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]

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FIN711 Advance Financial Accounting Assignment 2 Solution

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