Help me study for my Accounting class. I’m stuck and don’t understand.

Hey, I have a homework in Accounting Fundamentals 101.



DIRECTIONS

You have been provided with a series of financial statements for LOBLAW COMPANIES LIMITED for the year end December 31 2002, as follows

[ See Spreadsheet ]:

  • Balance Sheet – December 28, 2002
  • Statement of Earnings – Year Ended December 28, 2002
  • Statement of Retained Earnings – Year Ended December 28, 2002

Please review all of the above statements as they are presented, and, using the chart in illustration 1- 5 (attached) as a guide, IDENTIFY the following el-ements in the Financial Statements of Loblaw Companies Limited:The

1. Elements of the Financial Statements – Pay particular attention to the Matching Principle, and “Balance” in the Balance Sheet


2.Foundational Concepts, Assumptions, and Constraints

  • Going Concern Assumption
  • Reporting Entity
  • Periodicity
  • Monetary Unit

3.Qualitative Characteristics: Comparability, Understandability



Notes:

Loblaws spreadsheet attached

illustration 1-5 attached

 

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