Accounting Reports Samples For Students

Part a

An imperative strategy in any type of business is to make it easy for the customers to acquire the services or buy the goods. This specifically applies in situations where the customers apply or place orders for the services and goods in advance or that are not immediately available. Therefore, Winford services plc have a mandate to make it easy for West River Borough customers to acquire leisure services. In addition, in its accounting activities, it must conform to all the regulatory financial reporting requirements. The accounting activities that Winford Services plc will be undertaking are important because they will ...

Sarbanes-Oxley Act was enacted in the year 2002 in response to financial malpractices among the corporations in the United States of America. The Act led to significant changes in corporate governance and financial practices as a way of reducing frauds prevalent in the financial sector. There were a myriad of factors that interacted to form a culture and suitable conditions, which led to a series of corporate frauds between the year 2000 and 2002. These factors were closely analyzed, and their root causes necessitated the enactment of Sarbanes-Oxley Act in 2002. This paper analyses the pre-Sarbanes-Oxley Act and post- Sarbanes-Oxley Act to analyze ...

Section 1:

Cash Flow Statement
*Refer to excel sheet for all the calculations
**We have started Cash Flow with operating income as even with net income we had to add back items to reach at operating income only.

Importance of Cash Flow Statement

Unlike other financial statements, Cash Flow Statement details the position of cash in the company. While both the income statement and Balance Sheet are made on accrual basis, Cash Flow is made on cash basis of accounting. In this way, Cash Flow Statement provides a detailed and an in-depth overview of cash inflows and outflows from the company. Below discussed is some ...

Using the following imaginary company data the differing effects using LIFO vis-à-vis FIFO will be shown and explained. Assume a physical count determined 20 units in ending inventory.
The first-in-first-out (FIFO) method assumes that the first units purchased are the first unit sold and to be expensed to cost of goods sold (COGS); therefore, the units remaining in ending inventory (EI) are comprised of the latest units to be purchased. The last-in-first-out (LIFO) method assumes the latest units purchased are the first units to be sold and to be expensed to COGS; therefore, the units remaining in EI ...

If Women Counted

Summary
While the work done by men outside the home is always acknowledged and included in the productivity figures of the economy, the contribution of women is always neglected and not cared for. Many economists have termed the neglect of women in the global economic activity as a sexist outrage that needs to be corrected. According to some analysts, neglecting the contribution of women to the society is equal to neglecting the intellectual property of a corporate entity. In both the developed and developing countries, a number of transactions are removed from the active economy and are do not involve any ...

CDH520- Sharmeen Sultana

As complex as the world of accounting is, so is the various accounting statements. Hence, it is of extreme importance to understand as what each accounting statement means and what purpose does it serve. Some of the basic accounting statements are discussed for your convenience:
General Ledger: These are the central repository of all the accounting information of a company that summarizes all the transaction held by the company. In simple words, it is a complete summarized record of all the accounting transactions so posted under the double-entry accounting system under which each accounting transaction affects two financial items, one ...

Internal Controls

Internal Controls

Report

Introduction: I was asked by the president of LJB Company to write a report on the current internal control measures of LJB Company and required internal control measures after becoming public company.

Main Report:

New internal controls requirements
The internal controls of public company or listed companies play an important role in the integrity, professionalism and the compliance of corporate governance codes. According to the corporate governance codes, it is very important for the public companies to have proper and legitimate internal control department. The internal control department is also known as internal audit department. Due to the interest ...

This report comprehensively discusses the significance of keeping financial records and how financial information available in the financial statements of an entity help wide range of stakeholders in assessing company’s performance to make viable economic decisions. Moreover, as follows the report also defines the budgetary control process and different costing methods and their effects on short term and long term performance of the business. I would also like to discuss the statutory requirements of recording and reporting financial information for entities operating in the United Kingdom.
There are several reasons for companies to retain their financial records. ...

Financial accounting refers to the process of recording, summarizing and reporting the accounting transactions so held by an entity from its business activities. All such transactions are the then represented under the financial statements, i.e. Balance Sheet, Income Statement and Cash Flow Statement so as to present a true and fair view of the accounting transactions and also to ensure that such transactions are easily understood by the internal and external users of the financial statements. Important to note, that, all the transactions are reported under the relevant accounting standards relating GAAP or IFRS.
As for the financial reporting, ...

The internal business function responsible for the collection and reporting of financial information for the reasons of internal business use is referred to as management accounting information. This often relates to the labor used in the production of goods and services for the consumers and the cost of materials. The effectiveness and efficiency of business operations and the means to earn profits is aided by this financial information.

The different types of management accounting information to be used by a travel and business company would include;

Cost allocation reports
This is the main function of management accounting and it shows the extent of capital expenditure for each specific each type of economic input and resources and ...

International Accounting Standards

IAS 1 – Presentation of Financial Statements
Introduction to the IAS:
This is an international financial reporting standard which was adopted by the IASB(International Accounting Standards board).It refers to the skeleton and the way in which the financial statements are presented in order to reflect the proper view enabling analysis of information and decision making. The minimum requirements for the contents are well elaborated in this standard. This standards is therefore practically applicable to all financial statements based on the IFRSs (International Financial Reporting Standards).This standard was initially issued in the year 2007 by the ...

[Author’s Name]
[Institution’s Name]

Introduction:

It is an obvious fact that accounting and finance are two different things and the provisions of both of them, are totally change with each other. Accounting is the name of recording and interpreting the data accordingly at a place, while finance in the name of accumulating the funds at a perfect place in total. The provision of both accounting and finance are vital for an organization in total, as both of these things are essential for the long run productivity of an entity is concerned. We are currently, located in the era wherein ...

Accounting

Accounting implications of valuing inventory under FIFO method
FIFO stands for first in first out. That means that the goods which comes in stock firstly will be dispatched (sold out) firstly. So it means that closing inventory is being stated at the latest stock price under this method.
In the period of rising prices of the fast moving consumer goods, when company’s inventory in being valued under FIFO method then the closing stock will be highest. Closing stock directly affect the cost of goods sold ( i.e. CGS) and the CGS directly affect the profit of the ...

INTRODUCTION

The on job learning experience is acquired while working in a job setting which boosts career aspiration. They are positions in the public or private organizations which are structured and supervised for understanding the industry norms. Engaging in an internship program is a source of acquisition of knowledge and abilities for the participants. In the industry the participants get jobs on the basis of academic records and the relevant work experience which they possess. The acquired skills and experience ensures that the students succeed in securing jobs upon graduation. Participating in an internship program is considered as a best way for starting a ...

Introduction

The introduction of stakeholder theory as a basis for the development of Corporate Governance in the 21st century has been most effectively seen in the commitment to the sustainable economic development of employees, their families and the local community that they serve. The improvement of “society at large” it is presumed, is the basis to good business and ultimately profits (McNett, 2012). Unlike theories of agency, which propose individual decision as a model for corporate leadership, the foreign market entry of global organizations involved in trade has set the pace for increased focus on collective decision by stakeholders in response to ...

International financial reporting standards (IFRS) are standards laid down by the International Accounting Standards Board (IASB). They are meant to provide guidelines on how accounting information should be handled and interpreted.
IAS 12 provides standards for interpreting income taxes. It provides a detailed balance sheet way of dealing with income taxes. This method puts into consideration the tax consequences of both current and future balancing of an assets’ or a liabilities’ carrying amount. It also provides way handling the current tax and also helps in recognizing and measuring the deferred tax liabilities. On top of this it analyzes the consequences ...

Slide 1: Lease: Exposure Draft 2013

Slide 2: BHP Billiton: Company Background
One of the largest resources company in the world
Operates in countries like USA, Australia, Pakistan, Algeria, Canada, Chile, Brazil, Thailand, Colombia, Peru & Venezuela.
One of the leading manufacturer of iron ore, copper , aluminum, uranium, nickel, silver and coal.
Also one of the major player in oil exploration and oil extraction.
Slide 3: BHP Billiton: Current Lease Accounting Practice
BHP Billiton has many different types of lease agreements in different countries.
Land lease agreements are carried in book of accounts at cost.
Depreciation of the ...

REPORT

Executive summary
The best management practices are applied with an intention of improving the overall performance of any active institution. In this perspective, an organization strives to achieve its objectives by defining its best practices. The career path of Sugarsweet provides a more dynamic overview of modern management as well as its success and limitations. Further, it illustrates the organization’s ability to reflect and gain strength and effective financial management. Ideally, Sugarsweet case illustrates a clear need to introspect and create an insight into management dynamics.

This focus also explains the role of the management theories in today’s organizational development.

The training approaches are evaluated on the basis of a management system in order ...

Introduction

The REA model is an accounting model that was presented by William McCarthy for the first time and later on elaborated in a variety of ways by many researchers. This is essentially a method that helps in capturing information pertaining to the economic phenomena. The REA model basically defines a business as a blend and collection of economic resources, events and agents and also relationships between these three. Even though this model was recommended as an outcome of the study of various theories of accounting, it can possibly also be applied to numerous other domains of businesses and industries. For instance, REA model ...

QUESTION # 1:

How does SOX affect the provision of attest and advisory services?
ANSWER # 1:
SARBANES-OXLEY ACT (SOX)
The Sarbanes-Oxley Act of 2002 is a legislation which was brought to light and enacted for the benefit of the shareholders to protect them from the fraudulent practices of the enterprises. The major function of this act was to secure the shareholders from the accounting errors or any intentional mal practices which a company may incur to mislead the shareholders of that company. The Securities and Exchange Commission (SEC) is responsible for administering the act. It is solely responsible for compliance and ...

The public company accounting oversight board (PCAOB) is a non-profit making corporation. The Sarbanes-Oxley Act led to the creation of the board in 2002. The aim of the formation of the board was to provide guidelines on how auditing of public companies should be carried out. Its purpose was to protect the shareholders and investor’s interest. Public companies practice stewardship accounting. In stewardship accounting, the shareholders provide resources to an organization. The management of the public company should invest in projects that are going to maximize on shareholders’ wealth. Shareholder’s wealth is the product of the number of ...

Executive Summary

Those things that affect the Technology on the Accounting Profession are to become more aggressive, easy to learn, clients are more knowledgeable, and technology will be change when it comes to world’s communication. Information Technology (IT) is constantly impacting each facet of accounting. This research paper will examine how Accounting Information System (AIS) are bringing about changes within the accounting profession. Human error is one of the most obstacles that technology has helped the accounting profession conquer. However, knowing you basic accounting concepts is important in the precision of the product. The report focuses on discussing the important ...

AFILIATION

Though small, a boutique resort operates much like a combination of a grocery, hotel and a restaurant. It has a high intensity and requirement of personal interaction between the front-line staff and the customer. Several aspects of the operations cannot at all be automated or digitized. So, it is of utmost importance that all aspects of operations that can be done so.
For a small resort to succeed, it cannot cut on its customer service costs. On the contrary, it must invest more heavily in it. It is in this area wherein it enjoys great advantage. It cannot compete against big resorts with regard ...

EXECUTIVE SUMMARY

Starbucks, a premium coffee house, is recognized as the leader in its category in many aspects such as marketing strategy, quality of services and most importantly from financial perspective. Exploring certain objectives of the financial perspectives has been adopted as the objective of this report.
Starbucks with listed symbol of SBUX on Nasdeq 100 is categorized within Specialty Eateries of the service sector on finance section of yahoo. Starbuck is the leader (on many aspects within its sector) mainly with respect to market capitalization of $. 38.01 Bn (88%) out of $. 43.0 Bn of the industry (Yahoo! b, 2012). The other ...

Introduction.

Forensic accounting involves an integration of accounting and auditing knowledge and the application of investigative skills with regard to civil or criminal procedures. It provides an analyzed account suitable for a court debate, discussion or an ultimate resolution for a dispute. A forensic accountant’s key role is to review a client’s instructions, through a solicitor, investigate the instructions, examine all financial or contractual information provided, obtain solid evidence, prepare appropriate calculations and publish the findings as a report to present in a court. The skills of a forensic accountant are considered necessary in the following situations matrimonial dispute, fraud and criminal investigations, negligence of ...

The main objective of the workshop was to evaluate the role of women in the accounting profession and to explore strategies that could help women to succeed in their careers. Michelle Bigley, the speaker, sets the framework for further discussion already in the very beginning of her speech by suggesting that accounting is dominated by men. Based on this premise, she continues the speech by recommending some strategies that could help women to succeed in their careers. She discusses the right attitude to work, suggests ways to interact with colleagues and elaborates on building relationships with the boss. While ...

Different companies have the obligation of keeping well organized books of account that present the fair and true view of the financial status of the company. Additionally, as a condition, they must disclose the details of their operating accounts during the stakeholders’ Annual General Meeting. They are as well required to attach the copies of such accounts to their annual returns. Similarly, they must observe certain rules while presenting their reports. This paper gives a report on the interview the author of this paper had with the Chief Finance Officer of Africa Development Bank. In particular, the interviewer restricted himself to ...

a) Discussing the roles of planning and control in the budgetary system.
Comprehensive budgets will have two basic functions, which are planning and control. It is for this reason that the organization needs to decide the function, which is most significant, and later resolve a range of formulation issues. The budgetary systems will be used in evaluating managers' performances and at the same time, tie their bonuses to the attained targeted goals. However, while the company is extensively concerned with operational efficiency, it should focus on the control and coordination of various aspects of budgeting. The extent to which a budget ...

Accounting is by itself indeed information to various parties in an organization who includes management, employees, as well as external parties such as the suppliers and government. It provides information concerning various aspects of needs in the organization and outside the organization. The accounting information provides the basis for making most of the crucial decisions in the organization. Accounting information processing is a branch of accounting information system, which is mainly concerned with the processing of information collected and stored. The accounting information is obtained from the daily activities done by organizations named as accounting transactions. The process derives the ...

Introduction

Companies usually use different special journals (Wallace, 1999) to ensure a stable and undisturbed inventory of finances and preferably all consumable resources. Some examples of these special accounting journals are sales journals, purchases journals; cash receipts journals, and cash payments journals. This paper will focus on the uses, advantages, and disadvantages of cash receipts and cash payments journal.
Should the Company Use a Cash Receipts Journal, considering that some 30 – 50 cheques are received by mail every week? If so, what special columns would you use?

A cash receipts journal can be an extremely effective and efficient way for someone ...

How the Statement of Inventory works

The accountants should classify the inventories into two categories namely: class A and B inventory. Class A would be composed of inventory of high value in terms of cost. Normally, these inventories are not always bulky. They are small in size but extremely expensive. Class B would be composed of the other inventory not falling under class A. This category usually involves inventories bulky in nature but not as costly as the former class.
The accountants record the date and opening and closing balances immediately before commencing records. The balances are recorded in the currency of trade, say ...

Debtors filling system will be the responsibility of the accounts clerk and is prepared when the business is preparing and updated on a weekly basis. The records are prepared and recorded in the debtors’ accounts. The debtors’ accounts may either be debtors’ receivables or the debtors’ payments accounts and this is determined by the payment method of the debtors. The accounts are usually reviewed either on quarterly basis or annually depending on the volume of work carried out by a business. They may also be reviewed when an audit is being carried out and this has no specific time, since it ...

Executive summary

In recent years, the issue of corporate governance and ethics has grabbed attention in the light of corporate scandals that have reported since the Enron scandal. Scandals emerge is environment where corporate governance is weak (Knell, 2006 pg 162). These unethical practices start at the accounting department or elsewhere but covered up during preparation of the accounting records of the company (Knell, 2006 pg 165). The possibility of fraud in accounts poses the single most corporate risk. This report will explore Classic Hotels Inc, its structure, internal and external environment and finally zero in on accounting systems and controls ...

Part A - The impact of accounting on the IT Development 4

Part B – Question 1 - Introducing or Upgrading Computerized Accounting Systems 5
(a) Advantages and Disadvantages of using a Computer Accounting System 5

Advantages 5

Disadvantages 5
(b) Considerations when setting up a Computerized Accounting System 6

Completion of an Accounting Cycle 6

Recording all Transactions from Manual Trial Balance 7
Running a Trial or Testing Phase 7
Verification of the Computerized Accounting System 7
(c) Chart of Accounts and Coding Structure is Followed by Impetus Limited 8

Part B – Question 2 - Accounting Packages 8

(a) The Features of an Accounting Package 8

Security 8

Reporting 9
Interdepartmental Operations 10
(b) ‘Module’ in an Accounting Package and its Purpose 10
(c) ‘Integrated’, ‘Semi-Integrated’ and ‘Non-Integrated’ Modules ...

RESEARCH REPORT

INTRODUCTION
The French accounting had a long way of establishment and development. More so as France was a country with many colonies throughout the whole world. Despite the fact that the metropolis did not really want to develop thee colonies, as only their resources interested the French government, the French accounting system still had an immense influence on the development of the accounting systems in these countries.

French accounting found its origins under the reign of Louis XIV. The first mention and example of an accounting attempt was undertaken when the French wrote an official document named “Ordonnance”. The ...

MANAGEMENT ACCOUNTING – COST CLASSIFICATION, VARIANCE ANALYSIS AND BUDGET PREPARATION

Executive Summary 4
1. Management Accounting, its Importance and Comparison to Financial Accounting 5

Management Accounting versus Financial Accounting 5

2. Different Classifications of Costs (Types, Behaviour, Function and Relevance) with Examples 6
a. Cost Classification by Behaviour 6

Semi-Variable Costs 7
Variable Costs 7
b. Cost Classification by Function 7
c. Cost Classification by Relevance 8
3. Variance Analysis Commonly Derived Variances, Problems and Limitations 9
a. Commonly Derived Variances 9

Material Cost Variance 10

Labour Cost Variance 10
Overhead Variance 10
Controllable Variance 10
b. Problems and Limitations of Variance Analysis 11
4. Different Operational Budgets and their Advantages 11
a. Master Budget 11
b. Operating Budget ...

MANAGEMENT ACCOUNTING

Standard Costs Used for Variance Analysis and Favourable/Unfavourable Terminologies with Suitable Examples 8

References 11

Management Accounting
Differences between Management Accounting and Financial Accounting and the need for Investing in the latest Accounting Software
Audience Served
The basic difference between these two accounting fields is that the management accounting is concerned with providing information to internal stakeholders of an organisation such as the senior management, supervisors and employees. In contrast, financial accounting provides information about the financial health of the business to external stakeholders such as potential investors, shareholders (in case of a publicly traded company), tax authorities, lending institutions and ...

MANAGEMENT ACCOUNTING

Introduction
Management and financial accounting provide platforms for an organization management to provide informed decision and policies. Organization management uses the budget as the accounting tool in formulation and allocation of resources in different organization activities. The managers are the custodian of the budgets under the management and financial accounting. Financial statement and records provide viable financial data that helps in organization management especially in decision-making. Therefore, the study focuses on the management and financial accounting and expounding on objectives of the budget in an organization. The study will also provide the need of using variance analysis in organization ...

Final co-op report

Province
Introduction
The purpose of this report is to contemplate on the knowledge and skills that I have acquired during the co-op work term. During my co-op term work, I was an accountant trainee and the experience enabled me to apply the knowledge acquired in class, and also gave me an insight into the future of my career. In this report, I will include my strengths and weaknesses as was revealed by my experience in my co-op term work. Skills, weaknesses, and strengths will be listed as part of my self-evaluation. I will also conduct an evaluation of my ...

The world of finance and accounting is ever and continuously growing. This is thanks to the solid trend of globalization or the interconnectivity of countries and the number of people who are becoming more financially proficient. In this paper, the author argues why the world needs a universally accepted accounting theory. In the most basic sense, accounting theories are sets of principles or frameworks used to study and explain the application of numerous financial concepts. There are, of course, mainstream and alternative theories of accounting. The importance of accounting theories can be emphasized in the process of financial reporting— ...

MANAGEMENT ACCOUNTING

Introduction
Management and financial accounting provide platforms for an organization management to provide informed decision and policies. Organization management uses the budget as the accounting tool in formulation of policies and allocation of resources in different activities. Accounting encompasses the entire body of knowledge that deals with recording and keeping of all financial transactions. It entails identification, recording, classification, verification, and communication of financial information relating to the resources of the organization. On the other hand, financial accounting is a subset of accounting and is concerned with the use of financial data to measure economic performance of the organization. ...

Managerial Accountant

With regards to my request for a Managerial Accountant, I would like to explain why I sincerely believe that there is a need to hire another one, who will focus on the internal accounting aspects of our company. First of all, allow me to enlighten you on the objectives and characteristics of an internal accounting system. “The main objective of an internal managerial accounting system is to provide information to managers so they can make sound decisions”. The internal managerial accounting system plays a significant role in the planning and budgeting functions because there is a factual basis for ...

Management Accounting – Concepts and Classification of Cost

Introduction3

Purpose of Cost Classification.3
Costs Analysis in the Selected Company4
Scope of Activities of the Company..4
The List of Costs for the First Quarter..5

Classification of the Listed Costs, Cost Allocation6

Costs Classification by Period7
Costs Classification by Behaviour.8
Costs Classification by Business Function8
Importance of Costs Classification and Costs Allocation.10
Importance of Cost Concepts for Decision-Making.10
Some Practical Aspects of Cost Concept Application11

References14

Management Accounting – Concepts and Classification of Cost
Introduction
One of the most important tasks of the management of any company is to get most out of its available resources, to achieve the greatest output of work. This requires information on the ...

Abstract

Emirates Airline is one of the leading international airlines that offer multiple services to the international passengers. It is the largest airline of Middle East in terms of its revenue, profitability and the number of passengers. Its profit has been increasing over the last many years and reached to $1.5 billion in 2015. Despite of its success, to maintain and further grow its profitability and revenue, Emirates airline is needed to focus on the information, analysis and assessments of the factors that can impact its business performance. These factors might include the increasing competition, regulations of IATA, fluctuation in ...

The airline industry is considered to be highly competitive and therefore airline company managers will need to determine the relevance of their current ERP systems with regards to the applicability of the financial information it generates. This is because the same quantitative and qualitative information is used for both financial and management accounting. However, the main goal of a company is to generate better profitability for its owners while remaining sustainable. This is done by controlling costs while improving revenues through the use of budgets and the standardization of costs and results to variances, which are primarily under management ...

Management & Budgetary Control and the Beyond Budgeting debate

Part 1
What is budgetary control?
Budgetary control is the “establishment of budgets relating the responsibilities of executives to the requirements of a policy,” and the constant checking of the adherence to the budgeted results (FAO, 2014). It sets targets for income and expenditure to monitor and adjust the performance when necessary (Weygandt et al., 2009). It develops goals and forecasts for the major financial indicators, such as profits and revenues, costs, and cash flow (Horngren, 2012).

Why use traditional budgetary control?

Traditional budgeting is often described as the most reliable and effective tool used in managerial accounting (Pietrzak, 2014). Budgetary systems are the ...

Britvic Company Financial Analysis:

Introduction:
With operations in prominent countries of Europe like the Great Britain, Ireland and France, Britvic is renowned as one of the leading soft drink companies in the whole of Europe (Marketwatch.com, 2014).
The Company has been able and successful in setting up a definite portfolio across the markets where it operates. The brands of the Company that have captured its own market include Robinsons, Tango, J2O, drench, MiWadi, Ballygowan, Teisseire and Fruité. The Company also produces and sells famous drinks of PepsiCo Company such as Pepsi, 7UP and Mountain Dew Energy, in Britain and Ireland, as per ...

Introduction

The decision as to the form of business structure that one chooses depends on quite a number of things. There are different legal requirements in New Zealand for running different forms of business structures. For instance, there is a minimum number of people of people required to start a private limited company. There are also tax implications in whichever form of business structure that an investor chooses. For instance, for partnerships, only partners are taxed on their share of partnership profits earned (Collier, 2003). On the other hand, limited liability companies are taxed at a corporate tax rate on ...

Introduction

Sierra Ltd. is an automotive parts’ manufacturer situated in Eastbourne, England. The company manufacturers several distinct products and follows the traditional cost management system. It uses machine hours as the basis of allocation of overheads to its product costs. This report provides an assessment of Sierra’s finance director’s proposal to adopt the Activity Based Costing system for allocating overhead costs more appropriately and to increase sales margins.
The most important issues faced by Sierra Ltd. are the declining revenue and profits since the last five years, low projected net profits for 2016 and high product costs. Sierra ...

According to FASB, the fair or current value is the estimate of the price of an asset or liability if exchanged in arm’s length transaction motivated by normal business considerations. Under current value accounting, entities are required to value and report assets held for sale at their fair values rather than at historical costs as in the historical cost accounting (Schroeder, Clark and Cathey). The current value is more relevant than the historical cost. Firstly, it provides more relevant information about assets and liabilities than the historical cost approach. For assets held for sale, fair value accounting indicates ...

Executive Summary

The world experienced one of its worst recession which commenced in late 2007. One of the issues that emerged was criticism on the then accounting standards which prompted standard setters to respond. The G20 countries recommended the formation of financial crises advisory committee which developed various recommendations that led to the improvement of specific International financial reporting standards namely IFRS 10, 11, 7 and 9. Also, the recommendation led to the development of IFRS 12. These development were the key responses by the standard setters which are reviewed to demonstrate how they positively impacted the financial statements

Introduction

Towards the ...

The creation of cash flow statement was done by the FASB so that the stakeholders of the business including creditors, owners, and managers can receive a higher amount of information about the receipts and expenditures of cash. Though there is the provision of showing the cash balances in the balance sheet at the end of every period, there is no further information given on the balance sheet, statement of owner’s equity or income statement. The creation of a cash flow statement solves this problem without fail.
The basic purpose of a cash flow statement is the provision of ...

In a building and construction business, proper financial management is essential for the smooth of running of the business and achievement of profits. The essence of financial management is in proper record keeping. The table below shows the basic records that are a must in any business, the person responsible, frequency, review process, and why the record.

RECORD

PERSON RESPONSIBLE

WHEN TO BE PREPARED (FREQUENCY)

REVIEW PROCESS

WHY YOU NEED RECORD

Petty Cash

Accounts Clerk

Weekly

Manager reviews the petty cash system on a quarterly basis so as he can balance and reimburse money in the office.

Certify that minor purchases not ...

Introduction

A budget is a systematic way of allocating human, physical and financial resources so as to achieve the strategic goals of a business or an organization. Budgets help businesses to monitor their progress towards the set goals and objectives. The practice of involving the managers in budget making rather than simply imposing budget on them is called participatory budgeting. The main reason behind involving the managers in the budget making process is to assign responsibility to subordinate managers and place some form of personal ownership on the final budget. Over the last two decades, management accounting research has resulted in ambivalent ...

Business Accounting Assignment 1: Business Report on Accounting Practices and Financial Standing of Crafty Limited

Introduction
Final Accounts are prepared at the accounting cycle in order to determine the financial state of a business during a designated period. Preparation of final accounts include Manufacturing and Trading account statements, Profit and Loss Account sheets and the Balance Sheet. In order to calculate the amount of profit or loss a business entity has generated within a specified period, the Trading, Profit and Loss Account is prepared; since the Balance Sheet provides a snapshot of the assets and liabilities of a business, its interpretation reveals how financially viable the business is currently; while the most important function ...

Executive Summary

The report is commissioned to analyze the financial condition of JakelBerhard after the takeover by the new director, Mr. Michael. In order to achieve our objective, we unearthed the financial trends using the tool of ratio analysis using multiple ratio sections of Liquidity, Profitability and Efficiency. Our comprehensive analysis indicated that with the arrival of new director, the company’s position has rather deteriorated with decreased liquidity, declining profit margins and weak efficiency position.
In addition to the ratio analysis section, we have also discussed the importance of accounting information for a company like JakelBerhard and have also assisted ...

Income Statement:

The income statement reports the revenue and expenses of the firm over a period of time. The income statement is sometimes refered to as the statement of operations or Profit and Loss Statement. The income statement relies on the equation:

In other words, Income Statement serves the purpose of providing the investors and other users of financial statements with most appropriate profitability of the entity net of expenses incurred by the company. In an elaborated manner, income statement helps an investor to assess as how the business has performed by giving a summary of how the business incurs its revenue and ...

Business: interview journal and report

The following journal for the interview contains the details of the interviewed person and the ten questions that were addressed during the interview.

Organization
Contact details
Time of interview
- Tell me about the culture of this organization
The company is comprised of high achievers who are motivated towards achieving the success of the company and delivering innovative products to our customers. We maintain a disciplined approach in business to enable us provide create security for our stakeholders. As a company, we believe that integrity and mutual respect is the key to a long-term and fulfilling relationship with ...

- Balance Sheet of the Company
The balance sheet of “The Home Depot” has been made with the accounting standard of Generally Accepted Accounting Principles (GAAP) and all of the items incurring in the balance sheet has been made with the same provision. The balance sheets of the year 2013 are published for the company and all the figures which have been used in the financial statement are actively confirmed by the auditors of the company in total. However, there are certain accounts that needed to be re-check and re-signs as well, which predominantly re current ration, debt ...

Introduction
The business Fresh Food is a national company operating in many areas across the United Kingdom. It operates in the tertiary sector as it provides a service to customers and does not create or harvest materials. It is a relatively large company and currently employs 460 people and has a turnover of 18 million per annum. Fresh Food sells a vast variety of products including groceries, drinks, baked food and electrical goods such as phone top-ups, lottery tickets, gas and electric cards.
There are a large amount of competitors in the market located all across the country; food is a multi billion market ...