FIN711 Advance Financial Accounting Assignment 2 Solution

Advance financial accounting assignment include the text of Alpha Garments Accessories Ltd. is export oriented garments accessories manufacturing company which is providing quality products to its customers by using world class machineries. Innovative business approach, dynamic vision, foresight, sustainability, resource mobilization, advance mechanized production facilities, quality assurance and superior services are the keys for company’s success and Alpha Ltd. is determined to continue with the same in the future. Following is the information related with few accounting matters of the company

Advance financial accounting Assignment questions

[tie_list type=”thumbup”]Company changed its inventory valuation method from weighted average to FIFO. Company had been using weighted average method since many years[/tie_list]

[tie_list type=”thumbup”]Alpha Ltd. reduced estimated remaining useful life of plant property due to obsolescence[/tie_list]

[tie_list type=”thumbup”]Company prepares its financial statements on accrual basis rather than cash basis of accounting (since company’s inception)[/tie_list]

Advance financial accounting Requirement:

[tie_list type=”checklist”]Referred to case (a) and (b), state with reason that whether the changes mentioned in cases require recognition in audit report as to consistency or not? Here it is assumed that all amounts are material.[/tie_list]

[tie_list type=”checklist”]Refer to case (c), describe that how company’s strategy to use accrual basis of accounting is worthwhile for users of financial statements in making economic decisions? (4)[/tie_list]

[box type=”warning” align=”” class=”” width=””]IMPORTANT: 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience[/box].

FIN711 Advance Financial Accounting Assignment 2 Solution

[box type=”warning” align=”aligncenter” class=”” width=””]As you know that Post Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; pre mid activity schedule has already been uploaded on VULMS, therefore no excuse will be entertained after due date of assignments or GDBs.[/box]

2 Comments

  1. zara hussain January 27, 2016 Reply
  2. zara January 27, 2016 Reply

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