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Business Accounting and Finance : Assignment

   

Added on  2020-04-15

8 Pages1469 Words35 Views
Finance
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Running head: BUSINESS ACCOUNTING AND FINANCEBusiness Accounting and financeName of the University:Author’s Note:Course ID:
Business Accounting and Finance : Assignment_1

1BUSINESS ACCOUNTING AND FINANCETable of ContentsQuestion 1:.......................................................................................................................................2i) Explaining what are assets, liabilities, equity, income and expenses, while stating the financialstatement report such elements:.......................................................................................................2ii) Explaining how income statement and balance sheet are related:..............................................3Question 2:.......................................................................................................................................4i) Providing relevant response to Bob:............................................................................................4ii) Providing relevant response to Sarah:.........................................................................................4Question 3:.......................................................................................................................................5i) Blacker Ltd transaction analysis:.................................................................................................5ii) Blacker Ltd Balance sheet:..........................................................................................................8References:......................................................................................................................................9
Business Accounting and Finance : Assignment_2

2BUSINESS ACCOUNTING AND FINANCEQuestion 1:i) Explaining what are assets, liabilities, equity, income and expenses, while stating thefinancial statement report such elements:The overall assets are considered to be economic resources, which could be divided intotangible and intangible form. In addition, the overall assets are mainly controlled by thecompany, which could be converted into cash for supporting its obligations. The assets aredivided into current and non-current assets, where current assets are mainly identified to be cash,accounts receivables and inventory. However, non-current assets can be identified to bemachinery, land and equipment’s, which cannot be sold quickly to generate cash.In the similar way liabilities are mainly considered as obligations of the company, whichneeds to be paid in future date. These liabilities mainly incur from past transactions that isconducted by the company. Furthermore, equity is mainly considered to be the differencebetween total asset and liabilities of an organisation. In same instance, current liabilities can beidentified, as account payable, short term obligations and term loan. On the other hand, non-current liabilities can be identified as long tem loan, bonds issued and long term financialobligations.The equity can also be stated as the contribution that is provided owner/shareholders inform of capital, which is directly used in maintaining the relevant activities of the organisation.The balance sheet statement directly reports assets, liabilities and equity functions (Scholes,2015). Equity can be identified as the total investment, which is conducted by shareholders,which is depicted in balance sheet in form of common stock.
Business Accounting and Finance : Assignment_3

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