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B291 Financial Accounting

tag 0 Download 7 Pages / 1,706 Words tag 04-10-2021

Questions:

1.Stakeholders can affect or be affected by the organization's actions, objectives and policies. Discuss at least two types of stakeholders and give examples from the Philips annual report to justify your answer. Also explain the reason of their interest in the financial statements. 

2. In which category of users or stakeholders do you think the following fit from the Philips Annual report 2016?
a. Frans Van Houten
b. Audit & Risk committee 
c. Ernst & Young LLP
d. Apollo Global Management LLC
e. World Heart Federation (WHF)
  
3. As you learned in Unit 1, Session 3, the major environmental factors impacting on an organization can be grouped under four headings: political/legal, economic, social/demographic and technological (PEST analysis). Giving examples from the annual report, discuss the impact of each of the elements in the PEST analysis on Philips.

4. The distinction between cash transactions and credits transactions is fundamental to bookkeeping and accounting. Elaborate the main difference between these two-accounting systems and refer the details from Philips annual report 2016.
 
5. IAS 16 Property, plant and equipment identifies and describes two different models of accounting for tangible non-current assets. Discuss the importance of these two models for Philips and describe the depreciation methods used by Philips.
     
6. In preparing financial statements in accordance with GAAP, there are certain accounting policies that may require a judgment or estimation in their application. Give examples of Philips estimates and assumptions reported in consolidated financial statements.
     
7. Transaction takes place when one party exchanges or promise to exchange good or service with another party for money. Identify the difference between revenue expenditure and capital expenditure and provide the example from Annual report of Philips 2016. 
 
8. Contingent Liabilities are those obligations that are contingent on events that have not yet taken place. Discuss the contingent liabilities and provide the contingent liabilities example from the Annual Report of Philips. 
 
9. Explain why the going concern basis is important in understanding Philips financial statement; Support your answer with evidence from Philips annual report.
  
10. Classify the revenue recognition method(s) used by Philips as discussed in annual report. Explain the rationale underlying the appropriateness of methods used by Philips. 
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