ACC203 Introduction to Financial Accounting Explained Assessment Answer

TAFE Assessment Cover SheetAre you an Accounting student? If yes! Then there’s an assessment waiting for you to complete. ACC203 Introduction to Financial Accounting Assessment Answer writing job is given to the accounting students to make them familiar with ACC203 Introduction to Financial Accounting and how it works?

Being a very important subject this assessment holds a huge responsibility as students will gain a considerable amount of knowledge and learning while completing the assessment.

But! Before starting the financial accounting assessment you must have very deep knowledge of this subject because it takes a certain amount of dedication and creative thinking to complete this assessment. Some of the basic terms used in this assessment are as follows: nature and scope of accounting, basic accounting concepts, source documents, double-entry bookkeeping, and many more.

If you don’t have the proper knowledge about these terms the best option for you could be taking help from online assessment services.

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Learning outcomes of  Introduction to Financial Accounting Explained assessment

After completion of this assessment, you will gain knowledge about many financial accounting terms and practices like how to maintain a double-entry bookkeeping system, you will learn about basic concepts of accounting, subsidiary books, trial balance, chief financial accounting concept and convention, nature, and scope of accounting, the various function of an accountant In an organization,  financial accounting functions.
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Questions asked in Introduction to Financial Accounting Assessment:

Note: while creating the financial accounting assessment you should keep in mind that there was no beginning and ending in the work process.

  • Students have to calculate the cost per bottle for Cool Day Draught.
  • Students have to prepare journal entries so that a record can be maintained for the production cost of March 2013. While assuming that the cost of mixing and bottling departments are charged to their respective work-in-process inventory accounts.

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Important terms used in Financial Statements:

  • Income statement

To report a company’s Financial Performance over a specific accounting period you can include income statements.  It is one of the three important financial accounting statements along with the balance sheet and the cash flow statement.

It is also known and the profit and loss statement, the income statement mainly focuses on the company expenses and revenue during a particular period of time. Important terms in an income statement are Revenues, Expenses, Gains, and Losses.

  • Balance sheet

The statement of the financial position of an organization listing the assets, liabilities, and its owner’s equity at any given time is called a balance sheet. A balance sheet shows an organization’s net worth. A balance sheet includes expenses payable, interested payable, etc.  Important in a balance sheet are Assets, Liability, and stockholder’s equity.

  • Cash Flows

One of the three important financial statements Cash flow statements provides all of the data regarding all cash flow in an organization from its running operations and outside investment sources.

The outflow of cash and investment during a  period of time you need to include it in cash flow. Important terms in Cash flow statement: Operating Activities, investing activities, and Financing Activities.

  • Statement of Stockholder’s equity

A financial Document which an organization issue as a part of their balance sheet is basically a Statement of Stockholder’s equity. The balance sheet is basically important about financial accounting.
This Statement enables shareholders or stockholders to see how their investments are faring and make decisions accordingly. Important terms in a Statement of Stockholder’s equity: Preferred stock, Common stock, treasury stock, Additional paid-up Capital, Retained earnings.

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