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Task E Reflecting on the tasks you have undertaken and on your knowledge of financial management and planning principles: describe basic accounting principles describe cash flows describe ledgers and financial statements describe profit and loss statements

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Task E

Reflecting on the tasks you have undertaken and on your knowledge of financial management and planning principles:

1. describe basic accounting principles
2. describe cash flows
3. describe ledgers and financial statements
4. describe profit and loss statements.  

Summarise your reflections in a short, written statement.

You may revisit the five fundamental principles of accounting. For example, the list is said to be crucial to effective management decision-making: 

1. Control - managers need to control and monitor the business.
2. Relevance - decision-makers need information that is timely, useful etc.
3. Compatibility - the accounting systems should match the aims of a company.
4. Flexibility - the accounting systems need to adapt to the company's needs.
5. Cost-benefit - the benefits of the accounting information system need to outweigh the cost.

What do you think?