Help me study for my Accounting class. I’m stuck and don’t understand.
Hey, I have a homework in Accounting Fundamentals 101.
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
- Monetary Unit
3.Qualitative Characteristics: Comparability, Understandability
Loblaws spreadsheet attached
illustration 1-5 attached