Group Assignment

Introduction to Financial Accounting

AUGUST 24, 2020

 Presented by:
Talha L1S19BBAMM0166
Hafiz Jamal L1F19BBAMM0270
Muhammad Irfan L1F19BBAMM0002
Presented to: Ma’am Ambreen Khursheed
Question No 1.
Answer:
A) Sana could examine the issue with the chief accountant, so he can give a commendable
knowledge may be given to find the mistake.
B) She could get the administration educated about the dissimilarity and ask for hardly any more
days to recognize and address the blunder, with the goal that a reliable and precise fiscal
summary can be given.
C) Another option is for her to get the report gave uniquely to the supervisory group for their
thought while the blunder is unaltered, and educate them that solitary hardly any days will be
required for the mistake to be distinguished and revised.
Question No 2.
Answer:
Question No 3.
Cash $10,150 Service Revenue $6,500 Accounts Receivable 2,800 Advertising Expense 500 Supplies
2,000 Rent Expense 1,600 Equipment 10,000 Gasoline Expense 200 Notes Payable 9,000 Utilities
Expense 150 Accounts Payable 1,200.

Answer:
The targets of money related announcing is to give data that is important and helpful. Accounting
ideas manage the guideline and law requires to fulfil the inverters, workers and stakeholders.
Four financial statements are given below:
Income statements, owner's equity, balance sheet, income statement of cash flows.