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FACI4024 Financial Accounting

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Questions:

You are required to research two companies that would be the ideal companies you would like to work for.  The companies should be non-financial companies, i.e. you should not select banks, building societies, insurance companies or estate agents You should write a report to the newly appointed chairperson of the companies, addressing the following issues:

Identify six different groups of users of financial statements, who would be interested in these companies (ensure that both internal and external users are fairly represented). Provide a brief summary of these users and a brief description of the purposes for which they will use the financial statements.
 
Obtain the latest four consecutive years of the published Income Statement and Statement of Financial Position (Balance Sheet) for the companies; most importantly the companies should be listed on the London Stock Market.
  • Explain the context, purpose and users of financial reporting.
  • Describe the qualitative characteristics of financial information.
  • Demonstrate an understanding of accounting systems; demonstrate the use of double entry and record transactions and events.
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