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Unit 14 Advanced Management Accounting Assignment - College of Banking and Financial Studies, Oman

Assignment Title - Analyze the purpose for developing and presenting financial information.

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Task Requirement: As the Assistant Accountant of Fast Cars Limited, you are required to prepare a report addressing to Financial Manager by, Critically evaluating the purpose and presentation of financial information from the perspective of different stakeholders of Fast Cars Limited by addressing the reason for the development and appropriate presentation of financial information to support financial planning and decision-making.

Answer - Analyze the purpose for developing and presenting financial Information

Introduction

Financial information is the recording of the financial transaction of the business and assessment of the financial position and performance of the business in a particular period. This report is being made by an assistant accountant addressing financial manager. In this report, the purpose and the presentation of the financial information from the perspectives of different stakeholders of Fast Car Limited's like suppliers, management, investors and employees will be analysed.

Purpose of the financial information from the perspective of different stakeholders

The purpose of the financial information for Fast Cars Limited's management and board of members are listed below.

  • To evaluate the performance of the business and assess how well they have been able to achieve the goals of the business.
  • To evaluate the performance of different departments of the business.
  • To evaluate the business financial capabilities to expand its business.

The purposes of the financial information for Fast Cars Limited's investors and potential investors in the market are listed below.

  • To evaluate the risk and the return of the business.
  • This financial information is also used to take any investment decision of the investors regarding the business (Bragg and Bragg, 2019).

The purpose of the financial information for Fast Cars Limited's suppliers is listed below.

  • To evaluate whether the business is reliable for giving goods or service in credit.

The purpose of the financial information for Fast Cars Limited's employees is listed below.

  • To evaluate the business financial profitability and position of the business for assessing their growth prospect and security in the business.

The purpose of the financial information for Fast Cars Limited's customers is listed below.

  • To assess that the business will be able to supply goods and services constantly and adequately (Accounting-simplified.com, 2019).

The purpose of the financial information for Fast Cars Limited's competitors in the market is listed below.

  • To compare its performance with Fast Cars Limited and build strategies to better the growth of it.

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Presentation of financial information from the perspective of different stakeholders

In The Book of Fast Cars Limited

Balance Sheet as on 31st December 2018

Particulars

Amount (OMR'000s)

Assets


Current Assets


Cash & Cash Equivalents

1000

Account Receivables

3000

Closing Stock

2500

Pre-Paid Expenses And Other Current Assets

300

Time Deposits

200

Total Current Assets

7000

Noncurrent Assets


Land & Building (NBV)

13000

Machinery And Equipment (NBV)

8700

Motor Vehicles (NBV)

5500

Total Noncurrent Assets

27200

Total Assets

34200

Liabilities


Current Liabilities


Account Payables

4400

Tax Payables

500

Bank Overdraft

400

Other Accrued Expenses Payable

300

Accrued Wages

100

Total Current Liabilities

5700

Noncurrent Liabilities


Long Term Debt

3000

Total Noncurrent Liabilities

3000

Total Liabilities

8700

Net Assets

25500

Equity


Additional Paid-In Capital

3500

Retained Earnings

11800

Common Stock

10200

Total Equity

25500

Total Liabilities And Equity

34200

Table 1: Balance Sheet Statement

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In The Book Of Fast Cars Limited

Income Statement For The Year Ending 31st December 2018

Particulars

Amount (OMR'000s)

Total Sales Revenue

15000

Cost of Goods Sold

6400

Gross Profit

8600

Expenses


Administration Expenses

2200

Distribution Expense

1500

Operating Profit

4900

Interest Expense

500

Profit Before Tax

4400

Tax Expenses

900

Profit After Tax

3500

Table 2: Income Statement

Ratios

Times/ percentage

Profitability Ratios

Percentage

Gross Profit Margin

57.33%

Net Profit Margin

23.33%

Liquidity Ratios

Times

Current Ratio

1.228070175

Quick Ratio

0.736842105

Gearing Ratio

Times

Interest Coverage Ratio

8.8

Debt To Equity

0.34

Table 3: Financial Ratio

All these above tables are presentations of the financial information of Fast Cars Limited to the different stakeholders of Fast Cars Limited, and these are used by different shareholders for different purposes. Table 1 and Table 2 will be highly significant from every shareholder's perspectives. Table 3 ratio which also is important to the different stakeholders but some ratios will be more important for each stakeholder specially. For example, debt investors will be interested in profitability ratios and interest coverage ratio.

Conclusion

In this report, different purposes of the different stakeholders for using financial information had been defined, and presentation of the financial information for the different stakeholders had been shown.

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