Difference in statement of cash flows and cash flow forecast

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Reference no: EM13829495

Hopefully, this will all help us to learn together and as our week progresses. Please let me know if it does. · Briefly explain what you understand by the accruals concept. · Briefly describe the difference between a statement of cash flows and a cash flow forecast. An organization is owed £50,000 by its trade debtors (receivables) and in relation to its credit sales on 31.12.20X4. During the year to 31.12.20X5, it makes credit sales of £750,000. At 31.12.20X5, it is owed £125,000 by its trade debtors. How much money did the organization receive from its trade debtors and in the year to 31.12.20X5? How will the above information affect the organizations: · Opening and closing statements of financial position (as at 31.12.20X4 and 31.12.20X5); · Income statement for the year to 31.12.20X5; · Statement of cash flows for the year to 31.12.20X5 (using the indirect method)?

Reference no: EM13829495

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