Corporate Finance & Accounting Assignment
Added on 2021-02-20
13 Pages3199 Words61 Views
CORPORATE ANDFINANCIALACCOUNTING
ABSTRACTThe project report abstracts about a wide range of items that are included under owner'sequity section and liabilities. In addition, variation in amount of all items is also included of twocompanies that are listed in ASX. Further, the project report summarize about concepts of small,large and reporting entities.
Table of ContentsABSTRACT.....................................................................................................................................2INTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................4Part (a)........................................................................................................................................4(I) Items which are recorded in the owner's equity section of both companies..........................4(ii) Explanation of the movement in each item recorded under the owner equity section.........5(iii) Explanation of items that are recorded under liabilities section..........................................6(iv) Explanation of the movement in each item recorded under liabilities section.....................7(v) Advantages and disadvantages of sources of funds used by both the companies.................9Part (b).......................................................................................................................................10Critical examination of the concept of small, large proprietary company and reporting entity...................................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONThe corporate accounting and financial accounting both are different from each other.This is so because under corporate accounting is linked with process of preparation of a widerange of financial statements while under financial accounting only, final accounts are prepared(Gupta, 2016). Under the project report, items that are included in owner's equity section andliabilities section are included as well as movement in three years time period in amount is alsodescribed. In addition, limitations and benefits of each source of fund is also described. The endpart of project report, defines about concept of small, large and reporting entities. For betterunderstanding of this, two companies which are listed in ASX are selected that are CSL limitedand Woodside petroleum. The CSL limited is a biotechnology company while the Woodsidepetroleum company is associated with operation of oil and gas production in Australia.MAIN BODYPart (a)(I) Items which are recorded in the owner's equity section of both companies.Owner's equity section- In this section of balance sheet, those items are included whichare owned by owner of companies and invested in companies operations. Herein, below bothselected companies' balance sheet is analysed in order to assess the items included in this section:CSL limited: This companies owner's equity section contains following items such as:Common stock- This can be defined as a kind of equity ownership in terms of votingrights and many more to shareholders. In above company' balance sheet, this item isincluded.Retained earnings- It can be defined as an amount which remains in companies reservesafter making payment of dividend to all shareholders (Tschopp and Huefner, 2015). Accumulated other comprehensive income- Under this item, those income and revenuesare included that are not realised in an accounting period.Other equity- Except from other items, rest of all are included in other equity section..Woodside petroleum company: In this companies' owner's equity section, all items are same asabove company.
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