media task and transaction analysis for accounting (1 Viewer)

[miffytoki]

ok....i'm so confused....we have a media task to do on Woolworth's half yearly interim profits...and we have to do a transaction analysis using the expanded accounting equation.....

does this mean we use the statement of financial position and statement of cash flows to see where woolworth's profit is coming from? and then analyse that?

has anyone started this part of the assignment for Accounting 1A? what depth is everyone doing it to? cos i'm lookin at it...and its gonna take a very looooong time to analyse everything...

 

[Acid]

I'm having trouble with this too... very confused.

 

[redslert]

this is why webct has forums for you to ask open questions and share ideas with the rest of the students

 

[Acid]

this is why webct has forums for you to ask open questions and share ideas with the rest of the students

On WebCT everyone's suffering from the same confusion...

 

[Constip8edSkunk]

the lecturers/tutors do go on there regularly to answer questions though.

just a side note: you dont need to know much about the cashflow for accounting 1a and to see the breakdown of profits(revenue and expenses) the SoFPe is your friend

 

[Minai]

Just a note...due to IFRS, they've gone back to "Income Statement" and "Balance Sheet" instead of SFPe and SFPo

 

[redslert]

eh? i thought it was because of IFRS that we are using SFPe and SFPo

 

[Constip8edSkunk]

bloody accountants...

 

[§eraphim]

bloody accountants...

bloody actuaries

 

[pyko]

hmm, i'm quite sure we're using Statment of <blah> to comply with the new IFRS rules etc....it was adopted in 2001?? and started using 2005.....*i think*

and with the Media Task 1...there is an FAQ up in WebCT under 'assignments'. I had a quick skim through it and it seems quite good.

 

[Minai]

eh? i thought it was because of IFRS that we are using SFPe and SFPo

No, Australia changed to SFPe and SFPo in 2002(?) , but due to the adoption of IFRS, they've gone BACK to Balance sheet/Income statement (which is bloody confusing for someone like me who's learned "SFPe and SFPo" in 1st/2nd year, and having their names changed, and to add to that, a lot of accounting standards have changed this year, and what I learnt last year about goodwill consolidation and the treatment of revenue and gains means jack now)

 

[Eagles]

No, Australia changed to SFPe and SFPo in 2002(?) , but due to the adoption of IFRS, they've gone BACK to Balance sheet/Income statement (which is bloody confusing for someone like me who's learned "SFPe and SFPo" in 1st/2nd year, and having their names changed, and to add to that, a lot of accounting standards have changed this year, and what I learnt last year about goodwill consolidation and the treatment of revenue and gains means jack now)

whats this "goodwill" thing I keep hearing and reading about??

 

[redslert]

whats this "goodwill" thing I keep hearing and reading about??

don't worry you will learn about it soon enough