Financial Accounting Mba Assignment

2415 Words Dec 27th, 2012 10 Pages
Student ID: 7608756

FACC Assignment
FACC/Jul11/1
Ryan Marc Gonsalves

Ryan Marc Gonsalves MBSW 60127 FINANCIAL ACCOUNTING FACC/JULY11/1

Student ID: 7608756

Table of Contents
Table of Tables .................................................................................................................... 3 Table of Figures ................................................................................................................... 3 Introduction and Purpose ................................................................................................... 4 Question One (A): Financial Statements ............................................................................. 5 The Usefulness of Accounting Information
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The SOX Act provides evidence of a greater scrutiny from regulators in using financial statements to ensure the reports remain free from fraudulent practices and accounting errors (Sarbanes-Oxley Act Forum). In a similar way, tax departments will be concerned with the wealth generated by the business within the SOFP and income statement. Financial information for managers provides performance tracking and trend analysis - but also information on where to focus resources e.g. companies such as GE will go to great lengths to manage tax liabilities (Kocieniewski, 2011). Employees look at the profit levels and general financial strength of the company to identify job security and new job opportunities. More and more attention from investors is being 5|Page

Ryan Marc Gonsalves MBSW 60127 FINANCIAL ACCOUNTING FACC/JULY11/1

Student ID: 7608756

paid to board remuneration and not just on the wealth generated and shares of profits to help with the decision of whether or not to continue to invest. Public and local community groups show an interest in what funds the company is investing back into the community by way of resources and jobs (HSBC Corporation, 2011).

The Usefulness of Accounting

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