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Published in:
1992 | OriginalPaper | Chapter
Accounting
Author : G. Gorman
Published in: Business Studies A Level
Publisher: Macmillan Education UK
Included in: Professional Book Archive
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Figure 5.1The need for financial records All firms have to keep financial records, which serve various purposes, as illustrated in Figure 5.1. Accounts are used for management and control of the organisation, providing information such as: which customers/products are most profitable;which products/departments consume the most working capital;when the organisation may need to borrow;which products are most frequently returned because of faults;whether the firm can afford new investment.