Financial Accounting Essay

The Report describes a proposal for the group of 20 of doctors with regard to the creating a hospital. Due to the 500,000 population of the city $100 million dollars would actually be a great start. Because the facility would be located 30 miles from the downtown area it would allow the facility to attract patients without being crowded. On the downside this affects its financial position and market condition because of distance. A lot of patients are not able to get to the doctor due to the high gas prices. Using various strategies, such as looking into ways to connect with public transportation to deal with this problem and gain

Financial statements are used to determine the business activities of a firm and the role of accounting analysis is to determine the accuracy and quality of the information provided. This analysis would look into the degree of its accounting figures captures its business reality through the policies used and its resulting noise, potential forecast errors and its impact on Myer’s profit.

As stated in the AASB Framework, financial statements play an utmost important role to a variety of users, which mainly consist of the investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies, as well as the public, in making vital financial decisions. For accounting information to be ‘decision useful' to this groups of people, the financial information

What is the future value of $7,540 at the end of 7 periods at 8% compounded interest?

Another important point is the reporting to whom. Financial accounting is meant for external reporting to all who are interested in the company’s activities. But in management accounting it is altogether an internal reporting aimed at helping managers in discharging their responsibilities.

The accounting system we use today started in Venice in renaissance period over 520 years ago. The trade business increased hugely during this time and all the financial recordings had to be written down to help people see how their business is doing. During that time in 1494 the first book about was published in accounting by Luca Paciolli and was called “The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality”. He was called “The father of Accounting” and most of his described principles have been used up until this day.

Even though financial management "is a broader concept than accounting", the idea of financial management is more than just accounting for where money is spent, it is based on the analyzation of organization's economic

The form, the use and the people involve with the financial and accounting information in a company is going to be developed in this report.

The management and the understanding of the key processes is one of the instrumental things in the management of the business. It is important for the firm to understand that the goals of the enterprise is to ensure expansion of each and every aspect so that the same can improve the overall process of management of the business. The firm valuation and the details relating to the same is also important considering the overall use and the discussion for the enterprise. For the firm it is important to consider the overall needs and requirements so that the decision making and the processing of the enterprise decisions can be implemented properly and the same can lead to effective management of the business of the enterprise.

The main purpose of financial accounting is to prepare financial reports that provide information about a firm’s performance to external parties such as investors, creditors, and tax authorities. Must be performed according to GAAP (Generally Accepted Accounting Principles) guidelines.

The growth in EPS suggests increased productivity and although net income did increase from $54,587 in 2013 to $66,176 in 2014, the average number of shares outstanding decreased from 69,710,500 in 2013 to 65,394,500 in 2014. The increased EPS in 2014 is mostly due to the decrease in shares outstanding rather than increased productivity.

1. A brief history of the two organisations, and their objectives, in as far as they

Financial accounting is a crucial process for any successful business. Atrill and McLaney, 2013 define financial accounting as: “the identification, measurement and communication of accounting information for external users (those users other than the managers of the business).”

It cannot be considered as an efficient system for making decisions due to the incapability of providing the required managerial information with proper quality. It is very significant in terms of the presentation method and the way to compute the data on qualitative aspect which the financial managers and analyzers should regard. Some measures are needed to qualify the accounting information. The firm is evaluated in the quality of accounting information and expected performance according to the related factors and facilities. Prudence takes the ability of financial statements and hence describes them in terms of transparency, accuracy and effectiveness in decision making. This has the disadvantage of overstating liabilities and understating assets which may lead to a false impression of the entity being in a worse financial position than it actually is. This might put off potential investors, it also means the financial statements are no longer

Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values.