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a)The purpose and use of the different accounting records which can be used in MonteHodge:

Accounting is a crucial discipline for keeping track of quantifiable factors for a business or individual. Accountants are primarily employed to track the flow of money through an organization. In some cases, they are charged with ensuring legal compliance. In others, they are more specialized in optimizing that cash flow. Accountants also organize and aggregate financial information and produce reports for people less experienced in the discipline.

(Source: Purpose of Accounting | eHow.comhttp://www.ehow.com/about_4679149_purpose-accounting_.html#ixzz22YwT2kpu )

The accounting system for your business consists of several types of records. Although there are many types of underlying financial records, such as invoices, journals, and receipts, the major accounting records are types of financial statements that summate the financial status of a business. Each type of accounting record details certain information about your business, and each is used for a different purpose, but each type is also linked to another record in your set of financial statements. Although modern accounting software creates these statements automatically based on transactions you enter, it’s still important to understand how each type of accounting record is used.

Income Statement
The income statement lists all your business income and expense transactions. It is also known as a profit and loss statement. This type of accounting record is used to measure the profitability of your business. Income statements can be generated for any specific business period, and are commonly prepared on a daily, monthly, quarterly or annual basis. Analyzing income statement trends allows you to determine if there are periods when your business incurs more expenses or generates additional income, so you can

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