Financial Accounting: Analysis of Expenses, Accounting Policy, and Notes to Financial Statement

Running head: FINANCIAL ACCOUNTING
Financial Accounting
Name of the Student:
Name of the University:
Author’s Note:

1FINANCIAL ACCOUNTING
Table of Contents
Task 1...............................................................................................................................................2
Analysis of Expenses...................................................................................................................2
Task 2...............................................................................................................................................4
Accounting Policy.......................................................................................................................4
Task 3...............................................................................................................................................5
Notes to Financial Statement.......................................................................................................5
Reference.........................................................................................................................................8

2FINANCIAL ACCOUNTING
Adacel Technologies Limited
Task 1
Analysis of Expenses
a) Analysis of Expenses: The classification of the various expenses incurred by the
company will be done in accordance with the nature and function of the expenses. Adacel
Technologies Ltd has mostly classified the expenses of the company by function and
recognized them as and when incurred by the company. The expenses of the company
has been done according to the nature and in according to the Australian Accounting
Standard Board. The operating expenses/direct expenses and indirect expenses of the
company has been reported in the financial statement of the company (Kaplan and
Atkinson 2015). Depreciation/amortization of assets of the company was the key non-
cash charges paid by the company. Interest Expenses, operating lease expenses, interest
and finance charge and net forex gains and losses were the key expenses that were
recognized in the financial statement of the company (Annual Report 2018).