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COMM 293 Financial Accounting Assignment Sample UBC Canada
COMM 293 Financial Accounting Assignment Sample provides an in-depth understanding of financial accounting concepts and their application in business. COMM 293 Assignment Answers cover financial statement analysis, cash flow analysis, budgeting, and forecasting. It also introduces students to the use of accounting information systems.
Financial accounting can help business owners track revenue, expenses, and profit/loss over time, identify trends and make better decisions about pricing, spending, and investments.
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Assignment Task 1: Have a good understanding of the elements that go into the creation of the three financial statements and related reports, the kind of financial information all of them provide and how they are used.
The three main financial statements are the balance sheet, the income statement, and the statement of cash flows. The balance sheet shows a company’s assets, liabilities, and shareholder equity as of a specific date. The income statement shows how much revenue a company earned over a period of time and how much expenses it incurred. The statement of cash flows shows how a company’s cash position changed over a period of time.
There are several other financial statements and reports that companies prepare, but the three main ones are the most important. Financial statements are used by management to make decisions about pricing, spending, and investments. They are also used by investors and creditors to make decisions about whether or not to invest in or lend to a company.
The elements that go into the creation of financial statements include:
- Assets: Things that a company owns that have value.
- Liabilities: Money that a company owes to others.
- Shareholder equity: The difference between a company’s assets and liabilities.
- Revenue: Money that a company earns from selling its products or services.
- Expenses: Money that a company spends to run its business.
- Profit/loss: The difference between a company’s revenue and expenses.
Financial statements are important for all businesses, large and small. They provide a snapshot of a company’s financial position at a specific point in time and can be used to make informed decisions about the future of the business.
Assignment Task 2: Understand how to analyze financial information and think ahead as to the effect transactions will have on the decision making of the users of financial statements
Financial statement analysis is the process of studying a company’s financial statements to determine its financial health and performance. There are several different ways to analyze financial statements, but some of the most common techniques include trend analysis, ratio analysis, and cash flow analysis.
- Trend analysis looks at how a company’s financial metrics have changed over time. This can give you a sense of how the company is doing overall and whether it is improving or deteriorating.
- Ratio analysis compares a company’s financial metrics to industry averages or to its own historical numbers. This can help you see how the company is performing compared to its competitors and whether it is growing or shrinking.
- Cash flow analysis looks at a company’s cash flow over time. This can help you see how well the company is generating cash and whether it is likely to have enough cash to meet its future obligations.
Use a trend analysis, ratio analysis, and cash flow analysis. You better understand a company’s financial statements and performance. This information can be used to make informed decisions about pricing, spending, investments, and other strategic decisions. Financial statement analysis is an important tool for all business owners and managers.
Assignment Task 3: Effectively use the understanding of accounting principles to facilitate the computation of the calculations that go into the preparation of financial reports.
Accounting principles are the foundation for financial reporting. They provide guidance on how to record and report transactions in financial statements. The most common accounting principles are:
- Revenue recognition principle: Revenue should be recognized when it is earned, not when it is received.
- Matching principle: Expenses should be matched with the revenue they helped generate.
- Cost principle: Assets should be recorded at their historical cost.
- Full disclosure principle: All material information should be disclosed in financial statements.
The revenue recognition principle states that revenue should be recognized when it is earned, not when it is received. The matching principle says that expenses should be matched with the revenue they helped generate. The cost principle requires that assets be recorded at their historical cost. And finally, the full disclosure principle stipulates that all material information should be disclosed in financial statements.
The revenue recognition principle, matching principle, and cost principle are all important for businesses to follow because they provide transparency and allow users of financial statements to make informed decisions. By understanding and using these principles, you will be able to facilitate the computation of the calculations that go into the preparation of financial reports.
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