Accounting Finance for Executive: Financial Statement Analysis Report

This report delves into the core concepts of accounting and finance, beginning with a comparison of cash and accrual basis accounting, highlighting their differences in transaction timing and recognition. It then proceeds to analyze financial statements, using the 2016 annual report of Air New Zealand as a case study. The analysis examines the auditor's role, the audit opinion, and the distinction between net profit and cash from operations. The report also explores contingent liabilities and working capital management. The report also includes practical calculations for working capital and references relevant literature. The analysis covers key aspects of financial reporting and provides insights into the financial health of a company.

Running head: ACCOUNTING FINANCE FOR EXECUTIVE
Accounting Finance for Executive
Name of the Student:
Student’s ID:
Lecturer’s Name:
Author’s Note

1
ACCOUNTING FINANCE FOR EXECUTIVE
Table of Contents
Answer to Question 1......................................................................................................................2
Cash Versus Accrual Basis of Accounting..................................................................................2
Question 2........................................................................................................................................4
Financial Statement Analysis......................................................................................................4
Question 2........................................................................................................................................6
Requirement a:.............................................................................................................................6
Requirement b:.............................................................................................................................7
Requirement c:.............................................................................................................................9
Workings..........................................................................................................................................9
Reference.......................................................................................................................................17

2
ACCOUNTING FINANCE FOR EXECUTIVE
Answer to Question 1
Cash Versus Accrual Basis of Accounting
The process of accounting is a dynamic process wherein the recording and recognition of
transactions are done on the basis of two method which are generally used. These methods are
Cash basis of Accounting and Accrual basis of Accounting. These methods are used widely used
in every accounting business.
In cash basis accounting system, all the transactions are recorded and presented on the
basis of cash as and when such cash are received. In accrual system of accounting the revenue is
recorded when it is actually earned and expenses are recorded when such expenses are actually
incurred. Accrual basis of accounting does not depend on whether cash is received or paid. The
core difference between cash basis of accounting and accrual basis of accounting is that the
timing of the transactions is different in each case. The difference which arises between cash
basis of accounting and accrual basis of accounting is mainly due to the difference in timing of
recognition of elements of the financial statements (Tiron Tudor and Mutiu 2012). In business,
normally accrual basis for recording of transactions are preferred as transactions are recognized
as and when such transactions take place. However, certain businesses are there which do not
have a high revenue or turnover and has simple transactions to record follow cash basis of
accounting. Accrual basis Accounting of transactions are used by firms which have a high
turnover and also there is the cash that in order to get the financial accounts audited the company
needs to prepare the financial accounts on the basis of accrual system of recording transactions
(Bergmann 2012).
The benefits of using cash method of recording transactions is that it is a simple method
and easy to implement and follow. Moreover, it allows the business to keep a track of the cash
inflows and outflows in a business (Irwin 2012). The method of cash basis also has its impact on
the amount of tax which is to be paid by the business considering the amount of cash which is
banked. In the case of accrual method, the basic advantage is that the matching of income and
expenses as and when they occur. Accrual method allows the business to estimate clearly the
future profits which can be earned by the business (VanZante 2013).
Alpha ltd is engaged in the business of providing online services to airlines which is
situated in New Zealand. The company recognizes transactions on accrual basis and the
difference which arises in the value of cash basis and accrual basis is due to the treatment of

3
ACCOUNTING FINANCE FOR EXECUTIVE
depreciation which is $ 96,000 and also due to the unallocated revenue which is of amount
43,000. The management of the company follows accrual basis which is very useful for matching
the revenues and expenses of the company. The net profit which is generated by the company is
estimated following the accrual basis of accounting and the cash generated from operations is
calculated following cash basis of accounting. Both the figures are necessary as they are used for
matching the revenues and also clearly pointing out the transaction which have caused the
difference in revenues on the basis of cash and accrual accounting.
The responsibility of the external auditor is to ensure that the financial statement is
showing true and fair view. The role of the external auditor is to investigate the annual reports of
the company and form an opinion whether annual reports of company are fairly represented or
not. The main responsibility of the auditor is to analyze the financial reports of the company and
also form an opinion on the financial statement of the company (Davidson, Desai and Gerard
2013). In many cases the management of the company is of the view that the auditor is
responsible for detecting fraud and error which is not the case and therefore the auditor is an
independent person who is responsible for the analysis of the financial statements of the
company in order to form an opinion on the financial statement of the company.
Therefore, from the above discussion it is clear that an auditor is responsible to ensure
that the financial statements are fairly represented and the shareholders are protected from any
manipulations. The audited balance sheet of the company is the basis on which the potential
investors of the company decide whether or not to invest in the shares of the company. The
auditor is responsible to act in the best interest of the shareholders of the company and determine
whether the financial reports of the company is showing true and fair view or not. The auditors
of the company are to also ensure that the there is no omission or manipulation in the financial
statement of the company.
Question 2
Financial Statement Analysis
As per the case study provided in the assignment, the annual reports of Air New Zealand
is given for the year 2016. The analysis of the financial statement is to be done, on the basis
which the questions given in the assignment is to be solved.

4
ACCOUNTING FINANCE FOR EXECUTIVE
As shown in the financial report of the company, the annual report of the company is
audited by Deloitte which is an auditing firm engaged in the auditing and other non-auditing
services which it can provide to other companies. As per the Deloitte, all the matters which are
presented in the financial statement of Air New Zealand for the year 2016 are shown and
presented fairly as per the requirements of New Zealand Equivalents to the Financial reporting
standard and International financial reporting standards. All components of the financial
statements are fairly represented as per the opinion of the auditor (William Jr, Glover and Prawitt
2016). Deloitte has issued an unqualified report for the company and believes that the financial
statements are fairly represented following all relevant New Zealand standards on accounting.
The auditor do not take any responsibility about the securities and control over the group
financial statement.
A qualified Audit opinion refers to the opinion which is issued by an auditor when there
is some material misstatement in the financial reports of the company. Such type of report might
also be given if the there is some restriction on the access of information by the management of
the company (Blandón and Bosch 2013).
The net profit as shown in the annual reports of the company for 2016 is $ 463 million
and the figure of cash from operation is shown at $ 1074 million. The cash from operation which
is shown in the cash flow statements is greater than the net profit figure which is shown in the
profit and loss statement of the company. The major reason for the difference in the figure which
is stated as net profit and cash flow from operations can be attributed to certain transaction which
are treated differently in case of both the statements (Wu and Shen 2013). There are certain items
which are to be deducted in order to arrive at total revenue and certain non-cash items which are
needed to be added back in order get the cash revenue of the company. Such Items includes
Depreciation expenses, impairment losses and similar other expenses of such nature.
As provided in the annual reports, the directors of the company which are members of the
audit committee are Tony Crater, Jan Dawson and Jonathan Mason. The audit committee main
function is to supervise financial reporting framework and review various disclosures and
treatments. The audit committee of any company is the major committee which have a
significant role in the management of the company (Aldamen et al. 2012). The primary
responsibility of the committee is to look after the audit process, framework for reporting,
various legal regulations which are followed by the company

5
ACCOUNTING FINANCE FOR EXECUTIVE
The directors have identified letter of credit and performance of bonds which is of the
amount of $ 33 million as contingent liability of the business. This is disclosed in the notes to
accounts of the company. Contingent Liability can be defined as certain transactions which are
uncertain in nature that might occur in the near future and which cannot be measured reliably in
current circumstances (Bova 2016).

6
ACCOUNTING FINANCE FOR EXECUTIVE
Question 2
Requirement a:
Particulars Debit Credit Debit Credit Debit Credit
Cash at Bank A/c. $25,616.67 $25,616.67
Accounts Receivable A/c. $31,500.00 $31,500.00
Prepaid Rent A/c. $5,000.00 $5,000.00
Offi ce Supplies A/c. $300.00 $300.00
Motor Vehicle A/c. $15,000.00 $15,000.00
Offi ce Equipment A/c. $2,608.70 $2,608.70
Accum Dep. - Motor Vehicle
A/c. $250.00 $250.00
Accum Dep. - Offi ce
Equipment A/c. $72.46 $72.46
Accounts Payable A/c. $10,350.00 $10,350.00
GST Receivable A/c. $6,267.39 $6,267.39
GST Payable A/c. $5,372.61 $5,372.61
Accrued Expenses A/c. $820.00 $820.00
Loan from Bank A/c. $20,000.00 $20,000.00
Owner's Contribution A/c. $37,000.00 $37,000.00
Owner's Drawings A/c. $780.00 $780.00
Sales Revenue A/c. $41,782.61 $41,782.61
Purchase A/c. $26,956.52 $26,956.52
Consultancy Charges A/c. $800.00 $800.00
Utility Expenses A/c. $113.04 $113.04
Depreciation Expense A/c. $322.46 $322.46
Rent Expenses A/c. $1,000.00 $1,000.00
Advertisement Expenses A/c. $600.00 $600.00
Offi ce Supplies Expense A/c. $439.13 $439.13
Interest on Loan A/c. $133.33 $133.33
TOTAL $1,16,542.46 $1,16,542.46 $30,364.49 $41,782.61 $86,177.97 $74,759.86
Add: Profit $11,418.12 $11,418.12
GRAND TOTAL $1,16,542.46 $1,16,542.46 $30,364.49 $53,200.72 $86,177.97 $86,177.97
Adjusted Trial Balance Income Statement Balance Sheet
In the books of Interwoo
Adjustment Worksheet

7
ACCOUNTING FINANCE FOR EXECUTIVE
Requirement b:
Particulars Amount
Sales Revenue A/c. $41,782.61
TOTAL REVENUE $41,782.61
Operating Expenses:
Purchase A/c. -$26,956.52
Consultancy Charges A/c. -$800.00
Utility Expenses A/c. -$113.04
Depreciation Expense A/c. -$322.46
Rent Expenses A/c. -$1,000.00
Advertisement Expenses A/c. -$600.00
Offi ce Supplies Expense A/c. -$439.13
TOTAL OPERATING EXPENSES -$30,231.16
NET OPERATING PROFIT $11,551.45
Interest on Loan A/c. -$133.33
NET PROFIT for the period $11,418.12
In the books of Interwoo
Income Statement
for the period ending 30/6/2017

8
ACCOUNTING FINANCE FOR EXECUTIVE
Particulars Amount Amount
Current Assets:
Cash at Bank A/c. $25,617
Accounts Receivable A/c. $31,500
Prepaid Rent A/c. $5,000
Offi ce Supplies A/c. $300
TOTAL CURRENT ASSETS $62,417
Non-Current Assets:
Motor Vehicle A/c. $15,000
Accum Dep. - Motor Vehicle A/c. -$250 $14,750
Offi ce Equipment A/c. $2,609
Accum Dep. - Offi ce Equipment A/c. -$72 $2,536
TOTAL NON-CURRENT ASSETS $17,286
TOTAL ASSETS $79,703
Current Liabilities:
Accounts Payable A/c. $10,350
GST Receivable A/c. $6,267
GST Payable A/c. -$5,373 $895
Accrued Expenses A/c. $820
TOTAL CURRENT LIABILITIES $12,065
Non-Current Liabilities:
Loan from Bank A/c. $20,000
TOTAL NON-CURRENT LIABILITIES $20,000
TOTAL LIABILITIES $32,065
NET ASSETS $47,638
Capital:
Owner's Contribution A/c. $37,000
Add: Net Profit $11,418
$48,418
Less: Drawings $780 $47,638
TOTAL CAPITAL $47,638
In the books of Interwoo
Balance Sheet
as on 30/6/2017

9
ACCOUNTING FINANCE FOR EXECUTIVE
Requirement c:
Particulars Amount
Current Assets $62,417
Current Liabilities $12,065
Net Working Capital $50,352
In the case of Interwood, the currents assets of the company comprise of cash balance,
account receivables, prepaid expenses and office supplies which gives a combined figure of $
62,417. Whereas the current liabilities of the companies consist of account payable and accrued
expenses and GST amount which is to payable by the company. The combined figure of current
liabilities of the company gives a figure of $ 12,065. The working capital of the company which
is the figure which is the difference between the current assets and current liabilities of the
company (Makori and Jagongo 2013). The working capital of the company is suitable so the
company has ample amount of capital to fund the current expenses and obligation of the
company (Mathuva 2015). Favorable or positive working capital suggest that the company has
operational efficiency and has the capability to meet the current obligation of the company.
Workings
Dr. Cr.
Date Amount Amount
01-06-2017 Cash at Bank A/c. Dr. $22,000.00
To, Owner's Contribution A/c. $22,000.00
02-06-2017 Cash at Bank A/c. Dr. $20,000.00
To, Loan from Bank A/c. $20,000.00
03-06-2017 Motor Vehicle A/c. Dr. $15,000.00
To, Owner's Contribution A/c. $15,000.00
Particulars
In the books of Interwoo
Journal Entries

10
ACCOUNTING FINANCE FOR EXECUTIVE
04-06-2017 Prepaid Rent A/c. Dr. $6,000.00
GST Payable A/c. Dr. $600.00
To, Cash at Bank A/c. $6,600.00
06-06-2017 Purchase A/c. Dr. $11,304.35
GST Payable A/c. Dr. $1,695.65
To, Accounts Payable A/c. $13,000.00
07-06-2017 Purchase A/c. Dr. $15,652.17
GST Payable A/c. Dr. $2,347.83
To, Cash at Bank A/c. $18,000.00
09-06-2017 Offi ce Equipment A/c. Dr. $2,608.70
GST Payable A/c. Dr. $391.30
To, Cash at Bank A/c. $3,000.00
12-06-2017 Offi ce Supplies A/c. Dr. $739.13
GST Payable A/c. Dr. $110.87
To, Accounts Payable A/c. $850.00
14-06-2017 Accounts Receivable A/c. Dr. $12,500.00
To, Sales Revenue A/c. $10,869.57
To, GST Receivable A/c. $1,630.43
16-06-2017 Cash at Bank A/c. Dr. $8,050.00
To, Sales Revenue A/c. $7,000.00
To, GST Receivable A/c. $1,050.00
17-06-2017 Accounts Receivable A/c. Dr. $19,000.00
To, Sales Revenue A/c. $16,521.74
To, GST Receivable A/c. $2,478.26
18-06-2017 Cash at Bank A/c. Dr. $8,500.00
To, Sales Revenue A/c. $7,391.30
To, GST Receivable A/c. $1,108.70
19-06-2017 Owner's Drawings A/c. Dr. $780.00
To, Cash at Bank A/c. $780.00
20-06-2017 Accounts Payable A/c. Dr. $3,500.00
To, Cash at Bank A/c. $3,500.00

11
ACCOUNTING FINANCE FOR EXECUTIVE
21-06-2017 Consultancy Charges A/c. Dr. $800.00
GST Payable A/c. Dr. $120.00
To, Cash at Bank A/c. $920.00
23-06-2017 Utility Expenses A/c. Dr. $113.04
GST Payable A/c. Dr. $16.96
To, Accrued Expenses A/c. $130.00
24-06-2017 Interest on Loan A/c. Dr. $133.33
To, Cash at Bank A/c. $133.33
25-06-2017 Depreciation Expense A/c. Dr. $250.00
To, Accum Dep. - Motor
Vehicle A/c. $250.00
25-06-2017 Depreciation Expense A/c. Dr. $72.46
To, Accum Dep. - Offi ce
Equipment A/c. $72.46
28-06-2017 Rent Expenses A/c. Dr. $1,000.00
To, Prepaid Rent A/c. $1,000.00
28-06-2017
Advertisement Expenses
A/c. Dr. $600.00
GST Payable A/c. Dr. $90.00
To, Accrued Expenses A/c. $690.00
28-06-2017
Offi ce Supplies Expense
A/c. $439.13
To, Offi ce Supplies A/c. $439.13

12
ACCOUNTING FINANCE FOR EXECUTIVE
Cash at Bank A/c. Dr. Cr.
Date Particulars Amount Amount Balance
01-06-2017 Owner's Contribution A/c. $22,000.00 $22,000.00 Dr.
02-06-2017 Loan from Bank A/c. $20,000.00 $42,000.00 Dr.
03-06-2017 Prepaid Rent A/c. $6,000.00 $36,000.00 Dr.
GST Payable A/c. $600.00 $35,400.00 Dr.
07-06-2017 Purchase A/c. $15,652.17 $19,747.83 Dr.
GST Payable A/c. $2,347.83 $17,400.00 Dr.
09-06-2017 Offi ce Equipment A/c. $2,608.70 $14,791.30 Dr.
GST Payable A/c. $391.30 $14,400.00 Dr.
16-06-2017 Sales Revenue A/c. $7,000.00 $21,400.00 Dr.
GST Receivable A/c. $1,050.00 $22,450.00 Dr.
18-06-2017 Sales Revenue A/c. $7,391.30 $29,841.30 Dr.
GST Receivable A/c. $1,108.70 $30,950.00 Dr.
19-06-2017 Owner's Drawings A/c. $780.00 $30,170.00 Dr.
20-06-2017 Accounts Payable A/c. $3,500.00 $26,670.00 Dr.
21-06-2017 Consultancy Charges A/c. $800.00 $25,870.00 Dr.
GST Payable A/c. $120.00 $25,750.00 Dr.
24-06-2017 Interest on Loan A/c. $133.33 $25,616.67 Dr.
Accounts Receivable A/c. Dr. Cr.
Date Particulars Amount Amount Balance
14-06-2017 Sales Revenue A/c. $10,869.57 $10,869.57 Dr.
GST Receivable A/c. $1,630.43 $12,500.00 Dr.
17-06-2017 Sales Revenue A/c. $16,521.74 $29,021.74 Dr.
GST Receivable A/c. $2,478.26 $31,500.00 Dr.
Prepaid Rent A/c. Dr. Cr.
Date Particulars Amount Amount Balance
04-06-2017 Cash at Bank A/c. $6,000.00 $6,000.00 Dr.
28-06-2017 Rent Expenses A/c. $1,000.00 $5,000.00 Dr.

13
ACCOUNTING FINANCE FOR EXECUTIVE
Motor Vehicle A/c. Dr. Cr.
Date Particulars Amount Amount Balance
03-06-2017 Owner's Contribution A/c. $15,000.00 $15,000.00 Dr.
Office Equipment A/c. Dr. Cr.
Date Particulars Amount Amount Balance
09-06-2017 Cash at Bank A/c. $2,608.70 $2,608.70 Dr.
Office Supplies A/c. Dr. Cr.
Date Particulars Amount Amount Balance
12-06-2017 Accounts Payable A/c. $739.13 $739.13 Dr.
28-06-2017 Offi ce Supplies Expense A/c. $439.13 $300.00 Dr.
Accum Dep. - Motor Vehicle A/c. Dr. Cr.
Date Particulars Amount Amount Balance
25-06-2017 Depreciation Expense A/c. $250.00 $250.00 Cr.
Accum Dep. - Office Equipment A/c. Dr. Cr.
Date Particulars Amount Amount Balance
25-06-2017 Depreciation Expense A/c. $72.46 $72.46 Cr.
Accounts Payable A/c. Dr. Cr.
Date Particulars Amount Amount Balance
06-06-2017 Purchase A/c. $11,304.35 $11,304.35 Cr.
GST Payable A/c. $1,695.65 $13,000.00 Cr.
12-06-2017 Offi ce Supplies A/c. $739.13 $13,739.13 Cr.
GST Payable A/c. $110.87 $13,850.00 Cr.
20-06-2017 Cash at Bank A/c. $3,500.00 $10,350.00 Cr.
GST Receivable A/c. Dr. Cr.
Date Particulars Amount Amount Balance
14-06-2017 Accounts Receivable A/c. $1,630.43 $1,630.43 Cr.
16-06-2017 Cash at Bank A/c. $1,050.00 $2,680.43 Cr.
17-06-2017 Accounts Receivable A/c. $2,478.26 $5,158.70 Cr.
18-06-2017 GST Receivable A/c. $1,108.70 $6,267.39 Cr.

14
ACCOUNTING FINANCE FOR EXECUTIVE
GST Payable A/c. Dr. Cr.
Date Particulars Amount Amount Balance
04-06-2017 Cash at Bank A/c. $600.00 $600.00 Dr.
06-06-2017 Accounts Payable A/c. $1,695.65 $2,295.65 Dr.
07-06-2017 Cash at Bank A/c. $2,347.83 $4,643.48 Dr.
09-06-2017 Cash at Bank A/c. $391.30 $5,034.78 Dr.
12-06-2017 Accounts Payable A/c. $110.87 $5,145.65 Dr.
21-06-2017 Cash at Bank A/c. $120.00 $5,265.65 Dr.
23-09-2017 Accrued Expenses A/c. $16.96 $5,282.61 Dr.
28-06-2017 Accrued Expenses A/c. $90.00 $5,372.61 Dr.
Accrued Expenses A/c. Dr. Cr.
Date Particulars Amount Amount Balance
23-06-2017 Utility Expenses A/c. $113.04 $113.04 Cr.
GST Payable A/c. $16.96 $130.00 Cr.
28-06-2017 Advertisement Expenses A/c. $600.00 $730.00 Cr.
GST Payable A/c. $90.00 $820.00 Cr.
Loan from Bank A/c. Dr. Cr.
Date Particulars Amount Amount Balance
02-06-2017 Cash at Bank A/c. $20,000.00 $20,000.00 Cr.
$20,000.00 Cr.
Owner's Contribution A/c. Dr. Cr.
Date Particulars Amount Amount Balance
01-06-2017 Cash at Bank A/c. $22,000.00 $22,000.00 Cr.
03-06-2017 Motor Vehicle A/c. $15,000.00 $37,000.00 Cr.

15
ACCOUNTING FINANCE FOR EXECUTIVE
Owner's Drawings A/c. Dr. Cr.
Date Particulars Amount Amount Balance
19-06-2017 Cash at Bank A/c. $780.00 $780.00 Dr.
Dr.
Sales Revenue A/c. Dr. Cr.
Date Particulars Amount Amount Balance
14-06-2017 Accounts Receivable A/c. $10,869.57 $10,869.57 Cr.
16-06-2017 Cash at Bank A/c. $7,000.00 $17,869.57 Cr.
17-06-2017 Accounts Receivable A/c. $16,521.74 $34,391.30 Cr.
18-06-2017 Cash at Bank A/c. $7,391.30 $41,782.61 Cr.
Purchase A/c. Dr. Cr.
Date Particulars Amount Amount Balance
06-06-2017 Cash at Bank A/c. $11,304.35 $11,304.35 Dr.
07-06-2017 Cash at Bank A/c. $15,652.17 $26,956.52 Dr.
Consultancy Charges A/c. Dr. Cr.
Date Particulars Amount Amount Balance
21-06-2017 Cash at Bank A/c. $800.00 $800.00 Dr.
Utility Expenses A/c. Dr. Cr.
Date Particulars Amount Amount Balance
23-06-2017 Accrued Expenses A/c. $113.04 $113.04 Dr.
Interest on Loan A/c. Dr. Cr.
Date Particulars Amount Amount Balance
24-06-2017 Cash at Bank A/c. $133.33 $133.33 Dr.
Depreciation Expense A/c. Dr. Cr.
Date Particulars Amount Amount Balance
25-06-2017
Accum Dep. - Motor Vehicle
A/c. $250.00 $250.00 Dr.
Accum Dep. - Offi ce Equipment
A/c. $72.46 $322.46 Dr.
Rent Expenses A/c. Dr. Cr.
Date Particulars Amount Amount Balance
28-06-2017 Prepaid Rent A/c. $1,000.00 $1,000.00 Dr.

16
ACCOUNTING FINANCE FOR EXECUTIVE
Advertisement Expenses A/c. Dr. Cr.
Date Particulars Amount Amount Balance
28-06-2017 Accrued Expenses A/c. $600.00 $600.00 Dr.
Office Supplies Expense A/c. Dr. Cr.
Date Particulars Amount Amount Balance
28-06-2017 Offi ce Supplies A/c. $439.13 $439.13 Dr.

17
ACCOUNTING FINANCE FOR EXECUTIVE
Reference
Aldamen, H., Duncan, K., Kelly, S., McNamara, R. and Nagel, S., 2012. Audit committee
characteristics and firm performance during the global financial crisis. Accounting &
Finance, 52(4), pp.971-1000.
Bergmann, A., 2012. The influence of the nature of government accounting and reporting in
decision-making: evidence from Switzerland. Public Money & Management, 32(1), pp.15-20.
Blandón, J.G. and Bosch, J.M.A., 2013. Audit firm tenure and qualified opinions: New evidence
from Spain. Revista de Contabilidad, 16(2), pp.118-125.
Bova, M.E., 2016. The Fiscal Costs of Contingent Liabilities. International Monetary Fund.
Davidson, B.I., Desai, N.K. and Gerard, G.J., 2013. The effect of continuous auditing on the
relationship between internal audit sourcing and the external auditor's reliance on the internal
audit function. Journal of Information Systems, 27(1), pp.41-59.
Irwin, T., 2012. Accounting devices and fiscal illusions. International Monetary Fund.
Makori, D.M. and Jagongo, A.O., 2013. Working Capital Management and Firm Profitability:
Empirical Evidence from Manufacturing and Construction Firms Listed on Nairobi S ecurities
Exchange, Kenya.
Mathuva, D., 2015. The Influence of working capital management components on corporate
profitability.
Tiron Tudor, A. and Mutiu, A., 2012. Cash versus accrual accounting in public sector.
VanZante, N., 2013. Using the Basic Accounting Equation to Help Students Understand
Differences Between the Cash Basis and Accrual Basis. Management Accounting
Quarterly, 14(2), p.34.
William Jr, M., Glover, S. and Prawitt, D., 2016. Auditing and assurance services: A systematic
approach. McGraw-Hill Education.
Wu, M.W. and Shen, C.H., 2013. Corporate social responsibility in the banking industry:
Motives and financial performance. Journal of Banking & Finance, 37(9), pp.3529-3547.