Balance Sheet Course Works Samples For Students

Accounting Standard followed by the company:

i) General Mills Inc:

General Mills Inc, for the purpose of its financial reporting, follows Generally Accepted Accounting Principle(GAAP).

ii) Meiji Holdings:
The company, for the purpose of the financial reporting and also for its subsidiaries, follows Generally Accepted Accounting Principle(GAAP). The company declares that the accounting standards are different from International Financial Reporting Standard(IFRS).

Accounting Standard followed by the auditors:

i)General Mills Inc:
The financial statements of the company are audited by KPMG LLP, which are the external auditors of the company. The external auditors have used standards of Public Company Accounting Oversight Board(United States). The standards obligates the auditors to ensure that all the financial statements of the company are free from any material ...

Interrelationship of Cash Flow Statement with Other Financial Statements

Cash flow statement is the statement that shows the position of cash inflows and cash outflow in the given period. It is directly related with other financial statements. The statement of cash flow is divided into three parts as cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. The Cash flow from operating activities shows the cash flows from the activities done on the regular basis to run the business. It includes the net income of the business, which is obtained from the income statement and some accounts recorded in the balance ...

1. Balance Sheet

The term Balance Sheet is commonly used in the domain of Financial Accounting. The balance sheet is a statement that makes a declaration about determined financial position of all monetary and finance related input and output of a particular company, organization, or association. According to Northcentral University (2011), “The balance sheet, or statement of financial position, lists the firm’s assets and liabilities, providing a snapshot of the firm’s financial position at a given point in time (p. 20).”

The core objective is to keep track of financial balances related to the organizational activities and maintain awareness about the kind of ...

The Generally Accepted Accounting Principles – GAAP and International Financial Reporting Standards – IFRS are the set of standards used in various countries. GAAP is generally followed in the US while the IFRS was established in 2001 and is used in most countries around the world for financial reporting. GAAP is mainly based on rules while IFRS mainly relies on principles. Albeit the functioning philosophy and viewpoint behind both GAAP and IFRS is quite similar there are several key differences which are explained in this paper.
The first difference is with respect to inventory costing as the LIFO ...

Introduction to Computer

1. What features or functions of Excel do you feel will likely be most useful to you in helping you achieve your career goals?

A function of Excel which one feels will be most useful is the different features of the spreadsheet. The built-in formulas in Excel such as percentages, averages or growth rates are very helpful. Data input, especially those that involve a lot of numbers are easier with Excel. Charts and graphs will come in handy in making some analysis which one may encounter in one’s career. In deciding on whether to move from one job to ...

The Horizontal Analysis

In the horizontal analysis of the company, one considers the various line items in the income statements and the balance sheet with similar items in the previous years. Looking at the year 2008, the company did not perform well. In terms of sales, there was a decrease in the sales compared to the year 2007. There was a decrease of $ 897,000 which is 15% of the sales revenue.
As a result of the low sales, the company suffered a loss in the gross profit. The profit reduced from $1.6M to $1.4M. When analysing the expenses, the website creation and maintenance is a ...

Task 1

Explain the nature and role of accounts. You need to also explain why James and Rebecca need to produce accounting information in order to make financial decisions.

Answer

Accounting is the process of identifying, measuring and reporting economic information to the owners of business and all interested parties (Joel, 2008). Business transactions have financial implication on a business in both short term and long term (Frank & Allan, 2005). Some of the transactions are sale or purchases of fixed assets or current assets, paying of business expenses, and settling current liabilities among other business transactions. Accounting involves identifying, measuring and reporting ...

Abstract

Financial statements suffice for purposes of communication of financial and non-financial information to end consumers. These consumers in one way or another use the information in the decision making situations they are confronted with. Some of the basic financial statements include; the statement of income, the statement of financial position, the statement of cashflow and the statement of changes in equity and reserves. On the other hand, consumers of financial statements can be divided into two broad groups; internal consumers and external consumers. Internal consumers include managers and employees while external consumers are creditors, investors and government regulatory bodies. ...

In this perspective, current assets are assets within the organization that are convertible to cash within a period of 12 months. They are mostly renowned for their high liquidity. Current assets are included in the balance sheet after the noncurrent assets. They are important in measuring the liquidity of an organization. When compared to current liabilities, they show the liquidity position of the organization. Therefore, current assets play an important role in the organization by helping to determine its cash flows in a given period of time. Every organization requires current assets in its routine activities. The performance of the organization ...

FOREWARD

This reports aims at shedding light in the best strategy for Ahold to adopt in identify the best target company to take over its aims to expand its food retailing services.
In this report the best comparison that will lead to aid in best decision making is by use of ratios since the business are reporting in different currencies and since the use of exchange rate would be biased due to volatility of the exchange rates overtime and thus such results would be quite unreliable and might lead to wrong decision making which would adversely affect the predator ...

Let’s say you have a fantastic business idea that you know will make money for you. You have made your calculations, you have studied the market, you have found the perfect location and you have a good idea how you will operate and make the business happen. The product you have is unique. How to make the product will be unique. You have found the people who will help you make the product. You have emptied your wallet, gathered all your money from your savings, sold your car, you now some of the cash you need to start it all ...

Introduction

James River Heating and Air conditioning Company is a leading home and commercial solutions provider in the state of Virginia. James River Air and Conditioning Company has been providing excellent services to businesses and home repair and maintenance in the line of heating and air conditioning since 1967. In addition to providing heating and air condition services, the company also installs and repair systems. At this time, the company is struggling financially. There is need for the company to streamline its financial position for profit maximization (James River Air, 2012).

In order to improve its financial objectives, James River Heating ...

Question 1

The Ford Motor Company, a global American multinational automotive and an automaker leader based in Dearborn, Michigan produce and distribute automobiles across six continents. The company’s establishment dates back to the year 1903 by Henry Ford. It is the fifth largest motor company in the world. The company has about 163,000 employees and approximately 70 plants globally. The main automotive brands for the company include Ford and Lincoln. In addition, the company provides financial services via Ford Motor Credit Company (Ford Motor Company, 2012).

The company is fascinating to study as it has expanded becoming one of the ...

Abstract

The major financial systems in management of any finances of an institution include balance sheets, income statement, statement of owner’s equity and statement of cash flows (Baker & Baker, 2014). The balance sheet is an important tool in the assessment of the organization’s ability to meet its long term obligations. The income statement, on the other hand, gives a summary of the organization’s transactions over a set period. The statement of owner’s equity is a financial statement that uses information from the income statement and provides the same to the balance sheet. It analyzes the changes in profits of a ...

International Accounting Standard Board (IASB) is an important accounting based category that is in a position to make and implement the accounting standards accordingly (Curtis L. Norton, p. 12). The body is held responsible for making International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). The purpose of IASB Conceptual framework is mentioned below in the bullet points

- Reduce the need of detailed guidance on problem
- Add immense credibility on the profession of accounting based standards

IASB sets out the elements of the financial statement, which are income statement, balance sheet, cash flow and ...

Question-1 – The Difference between Accounting Methods and Their Effects

These two accounting systems reflect the timing of the period in which the revenue stream and the operating expenses are recognized in the financial statements of a healthcare entity. The major difference between these systems is that the accrual accounting system recognizes revenues in the period during which they are earned regardless of whether the actual cash is received or not. Similarly, this accounting method reports expenses in the period in which they expire irrespective of the cash payment.

In contrast, a healthcare organization using a cash basis of accounting recognizes the revenue stream in financial statements only when the cash ...

Background:

With a rich history of success, Pepsi was an establishment of the 1898, in Carolinas. The drink was an original invention of Caleb Bradham. Based in New Bern, North Carolina, he was a pharmacist and drugstore owner ("Pepsi History," n.d.).

It was five years after the introduction of Coke that Pepsi came into existence, in the year 1893. This was the time when the inventor Caleb Bradham decided serving customers his soda machine produced ‘Brad’s Drink’. In response to the positive feedback that he received from the drinkers, he began advertising his samples in 1898, after naming ...

Analysis of Financial Statements

Referring to the above income statement, we find that since the start up, the revenue figures of the company has consistently increased with the revenue for Quarter 4 surging high by 144.4%. However, the profit margins of the company are not so encouraging, in fact despite of such a significant rise in the revenue figures, the company ended the latest quarter under the loss of -$3011373 and EPS of -$33/ share.
An in-depth insight of the company’s income statement reveals that although the revenue figures of the company has been increasing, but it is not able ...

Financial statements of an organization provide potential investors with a more detailed insight about the organization as opposed to the casual glimpses of the organization’s stock market prices. For an investor who is interested in investing in a particular organizations stock, and has the financial records of the organization in question at his disposal, then the first five areas to review before investing would be as follows:

- Liquidity Position: The balance sheet presents a broader overview of the organization’s financial position. From balance sheet data, it is possible to calculate the current ratio which reveals the general liquidity of ...

Fair Value Accounting involves the recognition of changes in fair value as losses and gains on the income statement and reporting assets and liabilities on the statement of financial position at fair value. It goal is to approximate the best it could the prices at which an orderly transaction could occur given the parties’ current position. Thus, it is expected that firms must incorporate updated and relevant information on discount rates and future cash flows in the measurement of their fair values. Under fair value accounting, losses are reported when the fair values of the liabilities increase and assets ...

Assets are usually owned by the business. Businesses use these assets in order to generate revenue by selling goods and services. Assets are both tangible and intangible. Normally tangible assets include cash in hand, furniture and fixture, plant, machinery etc. while intangible assets include goodwill of business, trademark or patent etc. (O'Keefe, 2010)
According to GAAP, either the owner of the business owned the assets of business or subject to the claims of creditors. Creditors are those persons who have given loans to another person or businesses. Such loans or credits are called liabilities. Such portions of ...

Capital expenditure is that expense that is incurred by organization to purchase or upgrade the current tangible assets like machinery, building and equipments. Whereas revenue expenditure is such kind of expenses that is related to the cost of doing daily business transactions. It is important to distinguish between capital expenditure and revenue expenditure because we include only capital expenditure in the cost of fixed assets. Following are the differences between capital and revenue expenditures. (Victor, 2010)

The first difference between capital and revenue expenditure is that the nature of Capital expenditure is a non recurring expense while revenue expenditure is ...

In particular, when you have sales that are drawn up under the accrual method, there is an increase in net income. The sales in the indirect method cash flow statement are recorded as the first item. Sales that is in cash from customer purchases in case of the direct cash flow method, while in the case of an accrual accounting basis, sales are entered as accounts receivables.

Transaction

A merchandise sale begins with the process of an economic transaction and it’s evidenced by a sales receipt
Analyze and classify
The process of analyzing involves principles of accounting including; ...

The cost which the organization incurs the production and acquisition of products and services which it intends to sell is very important. The pricing strategy of the organization is significantly affected by costs. Therefore, costs designed to tackle the challenges of the economic and the noneconomic factors very efficiently. The objective of the costing models is to categorize the factors of the marketing objectives of the company and the mission of the company (Gitman, 2003).

Accurately determination of cost is important in organization to remain profitable. Costing does not only require including direct and indirect cost associated with business ...

In order to perform the analysis of the Annual Report we will take the Juniper Networks’ Inc. annual report (also known as Form 10-K) for the fiscal year ended December 31, 2011 as an example. The report provides detailed information on company’s business and its operations, presents analysis of financial statements and risk factors throughout the year, and depicts the structure of corporate governance within the company. Annual Report consists of 4 major parts. Part I defines Juniper’s area of expertise and major milestones in its history, as well as potential risk factors which may affect the ...

Chart of accounts refers to list of accounts used by businesses and organizations to identify the various class of items for which money is spent or received,its mainly used to organize finances of a given business entity and to segregate revenues and expenditures,assets and liabilities in order to give stakeholders and interested parties a better understanding of financial health as well as assisting investors in decision making.In chart accounts each nominal ledger account is unique to facilitate ease of identification,it consists of profit and loss statement which basically indicates the performance of a business entity in regards to a given ...

Royal Dutch Shell PLC commonly known as the shell is second largest energy company in the world whose registered office is in London. It is oil and Gas Company operating in various parts of the world; to stay relevant to climatic and environmental changes it engages in both renewable and non renewable energy. In addition, it is a vertically integrated oil company which engages in all oil activities from exploration to refining and marketing. Apart from its core activities, it has entered into partnership with various international organizations to preserve the environment. The company shares are listed in London stock ...

Daniel Mitchell is the founder of the source a company started by selling computer parts to maintenance companies. He believes that in order for the company to be successful a business either had to be huge or it had to be a niche. His entrepreneurial mind chose a relatively high margin niche market. Mitchell started his company by negotiating a three month rent free deal on premises then trading on supplier’s credit and borrowing on his credit cards to fill the gaps when necessary. Mitchell had no capital he started by trading and getting supplier credit then reinvesting the profits.

Entrepreneurs are self ...

Executive Summary

This paper tries to conduct a comparative portfolio analysis for Microsoft Corporation, based on the most recent Annual 10-K Filings made by the company to the Securities & Exchange Commission for FY2011. The base year chosen is FY2010, so as to allow for a clear comparative depiction of both current & historical performance. The analysis, based on the study of the Income Statement, Balance Sheet, Statement of Cash Flows, & Statement of Changes in Stockholders’ Equity, quantifies the annual performance using the most important accounting ratios that provide a summarized diagnosis of the overall current financial health of the software giant, and a ...

Issuing Common Stock

A company may issue its’ common stock at par value, below the par value or above the par value. When a company issues common stock below the par value, the company will transfer an amount equivalent to the aggregate par value to the common stock account. The amount in excess of the aggregate par value of the common stock is then transferred to the Share premium account.

For Example:

Assume that Green Marketer Ltd is a public listed company. On 2nd June 2010, it issued 10,000 shares of its common stock with a par value of $5 to the public at $10 each ...

Company Description

Tottenham Hotspur Plc is engaged in the operation of a professional football club in England together with related commercial activities. The Company has two segments: football and property. In addition, the Company continues to acquire numerous properties with a view to a new stadium development.

The sponsors of the club include Autonomy, Investec, Puma, Thomas Cook Sport, Sporting bet, Carlsberg, TNT, EA Sports and Glyn Hopkin. The Company's Tottenham Tribute Trust is an organisation that reaches out to members of the Spurs family who are fighting hard times either financially, medically or both. The clubs patron includes Chigwell Construction (London) Ltd is a ...