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Question: P1 Describe how legislation and accounting concepts affect an organisation’s accounting policies.

P2 Explain how a limited company’s financial statements are influenced by the legal and regulatory framework

M2 Assess the impact of adjustments to profit and loss account and balance sheet items for a limited company

D1 Justify the application of accounting conventions and regulations to ensure that the financial statements meet their users’ needs

Unit 6: FINANCIAL ACCOUNTING - ASSIGNMENT 1
Unit code: T/502/5416
QCF Level 3: BTEC National
BTEC Level 3 Nationals specification in Business

Answer: P1 In this report I will explain what accounting legislation is and how it impacts organisations’ accounting policies and procedures.
The Companies Act (1985, 1989, and 2006) regulates how companies work and states the legal limits a company can do their business . This Act affects accountants because the accounts shown by a business will tell accountants how big or small their business is. Another way in which this affects accountants is because the accounts that they control in the business need to be precise and that the accounts are following the guidelines to prevent the audit from noticing any mistakes.
The Partnership Act (1890) governs the rights and duties in a partnership business. This Act affects accountants because the accountant needs to ensure that the members of the partnership have the correct information and both have access to the accounts. Divisions of profits a...(short extract)

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  • Subject: Business
  • Course: BTEC Level 3 in Business
  • Level: BTEC
  • Year: Not applicable
  • Mark: Not available
  • Words: 3817
  • Date submitted: December 04, 2017
  • Date written: September, 2017
  • References: No
  • Document type: Essay*
  • Essay ID: 8206

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