Financial Accounting and Reporting

This document provides an overview of financial accounting and reporting. It explains the importance of preparing financial statements and the significance of accurate reporting. The document also discusses the challenges and ethical considerations in financial accounting and provides a budget and GANTT chart for a research study on the topic.

Financial Accounting and Reporting

Abstract
The business organizations prepare financial statements as per the accounting rules and
standards. The preparation of the financial statement is considered to be very much important
because it helps to measure financial performance during a particular period of time. The
statements need to be prepared fairly and appropriately.
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Table of Contents
Abstract......................................................................................................................................1
Brief Introduction.......................................................................................................................3
Background and statement of the problem.................................................................................3
Research question or hypothesis, aim, and objectives...............................................................3
Study design...............................................................................................................................3
Study population and sampling..................................................................................................3
Data collection methods and instruments..................................................................................3
Ethical considerations................................................................................................................4
Budget........................................................................................................................................4
GANTT Chart............................................................................................................................4
References..................................................................................................................................5
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Brief Introduction
Financial accounting refers to the process of preparing and representing financial statements.
It assists the organization to depict their financial position and performance to the
stakeholders such as creditors, investors, customers, and suppliers. Thus, the financial
reporting discloses significant financial information of the organization to stakeholders that
enables them to make significant decisions (Britton & Waterston, 2013).
Background and statement of the problem
The preparation of financial statements is based on historical costs. It means the transactions
are recorded initially at their cost. The values of liabilities and assets in the balance sheet can
change over time. If the inflation rate is high then the amounts associated with liabilities and
assets would appear low because they cannot be adjusted (Ramirez, 2017). The financial
results of different organizations cannot be compared because different firms use different
accounting rules. The organizations can manipulate the values of the financial items
providing inaccurate results.
Research question or hypothesis, aim, and objectives
The research question is to be developed on the basis of the nature of the study.
 What is the importance of financial accounting and reporting for the organizations?
The aim of the research study is to evaluate the significance of financial accounting and
reporting.
Study design
An appropriate research design will help to provide a framework for the collection and
analysis of data. Descriptive research design would be selected for evaluating the
characteristics of organizations. The process of preparation of financial statements can be
examined with the help of the design.
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Study population and sampling
The collection of data from the auditors and accountants would assist to examine the research
study in an appropriate manner. The sampling technique will allow to select the participants
because the entire population cannot be included in the data collection process (Espejo,
2010).
Data collection methods and instruments
Secondary and primary data will be collected for the study. Primary data will be collected
from the participants who will give their responses. Secondary data will be collected from
books, journals, and online database. Quantitative data and qualitative data will be collected
from various sources.
Ethical considerations
The ethical rules and regulations will be followed during the whole research process. The
data collected during the process will be used only for academic purpose and not for
commercial purpose. The participants will be informed about the main objective of carrying
out the research study (Espejo, 2010).
Budget
A budget would be prepared for estimating the expenses that can be incurred during the
research study. Lack of adequate financial resources can create a huge problem which needs
to be managed in an appropriate manner.
GANTT Chart
Main Activities
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6
Selection of research topic 
Examination of secondary data
sources

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Preparing a research proposal 
Preparing literature review 
Evaluating research methodology 
Primary data collection 
Analyzing data 
Examining findings 
Conclusion and recommendations 
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References
Britton, A., & Waterston, C. (2013). Financial accounting (4th ed.). Harlow: Financial Times
Prentice Hall.
Espejo, R. (2010). Ethics (2nd ed.). Farmington Hills. MI: Greenhaven Press.
Goddard, W., & Melville, S. (2011). Research methodology (5th ed.). Kenwyn, South Africa:
Juta & Co.
Ramirez, E. (2017). Financial Management (3rd ed.). Hauppauge: Nova Science Publishers,
Inc.
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