Homework Help is Here – Start Your Trial Now!
Business
Accounting
Q1 "Accounting information is useful to anyone who makes decisions that have economic results". Explain 2 uses of Accounting Information. Q2 "A basic knowledge of accounting is essential for everyone involved in managing a business". Do you agree? Explain Q3 A business information report has been obtained on Sugar City Prospects Ltd, a new sales lead. Your Sales Manager is naturally keen that credit terms can be agreed as soon as possible, and is very interested to learn what the data in the report means and how it helps with the account opening decision. Explain the usefulness of each of the following ratios in reviewing the performance of a business and your Sales Manager at Sugar City Prospects Ltd on his plans: i) ii) iii) iv) v) Net profit percentage Earnings per share Operating expense ratio Shareholders' equity ratio Age of debtors in days

Q1 "Accounting information is useful to anyone who makes decisions that have economic results". Explain 2 uses of Accounting Information. Q2 "A basic knowledge of accounting is essential for everyone involved in managing a business". Do you agree? Explain Q3 A business information report has been obtained on Sugar City Prospects Ltd, a new sales lead. Your Sales Manager is naturally keen that credit terms can be agreed as soon as possible, and is very interested to learn what the data in the report means and how it helps with the account opening decision. Explain the usefulness of each of the following ratios in reviewing the performance of a business and your Sales Manager at Sugar City Prospects Ltd on his plans: i) ii) iii) iv) v) Net profit percentage Earnings per share Operating expense ratio Shareholders' equity ratio Age of debtors in days

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter1: Introduction To Accounting
Section: Chapter Questions
Problem 2SEB: ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions....
See similar textbooks
icon
Related questions
Question

Please kindly answer all 6, thanks

Q4 The goal of preparing an annual report is to communicate information from a company to its targeted users. Q5 (i) Identify and discuss the basic factors of communication that must be considered in the presentation of this information. (ii) Discuss the communication problems a company faces in preparing the annual report that result from the diversity of its users. Broadly, all of the groups that were identified in this course as being users of accounting information about a business except for the managers of the business tend to have access to the same items of accounting information. This is typically the income statement, balance sheet (sometimes called the statement of financial position) and cash flow statement. Managers, on the other hand, have access to all the information that they want. Why are managers treated so much better in the provision of accounting information than the | other groups? Q6 Explain at least 4 major internal controls that a business should consider and implement in the use of business assets.
Transcribed Image Text:Q4 The goal of preparing an annual report is to communicate information from a company to its targeted users. Q5 (i) Identify and discuss the basic factors of communication that must be considered in the presentation of this information. (ii) Discuss the communication problems a company faces in preparing the annual report that result from the diversity of its users. Broadly, all of the groups that were identified in this course as being users of accounting information about a business except for the managers of the business tend to have access to the same items of accounting information. This is typically the income statement, balance sheet (sometimes called the statement of financial position) and cash flow statement. Managers, on the other hand, have access to all the information that they want. Why are managers treated so much better in the provision of accounting information than the | other groups? Q6 Explain at least 4 major internal controls that a business should consider and implement in the use of business assets.
Q1 "Accounting information is useful to anyone who makes decisions that have economic results". Explain 2 uses of Accounting Information. Q2 "A basic knowledge of accounting is essential for everyone involved in managing a business". Do you agree? Explain Q3 A business information report has been obtained on Sugar City Prospects Ltd, a new sales lead. Your Sales Manager is naturally keen that credit terms can be agreed as soon as possible, and is very interested to learn what the data in the report means and how it helps with the account opening decision. Explain the usefulness of each of the following ratios in reviewing the performance of a business and your Sales Manager at Sugar City Prospects Ltd on his plans: i) ii) iii) iv) v) Net profit percentage Earnings per share Operating expense ratio Shareholders' equity ratio Age of debtors in days
Transcribed Image Text:Q1 "Accounting information is useful to anyone who makes decisions that have economic results". Explain 2 uses of Accounting Information. Q2 "A basic knowledge of accounting is essential for everyone involved in managing a business". Do you agree? Explain Q3 A business information report has been obtained on Sugar City Prospects Ltd, a new sales lead. Your Sales Manager is naturally keen that credit terms can be agreed as soon as possible, and is very interested to learn what the data in the report means and how it helps with the account opening decision. Explain the usefulness of each of the following ratios in reviewing the performance of a business and your Sales Manager at Sugar City Prospects Ltd on his plans: i) ii) iii) iv) v) Net profit percentage Earnings per share Operating expense ratio Shareholders' equity ratio Age of debtors in days
Expert Solution
steps

Step by step

Solved in 5 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

pls provide solution for 4,5,6

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Ethical Decision Making
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS