Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem1)

Users of financial statements need useful information to make sound economic decisions. List five (5) users of financial statements and for each user listed identify one possible economic decision they might make through use of financial statements. (E.g. Employees – Require financials to identify if the entity would operate as a going concern thus providing job security and to establish whether their salaries will be paid to them.)

1.2 In South Africa we have differernt forms of business ownership available. Identify five (5) differences between a ‘sole proprietary’ and a ‘public company’. (It is suggested you tabulate the differences using the suggested topic headings provided below.)

118_Public company.jpg

1.3 Name and clearly identify three (3) current asset accounts and two (2) current liability accounts.

problem2) – ACCOUNT CLASSIFICATION

For each of the accounts listed below you are required to state what type of account they would be classified as [current asset (CA), current liability (CL), expense (E), non-current asset (NCA), non-current liability (NCL), Income (I) or shareholder’s equity (SE)] AND which financial statement the account would appear in [Income Statement (I/S) or Balance Sheet (B/S)].

problem3) – TRANSACTION ANALYSIS

For each of the transactions listed below you are required to identify the effect on the relevant accounting elements (Assets, Equity or Liabilities) by indicating the amount and whether the element is being increased / decreased (+ / -). An ex has been provided in a suggested format below.

1843_Financial statements.jpg

Transactions:

EG. Bought Inventory on credit from ABC Suppliers at a cost of R4 900.

4.1 The owner contributed R5000 cash into the business as a capital contribution.

4.2 A vehicle was bought and paid for in cash for R75 000.

4.3 Water and electricity for the period came to R570. This amount has not yet been settled.

                      ASSETS                               OWNERS EQUITY                         LIABILITIES
EG                 +4 900                                          0                                             +4 900

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93092

Have any Question? 


Related Questions in Financial Accounting

Assessment case study of financial analysis and operating

Assessment: Case Study of Financial Analysis and Operating Ratios In this assessment you will use the income statement and balance sheet information identified below and evaluate the firm's financial condition based on t ...

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. ...

Assignmentnarrative and instructionsrockford corporation is

Assignment Narrative and Instructions Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of ...

Comprehensive problemthis project is a review of the

Comprehensive Problem This project is a review of the accounting cycle that has been covered during class. Prepare all information in a professional manner and show details as needed. You should complete this on the page ...

1 describe the formal procedures associated with issuing

1. Describe the formal procedures associated with issuing long-term debt. 2. Describe the nature, type, and valuation of current liabilities. 3. Explain the accounting for different types of loss contingencies. 4. Explai ...

Accounting assignment- case study-qual support

Accounting Assignment- Case Study-Qual Support Corporation Plant Closing Case Study 1. QualSupport Corporation manufactures seats for automobiles, vans, trucks, and various recreational vehicles. The company has a number ...

Assignmentscenario for assignments 1-5for assignments 1-5

Assignment Scenario for Assignments 1-5 For Assignments 1-5, you are the new budgeting and finance administrator for your local government agency. Your first responsibility is to become familiar with the agency, the budg ...

Martin-pullin bicycle corp mpbc located in dallas is a

Martin-Pullin Bicycle Corp. (MPBC), located in Dallas, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by cousins Ray Martin and Jim Pullin, the firm's primary retail outlets are located within a ...

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 ...

Assignmentpart one working capital analysiscapers inc has

Assignment Part One: Working Capital Analysis Capers, Inc. has just promoted you to Chief financial officer. Since this is a new office in the company, you are understaffed and many of the responsibilities have been assi ...

  • 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