Distinguish between a balance sheet, a profit and loss (or income) statement and a statement of cash flows.

Additional features Draft required 3 pages + well-structured + cited references Description • Distinguish between a balance sheet, a profit and loss (or income) statement and a statement of cash flows. • Identify the five major accounting categories – assets, liabilities, owner’s equity, revenues and expenses – and give examples of these. • Apply a working knowledge of the doctrines and conventions of accounting – such as relevance, reliability, materiality and timeliness. • Analyse why actual figures are different from budgeted figures. • Recommend changes to the financial arrangements in an organisation which will improve the effectiveness of accounting controls. All workings must be provided.