ICAS project

Can someone explain these points please and how to do them?
1.2. Explain the various business purposes for which the following financial information is required:
● statement of profit or loss
● statement of cash flows
● statement of financial position

1.4 Explain how the accounting systems are affected by the organisational structure, systems, procedures, and business transactions.



  • bcasolutions
    bcasolutions Registered Posts: 3
    These are my answers:

    1.2 The Schools Finance Team has many roles and responsibilities, divided between the central function and schools support function. The largest responsibility of the central function is to calculate and delegate the schools’ budgets by interpreting and following central government legislation, to create a suitable funding formula for all schools. The central function also produces yearly financial statements for the schools. The Income Statement, Cash-Flow Statement and Balance Sheet are statutory documents that must be produced each year, to inform the public- the main stakeholders – that their financial contributions are being managed effectively and for the benefit of the county. These documents assist in the financial and strategic planning of the Council.

    1.4 This was spread over many sections, too much to post on the forum, but if you require a working example I can always email you a copy.
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