Select a Company listed in the Colombo Stock Exchange in Sri Lanka and use the latest financial
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Question:
Select a Company listed in the Colombo Stock Exchange in Sri Lanka and use the latest financial statements from the Annual report published by the selected company to answer the following questions.
- Accounting can be defined as a systematic process of identifying, recording, classifying, verifying, summarizing, and analyzing financial information of an organisation. Briefly, explain the main objective of Accounting?
- Select three accounting policies used by the company in the preparation of financial statements from the annual report and explain the importance of those policies and the accounting concepts/principles relevant for the same.
- If the purchase cost of a tangible asset (Property, Plant & Equipment) is not charged to the income statement in the year of purchase, how can a company recognize expenses relating to these assets in the financial statements.
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