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Question: What is an annual report? Briefly describe the key parts of the annual report.

Short Answer

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Answer

An annual report is all about the financial performance and other activities of an organization in the last preceding years

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01

Annual Report (Definition)

An annual report is all about the financial performance and other activities of an organization in the last preceding years. It will give a clear idea to the investors and shareholders regarding the company's efficiency, Financial ratios, and Cash Flow from operations. It also provides information about audited accounts and income statements to institutional investors.

02

Parts of Annual Report

Introduction about the company -

This section deals with the different business and operational activities of the Corporation. It includes the chairman's letter, board of directors, and shareholders’ information separately.

Statement of funds Flow & cash flows-

It will provide information about cash Inflows, Outflows, and funds from the operation. so that an investor can be able to know about day-to-day businesses activities and dividend distribution for a period of time...

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Most popular questions from this chapter

Comparing managerial accounting and financial accounting For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA):

b. Provides detailed reports on parts of the company.

Explain the difference between line positions and staff positions.

Computing cost of goods manufactured and cost of goods sold

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

Balances: Beginning Ending

Direct Materials \( 27,000 \) 28,000

Work-in-Process Inventory 40,000 32,000

Finished Goods Inventory 18,000 25,000

Other information:

Purchases of direct materials $ 73,000

Direct labor 88,000

Manufacturing overhead 43,000

Question:Classifying period costs and product costs

Lawlor, Inc. is the manufacturer of lawn care equipment. The company incurs the following costs while manufacturing weed trimmers:

• Shaft and handle of weed trimmer

• Motor of weed trimmer

• Factory labor for workers assembling weed trimmers

• Nylon thread used by the weed trimmer (not traced to the product)

• Glue to hold the housing together

• Plant janitorial wages

• Depreciation on factory equipment

• Rent on plant

• Sales commissions

• Administrative salaries

• Plant utilities

• Shipping costs to deliver finished weed trimmers to customers

Requirements

1. Describe the difference between period costs and product costs.

2. Classify Lawlor’s costs as period costs or product costs. If the costs are product costs, further classify them as direct materials, direct labor, or manufacturing overhead.

Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA):

5. Summary reports prepared quarterly or annually.

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