1,500 word showing the usefulness as well as the limitations of accounting concepts through an analysis of the financial accounts for a trading company of your choice. Think about the information in financial statements, analyse and use the information that the financial statements contain to show your understanding of the implications of the following accounting concepts: (each one of the concepts below write half a page)
1. Money-measurement.
2. Entity.
3. Goingconcern.
4. Cost.
5. Dual aspect.
6. Accountingperiod.
7. Conservatism.
8. Realization.
9. Matching.
10. Consistency.
11. Materiality.
Pick a well known worldwide company (eg. apple, mercedes, google..)
Look at the balance sheet and income statement. Define each concept briefly and give an example of each concept based on the balance sheet and income statement.
EG. Money measurement concept: look for an example in the balance sheet/income statement for (coo was sick/strike/ skilled workers)
EG. Going concern concept: check the audit report if auditors confirm that the company will continue.
I can provide you with explanation of each of the concept if you want to.
thank you. if you are not sure of something please ask me. this paper is 10% of my total grade i need to ace it.
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