Business Level 3 Unit 1 P1

409 words - 2 pages

P1: Describe the main reason of accounting within an organization

The purpose of accounting in Sainsbury’s it to record financial transactions, actual or planned. By using the figures given you can produce financial information. Here are some reasons why accounting in a business is important.

Recording transactions is important for Sainsbury’s because by keeping up to date records this will allow them to have a smooth running business.
Monitoring activity is important for Sainsbury’s because there records will be updated on a daily basis and by using monitor activity it will provide good information on how Sainsbury’s is doing in paying expenses, sales and receiving payment.

Another reason why accounting is ...view middle of the document...

The equipment brought will stay in a business long and medium periods of time for example equipment, premises and vehicles and they are called fixed assets. When you buy opining stock the money will come out of the capital income and after a month or so your stock will be paid by revenue income.

Capital expenditure:

Capital expenditure is the amount of money spent to upgrade or acquire assets for example vehicles, building, equipment and machinery. So by acquiring these assets you can increase the company’s efficiency or capacity for more than one accounting period.

Revenue income:

Revenue income is when the money comes into a business from day to day duties, providing a service or selling goods. Revenue income depends on what the business does to obtain money example commission received sale and rent received.

Revenue expenditure:

Revenue expenditure is the money spent on items on a regular or day to day basis.
Example
Purchase stock
Premises costs
Staff costs
Financial cost
Selling and distributing costs
Administrative costs.
Organization | Capital Income | Capital Expenditure | Revenue Income | Revenue Expenditure |
Tesco’s | * Invested by owner | * Vehicles * Building * Equipment * Machinery | * service * selling goods | * staff costs * purchase stock * administrative costs |
Save the children foundation | * Other investors | * Building * Equipment | * Donations * Sales of donated stock | * Rent * Bills * Website |
Stockwell park high school | * Other investors | * Building * Equipment | * Service | * Staff costs * Premises costs * Admin costs |

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