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Describe the following questions:-
Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement is the most useful?Q.2 Explain why net income is not always the best measuring stick for a company?Q.3 Research and discuss at least two different forms of business organizations (ex. sole proprietorship, partnership, corporation, LLC, etc.). Discuss why accounting record keeping is important to the success of the organization and how accounting systems can help by increasing efficiency and effectiveness.
What is Comparability This quality would enable users to identify changes in the business over time (for instance, trend in sales revenue over the past five years). It wou
Profitability Ratios - These ratios include the Gross profit Margin, Net profit Margin, Operating Margin, Return on Equity (ROE), and Return on Total Assets. These ratios helps t
Illustration: Holding company with direct share holding Rain Ltd., Storm Ltd. and Thunder Ltd. are in the business of manufacturing tents. Their balance sheets as at 30 September
Deferred taxation is caused by timing differences that arise when a transaction is recognized differently for accounting and tax purposes; for i.e, capital expenditure, that invol
Acquisition during the financial period The holding company may acquire the subsidiary company partway through the financial period such that as at the balance sheet date, the
Steps in preparing the consolidated balance sheet Step 1 : Prepare the 3 important accounts i.e. cost of control to determine goodwill Group retained profits Mino
During construction of a building, the cost of interest on a construction loan should be charged to an expense account
IFRS guidelines IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are r
Retirement of a partner When one of the partners retires ante the others will continue trading, the n it is important that he gets a share of the goodwill that he helped create i
Grounds for compulsory winding up A company may be wound up by the court under s.219 if: 1) The company so resolves by special resolution, 2) Default is made in delivering th
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