StudentShare solutions
Triangle menu

Business accounting - Essay Example

Nobody downloaded yet
The IASB’s present definition of reliability is: “Information has the quality of reliability when it is free from material error and bias and can be depended on by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent” (IASB Framework, 1989, Para. 31).
The IASB Framework is meant to help not only standard setters but at the same time it assists the preparers of financial statements to apply international financial accounting standards when they deal with topics on which measures have not yet been formulated, auditors to form their views with regard to the financial statements, and users to interpret information which the financial statements contains. All the above mentioned purposes of a financial statement will be better served only if the concepts are sound, all-inclusive, and internally coherent.
The qualitative characteristics are the properties that make the information furnished in financial statements helpful to users. The four key qualitative characteristics are understandability, relevance, reliability and comparability. Of the mentioned qualitative characteristics, Relevance and faithful representation are basic qualitative characteristics and Comparability, verifiability, timeliness, and understandability are ornamental qualitative characteristics (Framework 24).
A crucial feature of the information furnished in financial statements is that it has to be promptly apprehensible by users. For this reason it is assumed that users have a rational knowledge of business and economic actions and accounting and a temperament to analyse the information with sensible thoroughness. But certain information with regard to complex matters, just because they are difficult to understand by users cannot be excluded. Such information is important from the view of its significance to the ...Show more


The preparation and presentation of financial statements depends on the Framework which was initially issued by the IASC in 1989 and later on followed by the IASB in 2001. The basic concepts to prepare the financial statements are described in the Framework. The framework…
Author : afay
Business accounting
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Business accounting"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Business accounting
This essay demonstrates that the company has performed well in this year up to January 29, 2011, in terms of mainly its revenue and net profits which have both escalated by 1.4% and 10.14%. There were quite abysmal supplier conditions in the domestic and international market but Next incorporated strategies.
8 pages (1500 words) Essay
Business accounting
The specific tasks and duties of an accountant are detailed herein, based on answers provided by a real-life accountant who has been requested to be a part of this research endeavor. An account of the owners of the business enterprise - as the employer of the account - is also included.
6 pages (1500 words) Essay
Introduction to Business Accounting
Depreciation Net Book Value Fixed assets Motor Vehicles 20,000 13,000 7,000 Computer Equipment 14,000 10,500 3,500 10,500 Current assets Stock 70,000 Trade debtors 27,860 less provision for doubtful debt 1,260 Bank Account 3,000 99,600 Creditors < 12 months Trade creditors 17,000 17,000 Net current assets 82,600 Creditors > 12 months - Net assets 93,100 Capital and reserves Capital 31,600 less drawings 24,000 Profit 85,500 93,100 What are the potential problems and limitations of financial ratio analysis?
5 pages (1250 words) Essay
Business Accounting
The global workforce of the firm is composed of 8,000 workers. The firm was founded in Ted Waitt in 1985. The chairman and chief executive officer of the organization is Stan Stih. The purpose of this paper is to analyze the financial performance of Acer Group during fiscal year 2012.
4 pages (1000 words) Essay
Business accounting
As such, it becomes important to evaluate the financial situation of Northern and Southern branches to identify their relative strengths and weaknesses. In order to accomplish this task, this report will utilize financial ratio analysis. Financial ratio analysis has become one of the most popular techniques utilized in order to ascertain the health and well being of a business organization.
4 pages (1000 words) Essay
Business accounting
In order to accomplish this task, this report will utilize financial ratio analysis. Financial ratio analysis has become one of the most popular
4 pages (1000 words) Essay
Business-accounting information systems
Stakeholders such as lenders require financial statements of a company before they extend any credit to a business. Accounting is the discipline that allows businesspeople to keep track of the inputs and outputs of a company within a
6 pages (1500 words) Essay
Business Accounting
Under payback method the cash outflow of investment will be covered in third year. As per NPV the project will earn inflow more than outflow in its present value. The present value on net inflow (inflow minus outflow) is $
4 pages (1000 words) Essay
Introduction to Business Accounting
data that is used for calculating different ratios is historic that implies that the financial ratio analysis provides findings regarding the companys past performance which may not have relevance to the businesss current position. This restricts analysts from using the results
5 pages (1250 words) Essay
The Alberta has an offset system with an overview and the offset protocols, which applies the carbon capture and storage protocol.
2 pages (500 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Business accounting for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
Join us:
Contact Us