REPORT’S INTERPRETATION 5 REVENUE RECOGNITION POLICY 6 INVENTORY VALUATION POLICY 7 DEPRECIATION POLICY 8 ACCOUNTING POLICY FOR VALUATION OF TANGIBLE AND INTANGIBLE ASSETS 9 CLAUSE 49 AND ITS IMPLEMENTATION AT MARUTI 10 BALANCE SHEET 13 INCOME STATEMENT 13 RATIO ANALYSIS 14 CASH FLOW STATEMENT ANALYSIS 24 INTER COMPANY ANALYSIS 25 OTHER ACCOUNTING POLICIES AND THEIR IMPACT ON QULAITY OF EARNING 25 OPERATING CYCLE CALCULATION AND TREND ANALYSIS 28 VITALITY OF MARUT’s SHARES 29 PART I - BASIC
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Accounting Standards 6 and 10 on ‘Depreciation Accounting’ and ‘Accounting for Fixed Assets’ Accounting Assets Financial Audit Autonomous Bodies‚ AS 6 and AS Session 1.5 9 1 Session Coverage • AS-6 ‘Depreciation Accounting’; A i ’ • and d • AS 10 ‘Accounting for Fixed AS-10 Accounting Assets’ Financial Audit Autonomous Bodies‚ AS 6 and AS Session 1.5 9 2 Learning Objective • At the end of this session‚ the learner will be able to apply the concepts contained
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labeled “Depreciation related to capitalized interest” relates to the depreciation of the interest that was capitalized as part of the cost of the asset. b. The first adjustment increases income because interest is not being expensed immediately but instead is capitalized as part of the cost of the asset to which it relates. The second adjustment decreases income because under Country A GAAP‚ the asset to which interest is capitalized has a larger cost and therefore a larger depreciation expense
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Table of Contents Background and Issues of Mount Pleasant Coffee Growers Cooperative Limited 2 Question 1 - Analytical Review Schedule of the farm and factory expenses 3 Question 2 - Audit Program for factory Wages and Administrative Salaries paid 7 Question 3 - Verification of the Coffee Industry Board Cess and the closing inventory of Coffee 13 Question 4 – Completing the Appropriation Account of Mount Pleasant 15 Question 5 - Presentation of simplistic financial Statements 16
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1 Marks: 5 Which of the following events involves an accrual? Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | | Correct Marks for this submission: 5/5. Question 2 Marks: 5 Which resource provider typically receives first priority when resources are divided
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Task 1 1. A roll forward is an important test in relation to year-end balance of gross PPE. It is necessary for the auditor to have assurance about the amount on the year-end 2011 balance sheet. However‚ a majority of the dollar amounts on the balance sheet should have been tested in the previous year. Roll forward allows the auditor to asses any activity since the last recording on the balance sheet. The mathematical accuracy is crucial because if the numbers are off‚ the auditor could be tested
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Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet‚ income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits‚ credits‚ transaction journal entries‚ adjusting
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vendor. Cash flow reflects the cash that actually went out the door during a period. - Capital expenditures do not count against profit directly. A capital expenditure does not appear on the income statement when it occurs. It is only the depreciation that is charged against revenue over time which is based on the useful life of the item that was purchased. The cash flow reflects a different story as most items are paid for long before they may be fully depreciated on the profit and loss statement
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Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. The accelerated depreciation method was changed from to straight-line on all company assets that caused to increase after-tax net income for 1984 by $11.005 million. The cumulative effect of change in 1984 there will be no reduction in the depreciation expense due to change. in 1984 decreased by $7.0 million over the previous year. Most of this reduction was a result of the company’s
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AB1102: Accounting 2 Notes Objective of Financial Statements – objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and other creditors in making decisions about providing resources to the entity. 2 roles of financial reporting: Contracting (backward looking) and Valuation (forward looking) Qualitative Characteristics (QC) of Useful Financial Information - Relevance o Predictive
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