Financial statements

Submitted by: Hina Iftikhar Registration number: 1784212 Course Title: Cost and Financial Management for Project Management (Assignment 1) Name of Instructor: Dr. Muhammad Naveed Submitted on: 21/09/2017 Section: MPM 1C 1. Briefly, explain following; o The economic resources which are claimed by a corporation, company or business are known as an asset. o Liability is a commitment emerging from past occasions, the settlement of which may bring about the exchange or…

a. What is accounting and how does it help you manage your personal finance? b. Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial planning. C. How could personal financial software assist you in your personal financial decisions? Accounting is one of those tools that make complex things like a huge sum and its breaking down through somehow diverse and seemingly unrelated activities look relatively easy to grasp to us as we strive to…

Indeed, both terms refer to a scope of tasks that manage the accounting side of a company and share some common goals. But there are some fundamental distinctions between these two notions. Bookkeeping implies a more administrative work of keeping financial recording and retaining documentation for transactions. Many bookkeepers begin with performing functions of data-entry clerks and then by gaining more experience in the field, their role within a company may evolve into being an accountant.…

1. Name of the area. General accounting/management and financial reporting. 2. How does this area impact financial information and decisions in the organization? How is the organizational structure effective for this function? Describe. The financial department impacts financial information and decisions in the organization as they are responsible for doing the financial reporting for the entire hospital. The organizational structure is effective for this function as they generate various…

In general, Accrual accounting in public sector provides better quality financial information, more comprehensive and increase efficiency. This allows a better way of discharging accountability by extending the assessment of financial performance beyond the application of cash and supports a better decision making by internal management by providing information on the full cost of operations and the resources used to deliver services to the public 1-Revenue and Expense Matching The most…

Introduction Financial management requires the effective exploration of financial statements, the information relayed provides valuable insights into the health of a company (Lohrey n.d.). This report has conducted a performance evaluation and stock valuation for the JB Hi-Fi Group Pty Ltd (JB Hi-Fi). Australia’s largest home entertainment retailer, JB Hi-Fi sells home consumer products across 187 stores in Australia and New Zealand. By investigating the performance and stocks of a company,…

increased my knowledge especially in the financial and accounting aspect. This course has introduced me to understanding the relationship between financial and accounting in making an effective strategic decision. In as much they sound alike they are different and used in different purposes, both accounts are important to the business but are used for different purposes. Financial statements are requirement for any organisation and are published at the end of a financial period for its…

Lessons Concepts of Entrepreneurship The five concepts of entrepreneurship I learned that I didn’t know before were feasibility analysis, promotion, financial statements, sole proprietorships, and Market penetration strategy. Feasibility analysis is important because it is an evaluation for a products/service overall appeal. I noticed that it’s a great tool to know if a business is usable or not. I will use a feasibility analysis in the future when I decide to create my own business. This…

Financial shenanigans are acts composed to falsify the actual financial performance of an enterprise or entity. Many public and non-public companies use financial shenanigans to misstate earnings, cover up losses and boost profits. One type of shenanigan that can be utilized by companies is the act of bartering. Bartering is a transaction in which two companies agree to trade goods or services with one another without the involvement of money. The act of bartering, does not affect the company’s…

differences in the Lee and Lawson proposal for formulation of Cash Flow Model. Firstly, Lee conceived the structure of cash flow accounting as an inter-locking series of statements for a variety of users. Lawson, on the other hand, is mainly concerned with the provision of cash flow data to improve the information base of investors and financial managers. Secondly, Lee’s system is enterprise oriented, intended for a variety of user group, and concentrates on a reporting of the various cash flow…