Learning Outcomes:
A. Identify and explain theoretical concepts of Financial and Cost Accounting along with various decision-making tools.
B. Prepare the financial statements and analyze these statements using ratio analysis, along with application and use of various costing techniques to facilitate the decision-making process.
Emad Trades is one of the small businesses in Oman. The owner was recording all the information in the books.
According to his records he thinks that the business is making good profit over a period of time. But he is not satisfied with the bookkeeping only. He is of the opinion that the business can get more clear information about his profit and the proformas of the business if it is reported in a proper way. Emad feels that the business is calculating the profit using a wrong technique and if this is corrected the business can get much more clear information on his profit and performance than the present one.
He has consulted you as an expert to study and write a comparative report analyzing the profitability, liquidity and efficiency of the business with suggestions for further improvement.
Required:
You are expected to write a reflective report to the owner of the company incorporating the following:
Problem 1: Explain in detail what is the importance of financial statements and important to users. Support your statement with references from research articles.
Problem 2: Prepare statement of comprehensive income and statement of financial position for the business.
Problem 3: Analyze the information from the statements and explain importance of ratio analysis and how these will help the company in decision making.
Problem 4: Give your recommendations on the business performance as compared to industry with rationale.
Your report must show in-depth understanding of wide reading of academic research articles, academic books and general information supported by calculations wherever essential.
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