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OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS
Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under-
1. To recognize and approximation the present and potential profitability/earning ability of the enterprise
2. To aid in economic decision making
3. To estimate and understand the financial performance and position of the concern
4. To calculate the effectiveness of business operations
5. To compute and analyze the different financial ratios and flow of funds/cash
6. To recognize areas of mismanagement and possible danger so that corrective actions can be taken
7. To resolve the preservation of financial leverage by the project
8. To establish the movement of inventory in the enterprise
9. To recognize diversion of funds etc.
Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Q. Explain about pegboard system? One more innovation in manual systems was the one write or pegboard system. Beside creating one document and aligning other records under it o
Periodic Review
Zack is a farmer who buys his feed and fertilizer from a farmer cooperative. In 2012, Zack purchased $300,000 in feed and fertilizer for the farm and $10,000 of household goods. Be
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at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
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Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept
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