Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem)
(a)
Discuss giving reasons which accounting conventions/concepts you regard as most important in helping preparers and auditors of financial statements to do their work.
(b) Discuss giving reasons which accounting conventions you regard as most useful from the viewpoint of the readers of financial statements.

problem)
describe in your own words, in a way that is understandable to a non-accountant, the following terms:
(a) Asset
(b) Liability
(c) Income
(d) Revenue
(e) Expense
(f) Equity

problem)
At least seven different groups of users of accounting information can be distinguished, i.e.:
i) Investors
ii) Lenders
iii) Employees
iv) Suppliers and other creditors
v) Customers
vi) Governments and their agencies
vii) Public

Required:

(a) Describe the information that each user mentioned above is likely to need from accounting statements and reports.

(b) In your view are there likely to be difficulties in satisfying the needs of all the groups mentioned above with one common set of information? describe.

problem)
The financial statements of Harrow Ltd are given below for the two years ended 30 June 2011 and 2012. Harrow Limited operates a department store in the centre of a small town.

Harrow Ltd Income statement for the years ended 30 December

167_income statement.jpg                                                                            
Harrow Ltd Statement of financial position as at 31 December

608_statement of financial position.jpg

Required:-

(a) Choose and find out ten ratios that would be helpful in assessing the performance of Harrow Ltd. Use end-of-year values and find out ratios for both 2011 and 2012.
(b) Using the ratios find outd in (a) and any others you consider helpful, comment on the business’s performance from the viewpoint of a prospective purchaser of a majority of shares.

Learning Outcomes

• students to be able to describe the scope and uses of accounting;
• to understand the accounting conventions underpinning the income statement and balance sheet; and
• to develop and demonstrate skills in understanding and handling accounting data in order to interpret and analyse financial statements for the purposes of planning, decision making and control.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9323

Have any Question? 


Related Questions in Financial Accounting

Assignmentsqueezed by rising costs a confectioner struggles

Assignment Squeezed by Rising Costs, a Confectioner Struggles to Cope Telford James and his wife Ivey are the second-generation owners of James Confectioners, a family-owned manufacturer of premium chocolates that was st ...

Choose one of the following two assignments to complete

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. Option #1: Income Statement, Retained Earnings, and Balance ...

Assessmentbullfor this assessment complete the problem

Assessment • For this assessment, complete the problem below. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials ...

Financial accounting assignmentcase study 1 - activity

FINANCIAL ACCOUNTING ASSIGNMENT Case Study 1 - Activity Classification (Statement of Cash Flows) You are provided with the following transactions that took place during a recent fiscal year. Transaction Statement of Cash ...

Note answer all questions kindly note that answers for 10

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.   Question1 - 1 X, Y & Z were partners sharing profits and ...

Research the major risks for businesses that indulge in

Research the major risks for businesses that indulge in commercial applications of social networking. Also, review the readings on page 311 of your textbook about how organizations can respond to social networking proble ...

Bulllocate 1-2 articles from a news source that discusses

• Locate 1-2 articles from a news source that discusses the Federal Intelligence Surveillance Court (FISA Court) and write a 1-2 page paper that answers the following questions: 1. How and why was this court created? 2. ...

Financial accountingfinancial conditionbullfor this

Financial Accounting Financial Condition • For this discussion, assume the role of a financial manager in a company, and assume that you have just hired a new bookkeeper to join your team. You want to assess the new hire ...

1 at what position levels of employees is ethics an

1. At what position levels of employees is ethics an important part of decision making in a company? 2. The Foreign Corrupt Practices Act outlaws what type of business practices and how? 3. Conduct a Porter’s 5 forces an ...

Who are the major stakeholders of the bank that you do

Who are the major stakeholders of the bank that you do business with locally? What are the major claims of those stakeholders? What is their mission statement and vision statement? Conduct a search and write a minimum of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro