying and selling goods and services) to financial documents, bookkeeping and accounts
Description: A flowchart showing how needs and wants of people lead to financial transactions (mainly buying and selling goods and services) to financial documents, bookkeeping and accounts
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Flowchart showing the link between needs and wants through to financial accounts
Individuals have needs and wants which are met
businesses through the provision of goods and
services
Financial Transactions occur,
mainly buying and selling goods/services but also
the business buying/selling assets, taking out/paying
back loans etc
...
)
Transactions are recorded using Bookkeeping –
Debits and Credits
A trial balance is prepared at the end of the period showing the
Debit or Credit balance on each account
The trial balance is used to prepare financial statements:
1
...
Statement of Financial Position
Accounts are to be sent to HMRC
Accounts can also be used as the basis for Ratio Analysis
Title: Flowchart from needs & wants through to accounts
Description: A flowchart showing how needs and wants of people lead to financial transactions (mainly buying and selling goods and services) to financial documents, bookkeeping and accounts
Description: A flowchart showing how needs and wants of people lead to financial transactions (mainly buying and selling goods and services) to financial documents, bookkeeping and accounts