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Business Accounting
Information for Business Decisions
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Abstract
Two other documents apart from the financial statements required for the Alchemist to
become a public limited company are the “Audit Report” of the last year as well as the
“Management Discussions”.
Auditor's report happens to be an integral tool while reporting the finance related information
to its users, especially to those who are in business.
Management’s discussions are such documents which are clearly presented, have certain
relevance, possess reliability and hence can be easily compared by the users of the
information.
Cost of sales relating any retailer happens to be the merchandise cost showed in starting
inventory in addition to the net merchandise purchased cost minus merchandise cost in the
ending inventory. It doesn’t include the selling expenses or the general as well as
administrative expenses.
Overhead expenses include all such costs of income except for the direct labor, direct
materials as well as the direct expenses. They constitute the accounting fees, legal,
advertising, labor, rent, burden, insurance, repairs, legal, telephone bills, taxes, utilities as
well as travel expenditures (Johnson, 1987).
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