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MOD003319 Introduction To Accounting Anglia Ruskin University

1921Downloads1 I Published: 27 Mar ,2020


Accounting is the systematic process in relation to record the financial statements. This is the process which works as to summarizing, analysis and reporting the relevant information so that all thing can be done in expertise mode. It is the process of communication about financial information about business entity to users.  The present report will outline the activities of firm as Mark & Spenser. It is the firm which is engaged in proving clothing stuff to men and women. In addition to this it will be inclusive of things as are Sever users of IASB, construction on financial statements and advantage and disadvantage of adsorption and marginal costing.

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Part 1

A. Identification and description on relevant stakeholders.

In this there are two kinds of stakeholder to collect the financial information so that they are able to take better financial decision. Users can be known as stakeholder and these are two types as are-

External stakeholders- it is inclusive of follows as are-

  • Creditors- They work as to having effective determination of credit worthiness of the entity. In this the terms of credit are set by the creditors as per the customers financial statements. The creditors may be inclusive of lenders and suppliers of fiance such as banks.
  • Tax authorities- They are those who works as to determine the credibility of the taxes filed on behalf of the enterprises.
  • Investors- they are the person who take the decision in relation to analyses the amount which is need to be invested in the company. The investor need to sure about the return on investment.
  • Customers- In order to access the financial position of the suppliers, it is important to maintain stable source of supply for longer period.
  • Regulatory authorities- In order to ensure companies accounting information as per the rules and regulations which are set to protect the interest of stakeholders.

Internal stakeholders- This is inclusive as are-

Management – In order to analyze organization performance and takes steps to having improvement in the firms results.

Owners- This is helpful in order to analyze the viability and profitability of the investment and it is helpful in having determination of future course of action.

B Explanation on construction on financial statement meets their needs.

In this it can be said that financial statement is very helpful in relation to make the proper evaluation in equity decision and help them to make informed about the decision as how to give their vote on the corporate matters. Under this it states that operating profit margin is one of the important metric for evaluation of the companies financial management. These as are-

  • Income statement- In this it is stated that income statement is one of the core financial stamens which reflect the profit and loss of the one specific period. It can be determine by taking all the revenues and subtracting it from expenses. It is helpful to stakeholder to the company in relation to have the information about revenue and losses so that they are able to take proper decisions.
  • Balance sheet- It is the kind of financial statement which is helpful in relation to shows that what the profitability is earned by the company during the specific period. It shows firms assets, liability, debs and equity. Thus, the stakeholder can takes the effective decision.
  • Cash flow statements- it reflects the changes in the balance sheets that how it gets affected.  It works as to breaks the analysis down to operating, investigating and financial activities. Tit is also useful to the companies' stakeholder din relation to take the better and effective decision.
  • Statement change in equity- This is the statement which shows reconciliation of the beginning and ending balance of the firms. It is helpful in order to presenting the summary and various changes in the retained earning in U.S, GAPP etc. 

Part 2

a. Define the advantage and disadvantage of absorption and marginal costing.

Absorption and marginal costing is helpful in relation to determine the systematic information of companies. These as are-(advantages)

  1. Absorption costing- in this all the manufacturing cost of the item is absorbed by the units produced. The advantage and disadvantage in this relation as are-
  • It is helpful in relation to provide compete information about the profitability of enterprise.
  • Absorption costing is the inclusive of the firms fixes cost operation as are salaries, facility rentals, utility bills etc.
  • It is helpful in determining the need of production in advance for the anticipated increment in seasonal sales.

Disadvantages as are-

  • It is fails to provide analysis on profit and volume as it is done by the variable costing methods.
  • If the fixed cost is major part in the production than it is very difficult to determine the variation in costs.
  • Absorption cost is not effective to determine the potential profitability of differed lines.

Marginal costing- This is referred in which total unit of cost is charged to the variable cost of the firm are known as marginal costing.


  • It is very simple to understand and easy to operate.
  • It provides reliable measurement for decision making.
  • It shows clear impact in the variation in volume of sales.


  • In this there cannot have effective division of fixed as well variable cost.
  • In this fixed cost remains constant at each level of output and variable cost changes as per the output.
  • In this the tax authorities do not accept the valuation of stock.
  • A garage specializing in service cars, rents vans and other vehicles- There will be use of Zero based accounting methods.

b. Identification of the costing system of each of the type business listed below as are-

  •  A construction film firm specialized in building offices or house.- there will be use of contract costing methods.
  • Car manufacturing industry produce cars and SUV'S- There will be sue of operating costing techniques.


Based on the above report it can be concluded that accounting is the method which provided systematic information. The present report is inclusive of things as are Sever users of IASB, construction on financial statements and advantage and disadvantage of adsorption and marginal costing. 

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  • Hemmer, T. and Labro, E., 2016. Productions and Operations Management & Management Accounting.
  • Weetman, P., 2016. Financial and Management Accounting with MyAccountingLab Access Card. Pearson/Education.
  • Lanen, W., 2016. Fundamentals of cost accounting. McGraw-Hill Higher Education.
  • Hemmer, T. and Labro, E., 2016. Productions and Operations Management & Management Accounting.
  • Bennett, M. and James, P. eds., 2017. The Green bottom line: environmental accounting for management: current practice and future trends. Routledge.
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