Question

Select a company of your choice. Try and find answers to the following questions from the annual report of the company of the financial year 2016-17 –
1. What is the company’s business?
2. What are the major items of revenue and expenses?
3. Think of information that would be useful but is not disclosed in the financial statements. Why do you think the information is not disclosed?
4. How would you assure yourself that the accounting system is reliable?
5. Prepare 5 sample journal entries to record the company’s revenues and expenses.
6. Company’s trial balance certainly balanced. Think of some errors that could have occurred and how these w ould have been corrected.
7. What is the auditor’s opinion on the financial statements?
8. Verify that the financial statements satisfy the accounting equation.
9. Who is responsible for preparing and presenting the financial statements?
10. List the company’s assets, liabilities and equity items.
Note: Refer to the website of the company to download the annual report. Attach a copy of the financial statements of the company along with your answers.

Answer 1

Answer:

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Explanation:

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