BUS-317 TOPIC 1 DQ 2

Question: When preparing financial statements, which involve the culmination of various accounting principles and concepts, the process is crucial in portraying a company's financial health and performance. Among the key components, the income statement and the balance sheet stand as fundamental snapshots. The income statement delineates a company's revenues, expenses, and ultimately its profitability over a specific period, employing either the accrual basis or cash basis accounting. On the other hand, the balance sheet provides an overview of a company's assets, liabilities, and shareholders' equity at a given point in time, adhering to the accounting equation where assets are equal to liabilities plus shareholders' equity. Furthermore, the matching principle necessitates that expenses be recorded in the same period as the related revenues they helped generate, facilitating a more accurate representation of the company's financial performance.   In the context of accounting…

Accumulated other comprehensive income (AOCI) appears as a subsection of shareholders' equity on the balance sheet. Discuss the components of AOCI. What information does the AOCI convey to financial statement users about the financial health of a business?

What does the Income Statement tell a financial statement analyst about how a business is performing? What are some of the key components of an Income Statement? Find a current annual report of a public company you would like to work for, and review the company's Income Statement. Let the class know what company you researched and how the business is doing from your review and analysis of the Income Statement.

The accounting and financial statements provide the information that the company uses to measure the performance of the company. Each of the business functions activities and actions are reflected in these statements. For this week, discuss how the accounting function is interrelated and connected to the other business functions through the accounting and financial statements.

A primary focus of financial reporting about a company's performance during an accounting period is information related to the company's: a. Balance Sheet b. Income Statement c. Comprehensive Income d. Cash Flows

The four major financial reports that summarize the effects of economic events (like the results of operations) on a business for a specific time period or accounting period are called what? Group of answer choices tax returns managerial statements financial statements economic statements

The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition. Consider the following scenario: Cold Goose Metal Works Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1. Cold Goose is able achieve this level of increased sales, but its interast costs…

The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition. Consider the following scenario: Green Caterpillar Garden Supplies Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1. Green Caterpillar is able to achieve this level of increased sales, but its…

The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm’s gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm’s revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company’s financial performance and condition. Consider the following scenario: Cute Camel Woodcraft Company’s income statement reports data for its first year of operation. The firm’s CEO would like sales to increase by 25% next year. 1. Cute Camel is able to achieve this level of increased sales, but its…

The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition. Consider the following scenario: Cold Goose Metal Works Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1. Cold Goose is able to achieve this level of increased sales, but its interest costs…

Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide.b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.)c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.

Each question has one possible correct answer. Group the accounting terms according to their explanation 1. Accounting 2. Financial accounting 3.Accounting standards 4. Stock-taking 5. Auditor 6. Management accounting a person who, according to the law, has the right to audit the company's annual report collection of compilation and processing of economic information economic assets, registration in inventory lists with accounting data, as well as reconciliation of claims and liability amounts with debtors and creditors a part of the company's accounting, the main purpose of which is the collection, analysis, preparation and presentation of financial and operational information necessary for the management of the company defines and explains basic accounting principles and requirements a component of company accounting whose main task is the preparation of financial statements for the company's board, management and other users of financial statements.

Discuss how the qualitative characteristics of financial information apply to Company as it pertains to the company’s financial accounting and reporting, Your discussion should include at least 4 possible illustrative accounting examples and references, where appropriate.

Below are the four underlying assumptions of generally accepted accounting principles. Assumptions                            Descriptions 1. Economic entity  2. Going concern 3. Periodicity 4. Monetary unit   a. A common denominator is needed to measure all business activities. b. Economic events can be identified with a particular economic body. c. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely.  d. The economic life of a company can be divided into artificial time intervals for financial reporting. Required:Match each business assumption with its description.

Describe and summarize the key financial statements used in a business organization. Explain three to five key financial ratios used to analyze a company.

Give five specific limitations (scenarios) of accounting information in the business context and the possible solution you would suggest to resolve or mitigate the said limitations to affect the Annual Financial Reports.

. A public company’s annual report filed with the SEC includesa. a description of the business.b. financial statements.c. management’s explanations for trends in sales.d. All of the above are included in an annual report.

Required: Match the following descriptions with the four underlying assumptions of generally accepted accounting principles. Descriptions a A common denominator is needed to measure all business activities. b Economic events can be identified with a particular economic body. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely. The economic life of a company can be divided into artificial time intervals for financial reporting. d Assumptions

Please analyze, assess, and synthesize the Annual Report or Form 10-K or Form 20 - F (whatever they call it in that jurisdiction) of the company you choose. You can usually find it on the Company's website in Investor R. Introduction 2. Industry situation and company plans A. Management Letter B. B. Review Company's Products and Services 3. Financial Statements A. Income Statement B. Cash Flow Statement C. Balance Sheet D. Accounting Policies 4. Financial Analysis & Ratio A. Financial Analysis B. Ratio C. Market Indicator Financial Ratios 5. References 6. Complete Calcuation of Part 4 in excelLimi

21. Which of the following describes the purpose of a management accounting system?a) Recording the historical financial transactions of a businessb) Preparation of annual financial statementc) Record statements for external stakeholdersd) Preparation of plans for the future direction of a business

Discuss the two main branches of accounting and explain the differences between financialaccounting and management accounting. Explain the main user groups of each branch ofaccounting and describe the interest of each of the user group in a company’s financial statements