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ACCT6003 Financial Accounting Process Assignment

   

Added on  2020-04-15

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Running head: FINANCIAL ACCOUNTING PROCESSFinancial Accounting ProcessName of the StudentName of the UniversityAuthor’s Note
ACCT6003 Financial Accounting Process Assignment_1

1FINANCIAL ACCOUNTING PROCESSTable of ContentsAnswer to Question 1......................................................................................................................2Requirement a..............................................................................................................................2Requirement b..............................................................................................................................2Requirement c..............................................................................................................................2Answer to Question 2......................................................................................................................3Requirement a..............................................................................................................................3Requirement b..............................................................................................................................3Requirement c..............................................................................................................................4References........................................................................................................................................6
ACCT6003 Financial Accounting Process Assignment_2

2FINANCIAL ACCOUNTING PROCESSAnswer to Question 1Requirement aAccording to SAC 1, there is not any dependency of the concept of reporting entity onthe private and public sector as this concept is developed based on the general purpose financialreporting objectives (aasb.gov.au 2018). General purpose of financial reporting states thatbusiness organizations having legal class, have the eligibility to form a reporting entity. Apartfrom this, it is required for the business organizations to provide all the necessary information tothe respected authorities in order to be a reporting entity. Requirement bAs per SAC 2 the Statement of Accounting Concept, the main objective behind thepreparation of the general-purpose financial reports is the delivery of necessary information tothe users related with the reporting companies so that this information can help the users in theprocess to make and evaluate various decisions for the allocation of scare resources (aasb.gov.au2018). Requirement cThe names of the three factors are financial characteristics, political or economicinfluence and the separation between management and economic interest. Clear existence of thereporting entities can be seen from the gap between the ownership of the companies and themanagement. Moreover, the existence of reporting entities can be ascertained from politicalinfluence. Financial characteristics are also indicators of the existence of the reporting entities(aasb.gov.au 2018).
ACCT6003 Financial Accounting Process Assignment_3

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