A Review of Financial Statements and their Elements

Mansoor, Anthony Gabrie (2019) A Review of Financial Statements and their Elements. Undergraduate thesis, under the direction of Victoria Dickinson from Accountancy, University of Mississippi.

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Abstract

In this thesis, I investigate various issues related to the practical application of accounting procedures. These issues include both objective activities and situations that require the preparer to use significant professional judgement. This was accomplished by researching and completing a series of twelve case studies assigned by Dr. Victoria Dickinson. These case studies consisted of various financial statements issued by real companies, both domestic and foreign and covering numerous industries. While analyzing these financial statements, I was presented with the task of researching and discussing various issues, such as appropriate disclosures of Provision of Bad Debts and Depreciation Expense. When preparing or auditing financial statements of a company, it is important to remember how many people rely on the information being accurate. Investors and creditors make crucial financial decisions based on this information, so it is critical that the statements are prepared to the best of the accountant’s ability. By analyzing some of these real world issues, I learned about the proper way to approach these figures that require profession judgement. Further, by including various industries and foreign companies, I was exposed to a healthy background of variety that I will likely encounter throughout my career. Typically, each case had a central theme regarding a certain area of the financial statements. For example, while studying Molson Coors Brewing company, I investigated the proper way of recording different categories of gains and losses that are not considered central operating activities. Other cases focused on how to properly estimate Bad Debt Expense for a period, how to account for outstanding debt, and many other topics. Overall, the issues I encountered through my research are practical situations that I will encounter throughout my career, and through this thesis I have been provided skills that will aid in making proper decisions in subjective issues.

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