Ask Question, Ask an Expert

+61-413 786 465

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

Oil services corp reports the following eps data in its

Oil Services Corp. reports the following EPS data in its 2017 annual report (in million except per share data). Net income $1,827 Earnings per share: Basic $1.56 Diluted $1.54 Weighted average shares outstanding: Basic 1 ...

What has been strides position on dividend payouts in the

What has been Strides' position on dividend payouts in the past (pattern, relationship with earnings, etc.)? What factors affected its dividend policy?

Accounting for decision makingquestion discuss the five key

Accounting for decision making. Question: Discuss the five key forces to consider when analyzing an industry. How do these forces impact the balanced scorecard? Reply to the discussion which are attached. Discussion: For ...

Assignment - problem questionsthis assessment task consists

Assignment - Problem questions This assessment task consists of five (5) questions. All workings, when appropriate, must be shown to substantiate your answers. Question 1 - Financial statement disclosures You are the fin ...

Ha 3011 advanced financial accounting assignment

HA 3011 Advanced Financial Accounting Assignment - Assessment Task Part A - In an article entitled 'Unwieldy rules useless for investors' that appeared in the Australian Financial Review on 6 February 2012 (by Agnes King ...

Chelsea is expected to pay an annual dividend of 126 a

Chelsea is expected to pay an annual dividend of $1.26 a share next year. The market price of the stock is $24.09 and the growth 2.6 percent. What is the cost of equity?

The ipl just signed sachin to a contract consisting of

The IPL just signed Sachin to a contract consisting of eight, end-of-year payments worth $9 million each, with the first payment precisely one year from today. On the other hand, Dhoni recent deal calls for six annual pa ...

Comprehensive problem - lou barlow a divisional manager for

Comprehensive Problem - Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division's ...

On december 1 of the current year the following accounts

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 86,000 shares issued)$4,300,00 ...

Case study - the athletes storerequiredonce you have read

Case Study - The Athletes Store Required: Once you have read through the assignment complete the following tasks in order and produce the following reports Part 1 i. Enter the business information including name, address ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As