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Accounting in Organization & Society
You are required to select one company from either manufacturing or merchandising industries in the United Kingdom (10 marks will be deducted for choosing companies from different countries) and complete the following two tasks using their most recent annual report
Task I: Understanding financial statements’ items - 10 %
Explain what each of the four financial reports (i.e. the Income statement, the Balance Sheet, Statement of Cash flows and Statement of changes in Equity) are used for, and what they tell us about a business. Find two to three pieces of information from each of the four reports of your chosen company and with that information, discuss the performance of your company, linking it back to the purpose of the reports.
Word limit: 800 words maximum for this section.
Task II: Understanding financial statements in detail-10%
You are required to answer the following questions using the company you selected for Task I (Total: 10 marks - includes 1 mark for citing and referencing):
Question 1 ( 1 mark)
Describe the principal activities of the company.
Question 2 (2 marks)
According to the report, what is the objective of the remuneration committee?
Question 3 (1.5 marks)
How is inventory measured? Identify the note (number) that deals with this.
Question 4 (2.5 marks)
Who is the Chairman of the Board of Directors? Explain the roles and responsibilities of the Board of Directors as described in the annual report.
Question 5 (2 marks)
Name the Audit partnership responsible for performing the audit of the company.
Explain why the auditor must declare their independence (according to the annual report), and also explain why the financial statements must be audited by an external party.