BUS103 Accounting For Managers For The Consolidated Financial Statements : Essay Fountain

Questions:

Question 1 
 
Describe the principal activities of the company?
 
Question 2
 
Define the revenue recognition criteria of the company and identify the page number and note number
 
where this is stated in the annual report?
 
Question 3
 
Describe how the company values all classes of property, plant and equipment? Identify the page number and note number where this is stated in the annual report?
 
Question 4 (3 marks)
 
Name the Audit firm responsible for performing the audit of the financial statements of the company.
 
Explain why the auditor must declare their independence, and also explain why the financial statements must be audited by an external party.
 
Question 5 
 
Provide any evidence of the company’s initiative or commitment to business sustainability practices. Why are businesses concerned about sustainability?

 

Answer:

The revenue recognition criteria of the company mainly exclude lay-by transaction, which is recognised at the point of sales conducted by the organisation. The revenue recognition is mainly depicted in page 66 of the annual report heading notes of consolidated financial statements ‘A2 Revenue’ (Myer 2018). 

Profitability ratio

2016

2015

Profit margin

4.30%

5.03%

Gross profit margin

48.27%

48.6%

The profit margin has declined from 5.03% in 2015 to 4.30% in 2016, due to the reduction in gross profit margin from 48.61% to 48.27% over the previous fiscal year (Myer 2018). The aggregate profitability of the company has increased due to reduced administrative expenses conducted during 2016. 

 

Reference and Bibliography:

Collier, P.M., 2015. Accounting for managers: Interpreting accounting information for decision making. John Wiley & Sons.

Myer. (2018). Myer. [online] Available at: https://www.myer.com.au/ [Accessed 25 Jan. 2018].

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