Task 1

You have been recently appointed as the financial consultant of Tesco Plc a UK incorporated retail company that is facing rapid growth. Tesco Plc has opened a new branch in Manchester, and this branch requires the implementation of financial controls that match with the already existing operations. The management team is looking to employ an accountant for this new branch. Before taking this step they need to understand the reasons for recording and reporting financial information, the legal responsibilities they have in this respect and the usefulness of financial information. They also require some specific help in relation to working capital and in respect of a new project which they are considering. Your answers should be based on law and regulations in the UK. You are required to produce a written document for the board of directors that answers their questions about accounting and financial control and to produce some calculations in respect of figures they have provided. Your answer should include a brief introduction of the company to indicate the financial performance of the company. Your answer should include a presentation covering the purpose and requirements for keeping financial records. You have been recently appointed as the financial consultant of Tesco Plc a UK incorporated retail company that is facing rapid growth. Tesco Plc has opened a new branch in Manchester, and this branch requires the implementation of financial controls that match with the already existing operations. The management team is looking to employ an accountant for this new branch. Before taking this step they need to understand the reasons for recording and reporting financial information, the legal responsibilities they have in this respect and the usefulness of financial information. They also require some specific help in relation to working capital and in respect of a new project which they are considering. Your answers should be based on law and regulations in the UK. You are required to produce a written document for the board of directors that answers their questions about accounting and financial control and to produce some calculations in respect of figures they have provided. Your answer should include a brief introduction of the company to indicate the financial performance of the company. Your answer should include a presentation covering the purpose and requirements for keeping financial records.

Required : Produce a written document for the board of directors that ( 1500 - 200 Words , Please do not Copy and Paste )

1- Explains the purpose and requirements for keeping financial records

2- Analyses the techniques for recording financial information

3- Analyses the legal and organisational requirements of financial reporting

4- Evaluates the usefulness of financial statements to stakeholders

5- Explains the difference between management and financial accounting

6- Explains the budgetary control process

7- Describe different costing methods that are used to determine product pricing