Finance and accounting functions in business
You'll learn how finance and accounting functions work together in a business, and why understanding their distinct roles matters for your BT exam.
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In this lesson
- 0:00 Finance and accounting functions overview
- 2:14 Financial accounting functions explained
- 6:01 Management accounting functions
- 8:02 Common management decisions framework
- 10:46 Budget functions and roles
- 12:42 Financial versus management accounting
- 18:35 Finance and treasury working capital
- 24:25 Tax accounting definitions
- 27:39 Accounting relationships with other functions
- 29:52 Service provision costs and benefits
About this lesson
This lesson covers the key areas you'll be tested on: financial accounting (external reporting through financial statements), management accounting (internal decision-making through budgeting and costing), finance and treasury (working capital and funding), and tax accounting. You'll explore how these functions interact with other departments like procurement, production, and marketing, and discover how to apply these concepts to real business scenarios—whether product-based or service-based. By the end, you'll be confident explaining the differences between financial and management reporting, applying cost allocation decisions, and understanding how effective service provision creates business value.
Duration: 34m
Transcript
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