ACCT30001 Financial Accounting Theory Unimelb Assignment Answer
This is the assignment sample of “ACCT30001 Financial Accounting Theory Unimelb”.
The Financial Statement Theory and Analysis course is a financial analysis tool that enables the use of annual reports to perform performance evaluation, corporate valuation, contract negotiation with executives and lenders.
The class also explores if any legislation needs to be put into place in order for these tools to function optimally as well as examining regulatory issues related specifically to executive compensation contracts.
Assignment Solution Of ACCT30001 Financial Accounting Theory Unimelb
Assignment Activity 1. Explain the impact of financial reports on economic activity
Financial reports can help the economy. They tell people about economic conditions. This information may influence production and consumption decisions, which will affect the economy.
We report financial information to show it. Reporting has an effect on the future. It also reveals more subtle aspects of transactions that can affect things like lending behavior and expectations.
Finally, the content information available from financial statements reveals trends and conditions that may not be widely understood outside institutions altogether, which provides insights for policymakers into how well domestic industries are performing and if certain sectors need additional support in order to grow.
Financial reports about economic conditions or trends can be used to show what is happening in the current economy.
Investors and corporations can use this information to see how their company is doing. They might also use it to predict future trends in the economy.
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Assignment Task 2. Discuss the tools and frameworks necessary to understand, analyze and evaluate financial statements
Basic tools that every investor should have are: understanding, analyzing, and evaluating financial statements.
There are also more specialized tools that focus on specific aspects of the company’s performance. Pricing ratios can be helpful to see how much the company is worth.
Basic tools include
(i) an understanding of generally accepted accounting principles or GAAP,
(ii)If you have a business, then you might want to do some journaling. You can look back at your past 5 years of records for your business and see any recurring trends that might be happening.
It is good to know about these so you can take action if needed. If there is something going wrong, then it would help to know the root cause so you could fix it.
Basic tools also include an understanding of financial statement presentation, which is concerned with how income statements and balance sheets are formatted and where different sources and uses of funds appear on these two major company reports.
In this context, it’s important to understand that a number of other ‘rules’ or conventions exist for presenting information and how it’s structured on these two financial documents.
For example, depreciation is presented as a noncash expense on the income statement but as an asset on the balance sheet.
Different investors use different tools (or combinations of tools) to value businesses and make investment decisions because they have different goals, needs for information, and priorities concerning risks and returns.
Assignment Activity 3. Evaluate the concepts and approaches associated with the use of financial reports for valuation
Financial information can be evaluated based on the concepts and approaches associated with its use for valuation purposes.
Valuation is essentially the process of determining the worth or value of an asset. Financial statements, such as balance sheets, income statements, cash flow statements are used in the financial evaluation.
They’re an invaluable source of information used to assess a company’s standing by using historical data, anticipated future trends, and any available factors influencing them to gauge potential investment.
Financial statement analysis requires some skills that can only be acquired through training; this includes techniques such as reading graphs and understanding ratios in order to evaluate risk levels in a company based on present figures and past performance.
Many people who lack adequate professional accounting training might misinterpret either the reports themselves or their implications; the lack of financial statement analysis training can lead to pitfalls for some people.
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Assignment Task 4. Synthesize the range of emerging issues in financial accounting
There are a number of problems and challenges in the field of financial accounting. Below is just a short listing of some of these issues.
Trying to track all the transactions from an employee’s paycheck can be challenging, especially if they work for more than one employer at any time.
There have been ideas to make taxes and payments easier. The idea is called “universal income”. If people work, the employer has to pay Social Security taxes. That money will be given back later when they are older.
Some companies in today’s world might not be able to see their customer-specific expenses.
They can’t understand how this spending affects them and they don’t have enough information for client management. This means that the company cannot understand and manage its expenses.
Accounting is a process that involves making so many decisions, which can be challenging when trying to achieve all the goals it works towards.
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