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).