This week’s topics
Purpose of Recording Financial Transactions
- Statutory and legal obligations
- Preventing fraud and detecting errors
- Maintaining a complete audit trail
- Monitoring organizational performance
- Importance of Business Accountancy
- Introduction to accountancy in business
- Some legal obligations – ACCA Paper BT
What you will be able to do
- 1.1 Explain why business organisations need to record financial transactions.
Activity
Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: explain why business organisations need to record financial transactions.
Study materials
Videos
- Importance of Business Accountancy · YouTube · Galton College · 24 min · for registered students
- Introduction to accountancy in business · YouTube · Galton College · 23 min · for registered students
- Some legal obligations – ACCA Paper BT · YouTube · OpenTuition · 13 min · for registered students
Further resources
- Financial Accounting, ch. 1: Why Is Financial Accounting Important? · PDF · Saylor Academy, textbook chapter; pp. 6–30 · for registered students
- Principles of Accounting, Volume 1: Financial Accounting, ch. 3: Analyzing and Recording Transactions · PDF · OpenStax, textbook chapter; pp. 115–202 · for registered students
- Financial Management Skills in Small Tourism Businesses: An Exploratory Study · PDF · Reading, article · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
