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Accounting Fundamentals: Financial Performance and Position Analysis

Analyzing accounting transactions and policies for Chalkboard Supplies, a GST-registered office furniture supplies business.

10 Pages1957 Words459 Views
   

Added on  2022-11-13

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This report aimed at analyzing and understanding the fundamentals of financial accounting and its application in business. Financial accounting is the process of recording, classifying, summarizing and preparing financial reports for the use of financial information users. In this report, the whole cycle of accounting has been illustrated with the help of a practical example. Lastly, the report concludes with the analysis of such a financial statement to understand the financial performance and position of the business.

Accounting Fundamentals: Financial Performance and Position Analysis

Analyzing accounting transactions and policies for Chalkboard Supplies, a GST-registered office furniture supplies business.

   Added on 2022-11-13

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Running head: ACCOUNTING FUNDAMENTALS
Accounting Fundamentals
Name of the Student:
Name of the University:
Author’s Note:
Accounting Fundamentals: Financial Performance and Position Analysis_1
ACCOUNTING FUNDAMENTALS
Executive Summary:
This report aimed at analyzing and understanding the fundamentals of financial accounting and
its application in business. Financial accounting is the process of recording, classifying,
summarizing and preparing financial reports for the use of financial information users. In this
report, the whole cycle of accounting has been illustrated with the help of a practical example.
Lastly, the report concludes with the analysis of such a financial statement to understand the
financial performance and position of the business.
Accounting Fundamentals: Financial Performance and Position Analysis_2
ACCOUNTING FUNDAMENTALS
Table of Contents
Introduction:....................................................................................................................................4
Financial Statement:........................................................................................................................4
Financial Performance and Financial Position:...............................................................................6
Investment in assets and depreciation method:...............................................................................7
Inventory Control System:...............................................................................................................8
Internal Control Mechanism:...........................................................................................................8
Conclusion:......................................................................................................................................9
References and bibliography:........................................................................................................10
Accounting Fundamentals: Financial Performance and Position Analysis_3

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