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ACF5903 Accounting For Business

tag 0 Download 5 Pages / 1,175 Words tag 11-10-2021

Question

Accordingly, when using reported accounting numbers and ratios to form an opinion about a company’s performance over a three year period, or forming an opinion about how the performance of a group of companies compare with each other, consideration must be given to

How well the accounting numbers and ratios reflect the “real world”;

The company’s choices of, or changes over time in, accounting policies and in the estimation of items, e.g. assets, doubtful debts; and the points in time when items are measured;
 
The comparability of accounting information of different companies; e.g. if their respective choices are different, how these differences should affect your judgements;

Other limitations of the financial statements and ratios.
 
ContextYou are a member of a group of friends who wish to identify companies for which you would like to work. You all prefer to be employed in the same industry and you have agreed the company you would most like to work for is the company that is best at using its resources to generate wealth. Therefore you need to evaluate how well each company does this so that your group can rank the companies in order of how well they perform. You know that the ratio, Return on Assets, is an indicator of performance in this respect and you also know ratios can’t be taken at face value. Also, it is difficult for your group to gather regularly in one place to do this work and therefore you depend on technology to help you collaborate effectively. 
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