I’ve also posted additional aid after each question.<\/b> Please refer to it. Essay 1500-2000 words <\/p>\n
Please state example whenever possible. <\/p>\n
(a) Describe the general purpose of the statement of comprehenive income. In addition, explain the terms income and expenses as defined by the Conceptual Framework for Financial Reporting.<\/p>\n
This is how part (a) should consists of: <\/b><\/p>\n
statement of comprehensive income<\/p>\n
-measures performance of company<\/p>\n
comprehensive income (other comprehensive income (NOT FROM trading \/ operations)<\/p>\n
Trading profit and loss account <\/p>\n
-for a period of time usually less 1 year<\/p>\n
Define statement of comprehensive income (aim and purpose)<\/p>\n
Define income (revenue and gain)<\/p>\n
Define expenses (expenese and losses) <\/p>\n
the explain dintinguish both the revenue gain, expenses and losses <\/p>\n
Recognition criteria <\/p>\n
measuremen bases<\/p>\n
historical cost<\/p>\n
(b) Describe the general purpose of the statement of financial position. In addition, explain the terms asset, liability and equity as defined by the conceptual framework for financial reporting<\/p>\n
This is what part (b) should consists of:<\/b><\/p>\n
Statement of financial position<\/p>\n
-measures of financial postition<\/p>\n
-balance sheet<\/p>\n
Assets:<\/p>\n
Resources of company – what the company owns?<\/p>\n
Source of funds – what the company owes? <\/p>\n
Purpose of statement of financial position<\/p>\n
Define it’s aim and pirpose, who are the users and what do they look for from this statement?<\/p>\n
Define asset (current, non-current)<\/p>\n
Recognition of assets<\/p>\n
define liabilities (current, non-current)<\/p>\n
Recognition of liabiilities<\/p>\n
Measurement + all bases in iAS1 + fair value<\/p>\n
Define equity (prove components accounts) <\/p>\n
Do equity for limited company, sole trader and partnership<\/p>\n
Statement of changes in equity (capital)<\/p>\n
(c) Explain the accrual basis of accounting by defining the principles involved. Illstrate your answer by taking the example of te cost of sales adjustment in statement of comprehensive income.<\/p>\n
There are 2 parts to (c): <\/b><\/p>\n
For the accrual basis:<\/p>\n
Explain what is accrual basis<\/p>\n
Contrast with cash basis<\/p>\n
Explain the matching concept<\/p>\n
The 4 underlying principles<\/p>\n
For the cost of sales adjustment: <\/b><\/p>\n
Do not google, just help me to give example and then express it in wordings. <\/p>\n","protected":false},"excerpt":{"rendered":"
I’ve also posted additional aid after each question. Please refer to it. Essay 1500-2000 words Please state example whenever possible. (a) Describe the general purpose of the statement of comprehenive income. In addition, explain the terms income and expenses as defined Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52952","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/52952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=52952"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/52952\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=52952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=52952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=52952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}