Page 326 - Accountancy_F5

Activity 10.2
As an individual or in collaboration with other students, choose any business of your
interests. The business should be large enough to have a separate financial and/or
accounting department to facilitate accounting work or functions. Once you have
identified a business, proceed with the following tasks:
(i) Identify various activities that the business plans can undertake in the upcoming
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month. This could include tasks such as preparing financial statements, conducting
audits, or filing tax returns.
(ii) Based on the activities you have identified in part (i), prepare a detailed monthly
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accounting action plan.
(iii) Once your plan is complete, share it with the class or other students. This will
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serve as a basis for knowledge sharing and will allow you to obtain relevant
views and comments for its improvement.

Chapter summary

The chapter is dedicated to developing competencies in constructing and executing
accounting work plans and the associated action plans. It has defined an accounting
work plan as a comprehensive roadmap detailing tasks, responsibilities, timelines,
and resources required for completing accounting activities within an organisation.
Emphasising its pivotal role, the chapter has illustrated how this plan serves as a
guiding tool for accountants and financial professionals across various organisational
settings, facilitating efficient management and execution of their duties.
Additionally, the chapter has distinguished between accounting work plans and other
management plans like marketing or human resources, highlighting their divergent
focuses on key activities. It has further clarified the distinction between accounting
work plans and action plans, elucidating how the former provides a broad overview
while the latter zooms in on specific activities outlined in the accounting work
plan. Through detailed explanations and practical steps, including a template for an
accounting action plan and various class activities, the chapter equips readers with
the necessary knowledge and skills to prepare and implement effective accounting
work plans and action plans, enhancing their competency in navigating accounting
tasks within organisations.

Revision questions

1. How would you distinguish an accounting work plan from a marketing work
plan and a company’s procurement work plan? Provide detailed explanations
and relevant examples focusing on key distinguishing criteria.
2. Sife and Co. is a medium-sized technology company specialising in software
development. The company has experienced a rapid growth in recent years and

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