بليزِزِ..ضروِري لأصحآإب الخبرِهـ ..~

[ورد~]

الَسَسَسَسَلاآ‘إم علَيكم وِ رحَمـ~ـه الله وبرِكآ‘إتـ~ـه

.

.

أخَتكم طآ‘إلبه المسآعدهـ في بعَض الاسئله وَللي يعرف الاجوبه أوِ طريقـ~ـه الح‘ـل على الأقـ~ـل لاآ‘إ يبخل علي بليزِزِ .. ورِبي يوفقه دنيآ‘إ وآخـ~ـرهـ اللي يسآ‘إعدنـ~ـي

.

.

وهـّ~ـذي الأسـئلـ~ـه

The TMA Questions:

Q.1: Role of accounting records in an organization: Many small businesses have no obligation to issue financial statements to outsiders, that is, to investors and creditors. Give at least three reasons why such businesses would maintain accounting records if financial statements are not required by outsiders. (15 Marks)

Q.2: The internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations, and specific companies that may support your study.

Instructions:

a- Access the FASB Internet site (www.fasb.org). Look under the category ‘About FASB’. Identify five key points about the role of FASB for developing the accounting profession. (10 Marks)

b- Visit the home page of the NEXT Company at: www.next.co.uk. From Next’s home page and then ‘The Company’, access the company’s most recent annual report. Calculate the ratios of: current ratio and debt ratio from ‘The Consolidated Statements’ for the annual years to January 2009 and 2008. Show your work in calculating these ratios. Write a brief statement describing what you have learned about the company’s liquidity.

Internet sites are time and date sensitive. It is the purpose of this exercise to have you explore the internet. You may need to use the Google! ****** engine http://www.google.com (or another favorite ****** engine) to find a company’s current web address. (20 Marks)

Q.3: “A debate between you ‘as an Accountant’ and one of your friends” (55 Marks)

1- One of your friends told you that as he was reading the news papers, he saw which is called ‘The Financial Statements’ of one of the public sector corporations, and he said: ‘as you are an accountant I want you to give me explanations to some of questions about these statements please’:

a- The value of the buildings and lands is very low, and that is not considered as the current market value as it is today. Do you think that? And is there a reason for that? (10 Marks)

b- These statements were prepared for an accounting period ended June 30, 2009, so what does it mean? And are these statements prepared every year? And for why all these efforts and costs for preparing these statements? And why at the end of June? And when did this accounting period start? (5 Marks)

2- I noticed my friend added the following, while I was reading the financial statements:

a- The assets and liabilities are arranged in groups, think they are similar, and is it right? And why? (10 Marks)

b- With these statements there is ‘The Auditor Report’, and it includes this paragraph: ‘In our opinion, the financial statements give a true and fair view in accordance with Generally Accepted Accounting Principles (GAAP)’. What does he mean? And what is meant by GAAP? And what is the importance of this report? (5 Marks)

3- Sorry my dear friend, I noticed also the following:

a- There is a difference between the income statement and the balance sheet; the income statement hasn’t two sides, but the balance sheet has a left and right sides, is it true? And why? (10 Marks)

b- The balance sheet’s sides have been equaled, but the income statement ended by which is called ‘net income’. Why weren’t the elements of the income statement balanced? Does it signal to some things wrong? And if the income statement is true, why is the balance sheet different in this thing? (10 Marks)

c- I know my friend that I fatigue you, so this is the last inquire. I have found which is called ‘The Statement of Cash Flows’. Why do we need a statement of cash flow when we have balance sheet and income statements? (5 Marks

..

بليزِ محتآجه الحل أو طريقه الحل بسرعـ~ـه

موِفقين جميعاً

.

.