13 Jun BRIEFLY DISCUSS THE DIFFERENCE BETWEEN THE CASH BASIS AND ACCRUAL BASIS OF ACCOUNTING USING THE EXAMPLE OF RENT OF 24000AED
Brave Brands Marketing is a well-renowned marketing organisation with a strong workforce of dedicated employees. However, the CEO has recently identified that many of his staff members have a poor understanding of financial statements and difficulty in interpreting financial data as their tertiary education has not exposed them to such information. As an ADSM graduate, you have been asked to do research which will enable you to answer the following
questions in preparation for the training course that you will perform internally for the company.
1 In a brief but comprehensive response, define the role of accounting. (You are required, amongst others, to address accounting information, users of financial information, the accounting process and the role of financial accounting vs. management accounting.)
In general, explain what the statement of comprehensive income (income statement) and statement of financial position (balance sheet) portray about a business entity and briefly discuss what is contained in each statement.
Briefly discuss the difference between the cash basis and accrual basis of accounting using the example of rent of 24000AED being paid in advance by Company A for 12 months from 1 September 2014. Company A has a December year end.
4.The CEO has described an item in the financial statements of Brave Brands Marketing as “…a present obligation, arising from a past event, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits.” Describe using accounting terms the above statements
You received the following chart: (ATTACHED BELOW AND YOU CAN DOWNLOAD)
You need to:
Arrange these costs in a table that lists factory overhead costs for the year.
Analyze the remaining costs and select those related to production activity for the year; selected costs should include the materials and goods in process inventories and direct labour.
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