Question: i need the answer quickly Assessment Task Financial statements are a collection of summary-level reports about an organization's financial results, financial position, and cash flows.
i need the answer quickly
Assessment Task "Financial statements are a collection of summary-level reports about an organization's financial results, financial position, and cash flows. They are written records that convey the business activities and the financial performance of a company." Tasks: 1. Discuss the process of preparing the financial Statements. 25 marks 2. Provide a sample Income Statement and Balance Sheet of a company. 20 marks 3. Analyse the given Financial Statements using profitability and liquidity ratios, explaining the importance of working capital management. 30 marks 4. Discuss the cost classification by functions and by behaviour. Also, discuss how the classification of cost by behaviour helps in fixing the selling price. 25 marks Total 100 marks Additional instructions: . In Task 1, the student needs to provide the meaning of accounting along with explaining Journal, Ledger, Trial Balance, adjusting entries and the preparation of financial statements. (Approximately 500 words) In Task 2, the student needs to provide a sample Income Statement and Balance Sheet showing the amounts. (Approximately 200 words) . In Task 3, the student needs to give a brief meaning of ratios. From the given sample financial statements, calculate gross profit ratio, net profit ratio, current ratio and quick ratio stating the purposes of these ratios. Also, need to explain the importance of working capital management. (Approximately 800 words) . In Task 4, the student needs to give a brief about cost classification. Explain the classification of cost by functions and by behaviour with suitable examples. Also, explain how this classification of cost helps in fixing the selling price. (Approximately 500 words) At least five (5) references from different sources in Harvard Referencing style. ***END OF ASSIGNMENT TASK***
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