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Financial and Charity Accounting

Setting up a business is like growing this coconut tree, expecting it to yield fruits for sale.
You need to know how much resources or inputs go into the entire process. This is the cost or expenditure aspect.
You also need to know how much you receive from the coconut business. This is the income or revenue aspect.
For a "givien period" or at a "specific point in time", you will need to determine how well or how badly the coconut business is doing. This will enable you to decide whether or not to continue with the business.
This basically involves counting all your costs on the one hand, and determining all the income or revenue on the other.
In financial accounting,
Profit or Loss = total income or revenue less total cost.
- If total income or revenue is more than total cost, this means profit.
- If total cost is more than total income or revenue, then you have make a loss.
In real situation, business is much more complex than "the coconut tree" situation shown above.
What is Financial Accounting?
This involves "setting up and operating a system for collecting, measuring and recording an enterprise's transactions, and summarising and communicating the results of these transactions to users for financial/ economic decisions". Thomas, A (An Introduction to Finanacial Accounting 3rd Ed.), the McGraw-Hill Companies.
We provide financial accounting services for both commercial and charitable/ not-for-profit organisations. This includes:
- Basic book keeping/ accounting
- Budget projections and budgetary control
- Cash flow analysis
- Bank reconciliation statements
- Profit and loss (Income and Expenditure) statements
- Balance sheet
- Management reports, etc.
Charity Accounting & Financial Management.
This is a specialised form of accounting. It is mainly applicable to the charity or voluntary sector, which is not aimed at making or maximising financial profits.
In Charity Accounting, we use Income & Expenditure Statement instead of Profit & Loss Accounts (as in Company/ Business Accounting)
At the London South Bank University, we had undertaken a two-year part time postgraduate Masters course in Charity Accounting & Financial

Management in the following modules:
- Charity Finance and Accounting (including Book-keeping, Balance Sheet Accounting, Budgeting & Budgetary Control- ratio and variance analysis, SORP- Statement Of Recommended Practice, SOFA- Statement Of Financial Activities, etc)
- Voluntary Sector Financial Management (including Charity Setup, Registration and Administration, Trustees' Report)
- Advanced Charity Accounting (including Audit and Independent Examinations, Accounting Standards and Regulations, Management Accounting, Project Planning, Management & Appraisal)
- Charity Law (Law relating to charities in the UK)
- Charity Taxation (including VAT, Gift Aid, etc)
- Marketing and Fundraising
- Human Resource Management
- Research and Research Methods (including Literature Review; Planning & Preparing Research and Questionnaires; Conducting Research- Interviews, Survey etc; Data Collection, Collation, Analysis and Interpretation- using SSP software, Report Writing etc).

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