Homework Answers
Ans. The financial statements must present fairly the financial position, financial performance and cash flows of an entity.
(i) Going concern
The management of the company has prepared and presented the financial statements as per going concern basis. The management made an assessment of an entity's ability to continue as a going concern.
(ii) Accrual basis of accounting
The management of the company has prepared and presented the financial statements as per accrual basis of accounting.
(iii) Consistency of presentation
The management of the company has prepared and presented the financial statements consistently from one period to the another.
(iv) Comparative information
The comparative information are properly disclosed in respect of the previous period for all amounts reported in the financial statements on the face of the financial statements.
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required the following.
Required:
1.1) The suppliers of goods and services on credit to a business
are interested in the liquidity of it. They asked you to calculate
two ratios to measure the liquidity and comment briefly on the
changes over the...
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