Refer to the 2013 financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the

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Refer to the 2013 financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions.

1. How is ‘cash’ defined in the financial statements?

2. Did the total of cash held by JB Hi-Fi Limited increase or decrease over the period? By how much?

3. Is the balance of cash as shown in the balance sheet at the end of the year different from the figure for cash at end of period as shown in the statement of cash flows? If so, how and why? (Hint: Refer to the notes to the statement of cash flows for the explanation.)

4. Is there any reference in the report to aspects of internal control used by JB Hi-Fi Limited?

5. Does JB Hi-Fi Limited have an internal audit department? If it has, what are the major functions of such a department?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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Question Posted: Jun 20, 2019 08:26 AM

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Refer to the 2013 financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the

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1 Cash and cash equivalents are defined in Note 1g of the Annual Report as including cash on hand deposits held at call with financial institutions ot...View the full answer

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