Financial Accounting Assignment
Learning Outcomes
a. Interpret and explain accounting concepts and principles
b. Record financial accounting transactions using the accrual method of accounting
c. Prepare general purpose financial statements
Description
This assignment requires students to write a report demonstrating their knowledge of financial accounting. From this assignment, the students will achieve the following unit learning outcomes:
a. Interpret and explain accounting concepts and principles
d. Record financial accounting transactions using the accrual method of accounting
e. Prepare general purpose financial statements
Select a company from the following list:
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Company
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Industry
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JB Hi-Fi Limited
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Retailing
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Webjet Limited
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Retailing
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The Reject Shop Limited
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Retailing
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Kogan Limited
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Retailing
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Nick Scali Limited
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Retailing
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Asaleo Care Limited
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Household and Personal Products
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Bioxyne Limited
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Household and Personal Products
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Elixinol Global Limited
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Household and Personal Products
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Pental Limited
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Household and Personal Products
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Skin Elements Limited
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Household and Personal Products
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The financial statements of the selected company can be found in its annual reports. Using the 2018 Annual Report, address the following in your report:
1. Identify revenue, accounts receivable and receipts from customers for 2018 and 2017. Are the revenues for 2018 and 2017 different from receipts from customers for 2018 and 2017 respectively? Explain any difference with the relevant accounting concepts and principles.
2. Does the company have receivables and payables for 2018 and 2017? What kind of business transactions give rise to such accounts? Explain with the relevant accounting concepts and principles.(200 words)
3. How has the company reported non-current assets for 2018 and 2017? Explain the relevant accounting concepts and principles. From the notes to non-current assets, explain through journal entries the additions, deletions and depreciation.(200 words)
4. State the reason(s) for the company to report two years' of financial statements in one annual report. Explain the usefulness of previous year's financial statements with some examples.
5. Explain the difference(s) between profit after tax and cash balance at the end of the year 2018. Give examples of some accounts that can help explain the difference(s).
6. Explain the basis of preparation of financial statements for the selected company.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.