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    Homework 1 - Introduction To Financial Statements

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    Hazel Joy Demagante
    This document contains instructions for Homework 1, which has two parts. The first part asks students to discuss the complete set of financial statements, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows. They must compare and contrast the contents of these statements and include proper citations. The second part provides scenarios for analysis. Students must indicate whether each scenario pertains to fundamental or enhancing qualitative characteristics of financial reporting and identify the specific characteristic. The scenarios relate to comparing sales between competitors, reflecting a theft in the financial statements, comparing employee salaries between years, using current sales to project future sales, and using financial statements to make business decisions.

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    Homework 1 - Introduction To Financial Statements

    Uploaded by

    Hazel Joy Demagante
    673 views1 page
    This document contains instructions for Homework 1, which has two parts. The first part asks students to discuss the complete set of financial statements, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows. They must compare and contrast the contents of these statements and include proper citations. The second part provides scenarios for analysis. Students must indicate whether each scenario pertains to fundamental or enhancing qualitative characteristics of financial reporting and identify the specific characteristic. The scenarios relate to comparing sales between competitors, reflecting a theft in the financial statements, comparing employee salaries between years, using current sales to project future sales, and using financial statements to make business decisions.

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    Homework 1 - Introduction to Financial Statements

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    This document contains instructions for Homework 1, which has two parts. The first part asks students to discuss the complete set of financial statements, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows. They must compare and contrast the contents of these statements and include proper citations. The second part provides scenarios for analysis. Students must indicate whether each scenario pertains to fundamental or enhancing qualitative characteristics of financial reporting and identify the specific characteristic. The scenarios relate to comparing sales between competitors, reflecting a theft in the financial statements, comparing employee salaries between years, using current sales to project future sales, and using financial statements to make business decisions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    673 views1 page

    Homework 1 - Introduction To Financial Statements

    Uploaded by

    Hazel Joy Demagante
    This document contains instructions for Homework 1, which has two parts. The first part asks students to discuss the complete set of financial statements, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows. They must compare and contrast the contents of these statements and include proper citations. The second part provides scenarios for analysis. Students must indicate whether each scenario pertains to fundamental or enhancing qualitative characteristics of financial reporting and identify the specific characteristic. The scenarios relate to comparing sales between competitors, reflecting a theft in the financial statements, comparing employee salaries between years, using current sales to project future sales, and using financial statements to make business decisions.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Homework 1: Introduction to Financial Statement

    Homework 1-1. (15 pts.)


    Discuss the complete set of financial statements. Compare and contrast the contents of these financial statements.
    Do not forget to include proper citation. No citation, no points.

    Statement of
    Statement of Statement of Statement of Cash
    Differences Comprehensive
    Financial Position Changes in Equity Flows
    Income

    Homework 1-2. (10 pts.)


    You are given several scenarios for your analysis. In the second column, indicate whether the scenario pertains to
    Fundamental or Enhancing Qualitative Characteristics. In the third column, indicate the specific characteristic.

    Example:

    The financial statements of Mr. Dela


    Cruz’s car repair shop include
    Faithful Representation -
    explanatory notes about its Fundamental
    Completeness
    operations, aside from the numerical
    figures.

    Scenario Qualitative Characteristic Specific Characteristic


    Mr. Dela Cruz compares his car
    repair shop’s current year sales to
    the current year sales to the current
    year sales of his competitor, Mr. Del
    Mundo
    The financial statements of Mr. Dela
    Cruz’s car repair shop reflect a theft
    that happened during the year. Had
    this event not reflected, Mr. Dela
    Cruz would have not invested
    additional cash to the business.
    Mr. Dela Cruz’s repair shop
    employed more employees in the
    current year than with last year. To
    verify and confirm this, Mr. Dela Cruz
    compared the related salaries
    expenses.
    Mr. Dela Cruz noted that car
    ownership for the area of his repair
    shop is expected to increase by 8%
    to 10%. Mr. Dela Cruz used the
    current year sales in projecting
    expected sales next year.
    The financial statement of Mr. Dela
    Cruz’s repair shop has been available
    to him when he needed to make
    decision in investing more cash to
    the business.

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