Overview Company was incorporated under the provisions of Companies Act, 1956 as a limited Company. 1. Significant accounting policies a) Basis of preparation of financial statements The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the Generally Accepted Accounting Principles in India and comply with the Accounting Standards (AS) notified by the Central Government of India under
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Annual Reports Stephanie Shumway McCleneghan Colorado Technical University Online Annual Reports An annual report is a document that companies must provide to their shareholders that describe the organizations operations and financial conditions (Annual Reports, 2014). There are many components that an annual report usually contains such as different financial highlights, management discussion and analysis, auditors reports, and corporate information. All annual reports revolve around financial
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Cash book The journals Trial balance trial balance as at December 30 2013 | | | | DR ($) | CR ($) | cash | 444,500 | | bank | 1,780,760 | | debtors: T. Mcbean | 40,300 | | T. Wright | 15,500 | | creditors: Tysoue ltd | | 71,200 | Car care ltd | | 42,880 | Good year
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Accounting System ............................................... .l FinancialReporting ..................................................... The Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Income Statement ................................................ .2 Statement of Cash Flows. .......................................
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Forecasting November 12, 2012 The most comprehensive means of financial forecasting is to develop a series of pro forma, or projected, financial statements. Financial forecast is about the pro-forma income statement, cash budget, and pro-forma balance sheet. The statements are often required by bankers and other lenders as a guide for the future. A brand new company needs to have sales projection plan, production plan, and have a pro forma income statement because it is a new business, so it would
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differentiate from our competitors. As a company we developed these initiatives based upon marketing research regarding our customers needs and growth opportunities, as well as looking at the financial report for the previous year. Huffman Trucking Balance Sheet | | | | December 31st | | 2006 | 2005 | | (In Thousands) | | Assets | Current Assets | | Cash & Cash Equivalents | $51,993 | $38,893 | Accounts Receivable | 56,292 | 57,441 | Prepaid Expenses & Supplies
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Chapter 01 - Intercorporate Acquisitions and Investments in Other Entities Chapter 01 Intercorporate Acquisitions and Investments in Other Entities Multiple Choice Questions In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred: 1. Based on the preceding
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transactions in a manner useful to the users. This function involves the preparation of financial statements such as income statement, balance sheet, statement of changes in financial position and cash flow statement 6. Analyzing: It deals with the establishment of relationship between the various items or group of items taken from income statement or balance sheet or both. Its purpose is to identify the financial strengths and weakness of the enterprise. The above six present day scenario are generally
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So next time you take your box of unsorted receipts to your tax preparer be sure to thank them for what they do the rest of the year. The four financial statements in the accounting process are an income statement; owner’s equity statement; balance sheet; and statement of cash flow (Weygandt, Kimmel, & Keiso, 2013, p. 21). Each of these statements is vital to internal and external users in order to provide relevant financial data. An income statement lists revenues and expenses that result
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