Question2Question 1 (b)You have been asked by one of your friends to explain some of the items included in the Balance Sheet of Synlait and A2 Milk. For each of the items listed and using the Question 1 (b) Template provided, you are required to:describe what each item represents (provide an answer that covers both companies, you do not need to answer it for each company).indicate according to accounting policy how each of the items are measured (in some cases no answer is required for that item).provide the total value of the item from the 2020 financial statements for both companies,give details (including the note number) of where the information on each item is located within both consolidated financial statements of the companies. provide reasons for its classification as either current or non-current asset/liability or equity using only the information provided in the financial statements or lecture recordings.discuss one difference found in the notes to the items between the two companies (in some cases no answer is required for that item).

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question2Question 1 (b)

You have been asked by one of your friends to explain some of the items included in the Balance Sheet of Synlait and A2 Milk. For each of the items listed and using the Question 1 (b) Template provided, you are required to:

describe what each item represents (provide an answer that covers both companies, you do not need to answer it for each company).
indicate according to accounting policy how each of the items are measured (in some cases no answer is required for that item).
provide the total value of the item from the 2020 financial statements for both companies,
give details (including the note number) of where the information on each item is located within both consolidated financial statements of the companies.
provide reasons for its classification as either current or non-current asset/liability or equity using only the information provided in the financial statements or lecture recordings.
discuss one difference found in the notes to the items between the two companies (in some cases no answer is required for that item).

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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