ABC LTD COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2012 NOTE 2012 Revenue 2 828,500 Cost of sales 3 (460,000) Gross profit 368,500 Other income 4 2,500 Operating expenses 5 361000 Profit before income tax 10000 Income tax expense (30%) 3,000 Profit for the year 7000 Other comprehensive income change in revaulation surplus 38500 Other comprehensive income for the year, net of tax 38500 Total comprehensive income for the year 45500 ABC LTD STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2012 NOTES 2012 ASSETS Current assets Cash and cash equivalents 6 100500 Trade and other receivables 7 45,200 Inventories 8 87700 Other current assets 9 7000 …show more content…
Provision for Employee benefits 34,200 34200 68,400 Deferred Tax Liability 18,400 16500 34,900 Allowance for Doubtful Debts 12,800 12,800 Accumulated Depreciation-Plant and Equipment 42,500 42,500 Accumulated Impairment-Goodwill 10,000 10,000 Cash 500 100000 100500 Accounts Receivable 58,000 58000 Inventory 87,700 87700 Prepaid Insurance 7,000 7000 Plant & Equipment 222,500 222500 Land 195,000 25000 220000 Buildings 350,000 30000 380000 Goodwill 105,000 105000 Deferred Tax Asset 9,800 9800 Sales Revenue 825,000 825,000 Cost of Sales 450,000 450000 Administrative Expenses 265,000 28700 236,300 Annual Leave expense 18000 18000 Long-service Leave expense 16200 16200 Other Expenses 10,000 10000 Interest Revenue 2,500 2,500 Dividends Revenue 3,500 3,500 Income Tax Expense 50,400 50,400 Interest expense 30100 30,100 Dividend Paid 20,000 20,000 Dividends Declared 10,000 10,000 Transfer to General Reserve 25,000 25,000 Total 1,865,900 1,865,900 252467 252467 2089667
Anyone considering accounting needs to assess whether this career fits his or her interests, abilities, and aspirations. There are certain qualities and qualifications, however, that a person should consider before making a commitment to a particular career field. Selecting a career can take a lot of time, and many people do not choose until they are adults. Contributing to the difficulty in choosing a career is the vast number of vocations from which to choose. The field of accounting alone covers dozens of types of accountants and dozens of jobs. In trying to decide whether accounting is an appropriate career choice, a person should talk with bookkeepers and accountants that have years of experience. Ask questions about their daily work requirements, their likes and dislikes about accounting, and how they became interested in the profession. Questions such as these can give a person insight into the profession and help in considering accounting as a career.
This case assignment will discuss managerial accounting and different income statements a business owner may use internal to the company. Divided into two parts, part one will discuss and analyze the difference between managerial and financial accounting, the needs for financial information used for internal purposes. Additionally, it will focus on the managerial accounting profession and how its roles have changed in today’s business. Expanding on the profession, it will comment on the Certified Management Accountant (CMA) certification and how it differs from the CPA certification. Part two of this assignment
Australian bookkeeping gauges are set by the Australian Accounting Standards Board (AASB) and have the power of law for Corporations law elements under s 296 of the Corporations Act 2001. They should likewise be connected to all other universally useful monetary reports of reporting elements in general society and private parts.Australian Accounting standards board oversee process of accouting standards if all companies registerd with ASIC complying with these standards and their financial reports are maintend with standards to keep public share holders money in safe hand in past many auditors companies used to ignore accounting standards to give companies actual financial figuers lower or higher to keep their shares prices or investors intact this lead to so many financial crises and collapse of comapanies.The case analyses the high standards required by the accounting profession in line with the requirements of the Australian Standards Board prescription. Further, the case is analyzed technically in line with the accounting standards prescribed by the institute. Here, an employee accountant of a company is asked to iron out the
Founded in 1888, Foster’s group is the result of a long history of amalgamations. Nowadays, regarded as a premium global multi-beverages company, Foster’s group possesses three main operating arms: Beringer Blass Wine Estate, Carlton and United Beverages, Foster’s Brewing International. The group delivers premium branded beers, wine spirits and entertainment products. With US$5.2 billion in total operating revenue, Foster’s group’s operates in Australia, New Zealand, China, California, Italy, Chile, Vietnam, India and Fiji. Besides, its products are sold in over 150 countries around the world.
The United States has distinguished itself as the ultimate melting pot. The Civil Rights Act of 1964 outlawed any discrimination based on race, color, religion, sex, or national origin in all public forums, representing our country’s complete embrace of a multicultural society. Today, the U.S. is experiencing a major shift in demographics, as the Census Bureau forecasts ethnic minorities will outnumber Caucasians by the year 2042. This trend has observably manifested in the business world, as the number of minority-owned businesses in recent years has expanded twofold, increasing by 45.6% to 5.8 million. Likewise, the SEC issued a directive in 2009 that strongly supported diversity in the boardroom, requiring proxy disclosure statements to
To determine Panorama’s financial positions, we need to use ratio analysis. There are four main categories we can use. They are liquidity, activity, profitability, and debt or financial leverage.
a failure to accomplish all the tasks necessary to hire the new employees in a
Financial Accounting Financial accounting or ‘book-keeping’ is the process of recording financial transactions from the day-to-day operation of a business. The sale of goods to a customer and the subsequent settlement of the debt are two examples of financial transactions. Sales Accounting When credit sales are made to customers, a record needs to be kept of amounts owing and paid. Payment is normally requested with an invoice.
At the beginning of April, Carl Robbins was hired at ABC, INC. as a new recruiter. He successfully hired several employees, even though he was fairly new at his job. This was his first recruitment effort that turned out quite well. After this, the Operations Supervisor, Monica Carrolls, tasked Carl to recruit 15 new employees to begin working at ABC in July. So Carl scheduled an orientation to take place for the 15 employees on June 15th. Monica contacted Carl around May 15th to ensure that the process to get the orientation started was underway and Carl assured her that the orientation would be ready in time. Carl started working on the task to set up the orientation around the end of May and soon realized he didn’t have a room for the orientation to be held and the necessary paperwork was far from complete. He only had three manuals and all were missing pages and not one of the new employees was scheduled to get the required drug test. He had two weeks until the orientation was to be presented and suddenly realized he may have misinformed Monica on having the orientation ready in time. Carl put himself in a misfortunate situation with his lack of experience and improper use of communication causing him to be behind in his tasking. If Carl does not act fast or start communicating with his management, he may not be able to make the deadline.
ABC Company is a new start-up mobile hairdresser company that aims to start their business in the UK hairdresser sector; however, initially it would be in a mobile company format to give their business a smooth boost. The company intent to invest their capital in their services and quality to build a strong customer line that would be a smart investment for the future of this business.
The purpose of any business is to make a profit. It may sound simple, but there are many factors that contribute to keeping a business thriving. In today’s economic world, the business world has tougher obstacles to overcome. The key to the success of any business is the ability strategically plan, analyze, and create new opportunities that prove to be profitable. Creativity and innovation are also essential in order for a business to stay ahead. As corporate controller of ABC Company, I am to analyze the company financials in order to assess if the CEO’s idea of adding a new product line will indeed be profitable.
The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities. Although the principal aim or function of cost accounting is to help the business administration with their decision making and business planning process, the cost accounting data
1. APES codes of Ethics for Professional Accounting states that all the members of accountancy profession should act in the interest of their clients, employers, investors, government, employees and all others who rely on the report or work done by them. (Moroney R, 2011). It gives the reason why these bodies produce ethical guidance: the public interest.
This assignment is dedicated to analyze the development of the accounting profession in Malaysia and evaluate the future direction of Malaysia’s accounting profession. Accounting defines as the process of identifying, recording, measuring and communicating the financial information. It shows the profits or loss for the period, the value of the of a firm’s assets, liabilities and owner equity. Accounting as a profession has a very important role to play in the economic development of any country. Accounting provide information on the resources that available to a firm and the outcome accomplish through their use. Accounting professional are prepared to provide essential guidance to help organizations achieve long-term financial,
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.