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ACCT7014 Financial Accounting Analysis Assignment Sample MTU Ireland

ACCT7014 Financial Accounting Analysis is a course offered by the Munster Technological University(MTU). This course aims to provide students with an understanding of financial accounting principles and their application in real-world scenarios. 

The course covers topics such as financial statements, ratios and interpretation, cash flow analysis, and budgeting and forecasting. It also includes a focus on corporate governance and ethical issues in finance.

This course is well suited for students who are interested in pursuing careers in accounting or finance. It would also be beneficial for students who are looking to develop their analytical and problem-solving skills. 

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Evaluate financial statements and analyze financial performance.

The first step in evaluating a company’s financial performance is to look at its income statement. The income statement shows how much money the company made (or lost) over a certain period. You can use this information to see whether the company is making a profit or losing money.

The second step is to look at the company’s balance sheet. The balance sheet shows how much money the company has in assets (things it owns), liabilities (money it owes), and shareholders’ equity (the difference between its assets and liabilities). This information can help you determine whether the company is financially stable and whether it has enough cash flow to pay its debts.

Finally, you should analyze the company’s cash flow statement. The cash flow statement shows how much money the company has coming in (from sales, investments, etc.) and going out (to expenses, debt payments, etc.). This information can help you determine whether the company has enough cash to meet its financial obligations.

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Assignment Task 2: Prepare cash flow statements for single entities.

A cash flow statement shows a company’s inflow and outflow of cash during a particular period. The statement is divided into three sections: operating activities, investing activities, and financing activities. 

Operating Activities: This section includes all inflows and outflows of cash resulting from day-to-day business operations. For example, if a company sold products worth $100 during the period, this would be an inflow of cash, while if it paid its employees $50 in wages, this would be an outflow of cash. 

Investing Activities: This section includes any inflows or outflows of cash resulting from investments made by the company. For example, if the company bought new equipment for $50, this would be an outflow of cash. If the company sold its old equipment for $60, this would be an inflow of cash. 

Financing Activities: This section includes any inflows or outflows of cash resulting from the company’s financing activities. For example, if the company took out a loan for $100, this would be an inflow of cash. If the company paid back $50 of the loan, this would be an outflow of cash.

Assignment Task 3: Explain the principles underlying accounting standards listed in indicative content.

The principles underlying accounting standards are typically designed to ensure that financial statements provide a faithful representation of an organization’s financial position, performance, and cash flows.

One of the most important principles is consistency, which means that accounting standards should be applied in a uniform manner from one period to the next. This helps ensure that users of financial statements can make comparisons between organizations over time.

Another principle is conservatism, which dictates that when there is uncertainty about whether a particular transaction will result in a gain or loss, accountants should conservatively report the transaction as if it will result in a loss. This principle helps protect the interests of creditors and shareholders by ensuring that financial statements are not overstated.

Other important principles include materiality, which dictates that only transactions that are significant in amount should be recorded in financial statements; and disclosure, which requires that all information necessary for an understanding of an organization’s financial position, performance, and cash flows be included in its financial statements.

Accounting standards are important because they guide how financial statements should be prepared. This helps ensure that financial statements are accurate and informative. Without accounting standards, there would be a risk that financial statements could be misleading or even fraudulent.

There are several different accounting standards, which are designed to cover different aspects of financial reporting. For example, some standards deal with the recognition and measurement of income and expenses, the presentation of financial statements, and the disclosure of information about an organization’s financial position and performance.

Indicative Content:

  • IFRS
  • US GAAP
  • JGAAP
  • SOX

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Assignment Task 4: Apply the principles underlying the International Financial Reporting Standards listed in the indicative contents.

The International Financial Reporting Standards (IFRS) are a set of global accounting standards that multinational companies must adhere to when preparing their financial statements.

The primary purpose of the IFRS is to ensure that investors have access to consistent, reliable information about the financial performance of companies around the world. To this end, the IFRS Foundation works with standard-setting organizations in over 100 countries to develop and update the standards.

The standard-setting process is governed by a set of principles that aim to ensure transparency and accountability. These principles include stakeholder engagement, due process, consensus building, and independent oversight.

The IFRS are designed to be principles-based, which means that they guide how financial statements should be prepared, but allow companies some flexibility in how they apply the standards. This flexibility is important because it allows companies to tailor their financial reporting to meet the needs of their particular business model and operating environment.

The IFRS is constantly evolving, as the needs of global investors and the business environment change. As a result, companies need to keep up to date with the latest developments to ensure that their financial reporting is compliant with the standards.

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We are discussing the ACCT7014 Financial Accounting Analysis assignment sample. This sample is for those who want to enhance their knowledge in financial accounting and analysis.

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