TAILIEUCHUNG - Ebook Financial accounting - An introduction (5/E): Part 2

(BQ) Part 1 book "Financial accounting - An introduction" has contents: Published financial statements, current liabilities, provisions and non-current (long-term) liabilities, ownership interest, current assets, ratio analysis,. and other contents. | Chapter 9 Current assets REAL WORLD CASE Current assets of a manufacturing company This case extracts information from the annual report of Cadbury plc to show how the company explains its management of current assets. Current assets: balance sheets at 31 December 2008 Note 19 20 27 Inventories Short-term investments Trade and other receivables Tax recoverable Cash and cash equivalents Derivative financial instruments 2008 £m 2007 £m 767 247 1,067 35 251 268 821 2 1,197 41 493 46 2,635 2,600 2008 £m 2007 £m 228 92 447 255 69 497 767 821 Annual report 2008, p. 84. 19. Inventories Raw materials and consumables Work in progress Finished goods and goods for resale The cost of inventories recognised as an expense for the period ended 31 December 2008 total £2,870 million (2007: £2,504 million). Annual report 2008, p. 109. Accounting policy note (r) Inventories Inventories are recorded at the lower of average cost and estimated net realisable value. Cost comprises direct material and labour costs together with the relevant factory overheads (including depreciation) on the basis of normal activity levels. Amounts are removed from inventory based on the average value of the items of inventory removed. Annual report 2008, p. 94. Chapter 9 Current assets Accounting policy note – transactional exposures The Group is exposed to changes in prices of its raw materials, certain of which are subject to potential short and long-term fluctuations. In respect of such commodities the Group enters into derivative contracts in order to provide a stable cost base for marketing finished products. The use of commodity derivative contracts enables the Group to obtain the benefit of guaranteed contract performance on firm priced contracts offered by banks, the exchanges and their clearing houses. In principle these derivatives may qualify as ‘cash flow hedges’ of future forecast transactions. To the extent that the hedge is deemed effective, the movement in the fair .

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• Published financial statements
• Current liabilities
• Ownership interest
• Current assets
• Ratio analysis
• Financial accounting
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• Issues in financial accounting
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• Financial statements
• Accounting standards
• Financial reporting
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• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Lecture Financial accounting
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• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
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• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet