21 May EXPLAIN WHY THESE CONCEPTS ARE IMPORTANT TO FINANCIAL STATEMENTS.
ACC 403 Module 1 Case
ACC403 – Principles of Accounting
Module 1 – Case Assignment – Introduction, Review of Accounting Process and Financial Statements Case Assignment Task: There are two parts to this case which require you to prepare and submit in a two to four page paper. Please make sure this paper is well organized and covers all of the items below. Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.
Generally Accepted Accounting Principles (US GAAP);
International Accounting Standards (IFRS); and
Liquidity.
Part II. Refer to the latest annual financial statements or quarterly reports for the two following companies: Dole and Nestle. Generally, this information is found in the Investor Relations area of the website. Locate the following on each of the statements: The Balance Sheet; The Income Statement; and The Statement of Cash Flows (you may have to search the company site to find this information if it is not in the annual reports). Comment on an explain some of the differences between the two companies’ financial statements. What accounting conventions do the two companies follow?
Which is more useful in your opinion for each of the two companies: Net Income or Cash from Operating Activities? Make two predictions about each company from that company’s financial statements. Reach one additional conclusion about each company from the additional information you find in the annual report. Support your analysis with computations. Clearly identify the company, the time period, and include the link to the financial statements you are analyzing in your report.
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