Learning Outcome 7. Answer the following question in a short answer of 100-150 words; provide comprehensive information and examples in applicable, to support your answer. How Financial Statements are Interconnected? Explain.
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Learning Outcome 7. Answer the following question in a short answer of 100-150 words; provide comprehensive information and examples in applicable, to support your answer. How Financial Statements are Interconnected? Explain.
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- Per given item (A to P), Identify if it is under Financial Perspective, Customer Perspective, Learning Perspective or Internal PerspectiveRefer back to Textbook Problem 17.5. Recast the financial statements for Green Valley into common size financial statements. Describe at least two advantages of a common size presentation of financial statements.The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.Required:a) Provide one example where information is relevant but not faithfully represented. (3 marks,maximum 100 words)b) Provide one example where information is not relevant but is faithfully represented. (3 marks,maximum 100 words)c) Provide one example where information is relevant and faithfully represented. (4 marks,maximum 150 words)Week 2a) What is
- Select three (3) issues associated with the annual report and the broader area of financial reporting (this includes financial accounting) that you consider are significant. For each you should: describe the issue, say why it is significant/important, offer a solution (with justification),Additionally, regarding the project, please do not assume that the reader is familiar with the subject areas that you are writing about. Therefore, definitions, assumptions, facts, and analyses are required in this assignment. Further, there are four questions that are being asked. Three questions need supporting calculations to validate your answers. Please help me by showing the calculations and assumptions in each of the answers, otherwise I will receive an 0. Kindly show your calculations. Also, a review of Learning Objective 4 in chapter 21 would be a good place to start with this assignment (Lease Capitalization, Bargain purchase Option.) Below are the questions for your convenience. What ethical issue is at stake? Should the controller's argument be accepted if she does not really know much about copier technology? Would it make a difference if the controller were knowledgeable about the rate of change in copier technology? What should Suffolk do?Ethics case: Uncollectible Accounts Introduction The purpose of this discussion forum is to give you an opportunity to apply your critical-thinking ability to the knowledge you’ve gained. The assignment provides you with an opportunity to develop your research, analysis, judgment, and communication skills. You also will work with other students, integrate what you’ve learned, apply it in real-world situations. This practice will broaden your knowledge and further develop your decision-making abilities. The assignment achieves learning objective 5. The assignment information is given below; You have recently been hired as the assistant controller for Stanton Industries, a large, publicly held manufacturing company. Your immediate superior is the controller who, in turn, is responsible to the vice president of finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging of accounts receivable and have…
- Why is accounting quality important in financial analyst. Provide an example showing one of the concepts provided in lesson 3For which type of learning outcomes would be the essay test be least useful?A. Understanding of accounting principlesB. Thinking skillsC. Organization of ideasD. Knowledge of factsE. Application of accounting principlesChapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.
- Explain five (5) qualitative characteristics of IFRS that is used to prepare financial statements to your colleagues at the meeting. Explain the difference between profit and profitability. Explain the concept of going concern and the implication of revocation of going concern assumption when financial statements are prepared.Explain five qualitative characteristics of IFR that is used to prepare financial statement to your colleagues at the meetingGive an example of accounting problem, For that problem, there should be 5 requirements or questions then write a short narrative of your analysis of the problem. Explain what theories/ concepts apply, how, and why. Then present the solution/computation. Write a short narrative explaining the meaning of the final answer - its implication to thefirm. Write a short recommendation/conclusion based on the analysis and solutions. You solved a current problem only. How can you provide for the future? What about contingencies that may arise? What proactive measures can you take?