Bact105 Business Accounting: Woolworths Retail Assessment Answer

Answer:

Introduction 

The categorization of the financial statements of the financial statements can be appropriately conducted by illustrated by showing the balance sheets, income statement and the cash flow statements. The health of the financial institutions can be appropriately issued by concentrating the issues which are related to the powered and the concentration of the study is seemed to be illustrating the concentration of the works. This is simply conducted by showing the explanation of the work as the problems can be easily mitigated by illustrating the works as it is proclaimed (Appannaiah, Reddy and Putty, 2010). The higher degree of the arrangements are made by the statement regarding the retail stores which is being constructed for showing the associations that are related to the assembling of the operations. These are simply constructed to be illustrating the works which is related to the construction of the study and also the associations are related to the subtractions that are related to the cost. This simply is illustrating the works which are associated with the regulations involved in the business.

First business type

As per the retail business types is being considered for the study, the Woolworths is depicted o be showing the explanation of the best grocery shop as the retail industry is being considered. The income statements and the financial statements related to the work are also made to focus on the workplace to who they can easily deliver their quality products.

ext-align: justify;"> As per the honour and the pride is being considered, the cultivators of the Australia are responsible for the conduct which is being undertaken in this case. This is simply illustrating the reasons for which the supply of the fresh foods can be provided to  the people. Thus it is responsible for the production and also the cultivation enables the company establish its brand name in the retail industry (Appannaiah and Reddy, 2010).

As the creativity in the grounds of the Australia is being notified, the retailer industry Woolworth is depicted to be taking the utmost advantage as it is consisting of the new approaches that will enhance the market. This apart is depicted to the strategy for the attracting the shoppers to the industry and also the growth can be easily seen in the form of the illustrating the appropriate route of the development. Therefore, the financial statements of the group are being made by showing the enhancement of the work as it is being seen in the form of showing the enhancement of the study (Subramanyam, 2014).

Basis of preparation

The annual report is introduced in Australian dollars plus quantities had been adjusted to closest tenth of million dollars as per ASIC Class Order98/100. The annual report had been set up on the recorded cost evidence apart than the accessible that are available to be acquired subsidiary monetary resources at reasonable incentive through another complete income. The certain money-related liabilities which have been calculated at reasonable esteem, which is clarified in bookkeeping arrangements. The bookkeeping approaches have been connected reliably with all periods introduced in this financial statement until expressed (Britton and Waterston, 2013). Certain relative sums have been renamed to accommodate with the present time frame show at into better mirror the way of financial position and execution of Group including:

• The relative financial data in the accounting report of Profit or Loss and related Notes with the Financial Statement of Broad Income have been repeated with the purpose of ceasing the operation and has emerged amid year.
• The cash flow identifying with the returns from the borrowings with reimbursements of borrowings are identified. These borrowings help in the development time of three months and have been exhibited on a net premise as permitted under AASB 107 which is depicted to be Cash Flow statement.
• The segments divulgences have been repeated as per accordance with Group's reconsideration of its reporting sections underneath the innovative working model executed amid the period.
• The lease operating responsibilities had been repeated for incorporated lawfully restricting tenancy that exists on 28 June 2015.

Second business type

As from the beginning of the 1914, the agriculturists belonging to the western part of Australia are involved in the form of showing the appropriate expansion of the work as it is considered to be showing the appropriate work which is being considered in the form of illustrating the work. The business operations are continued by depicting the modifications that exists in the Australia. It is also illustrating the enhancement of the work as it is surrounding the issues which is illustrating the grounds of the shareholder. This is simply explaining the essential goals which had been made by illustrating the works as it is being continued and also it enables the gathering of the shareholders (Dalton, 2004).

The integration of the work is being made by illustrating the appropriate reports that are present in the Group and also the essentiality is being determined as per the information is being conducted. This is simply explaining the structures that are representing the appropriate work which is surrounding the issues as it is being considered in this case. Therefore, the work is being conducted in the form of mitigating the issues as it is being raised in the business. This is very much crucial and also it can be well achieved by implementing the AASB standards that are used for the purpose of international financial reporting. As per the ventures are considered, the interference of the standards is becoming a part more which is being seen in this case. This is simply illustrating the various forms as it is being obtained by illustrating the values and also the mitigation of the issues is becoming the essentiality for the Wesfarmers. Therefore, the importance of the AASB standards can be easily judged and also the inappropriate form of the conduct can be easily made by illustrating the views (Gowthorpe and Gowthorpe, 2011).

The merged financial statement includes the money related articulations of Group. The rundown of unnatural elements (backups) at the end of the year is revealed. The financial report auxiliaries is set up for an indistinguishable revealing period from the parent organization, utilizing reliable bookkeeping arrangements. Changes are created to bring out the best out of any unique bookkeeping arrangements that exists in nature. In setting up the united financial statement, all between organizations adjusts and exchanges, pay, costs benefits and misfortunes coming about because of intra-Group exchanges have been dispensed with. Auxiliaries are solidified from the acquired date of control to the date on which control is arranged (Gulko, 2009). The obtaining of backups is represented by utilizing the securing technique for bookkeeping

The notes incorporate data which is required to comprehend the financial statement and is material and pertinent to the operations, monetary position and execution of the Group. Data is viewed as material and significant if, for instance: 

• The sum being referred to is critical in view of its size or nature;

• It is imperative for understanding the consequences of the Group;

• It clarifies the effect of huge changes in the Group's business – for instance, acquisitions and disability write-downs(COLLIS, 2017).

• It identifies with a part of the Group's operations that is imperative to its future execution

The notes are composed of the accompanying areas: 

Key numbers: 

• Provides a breakdown of individual details in the

• Financial articulations that the executives consider most significant and

• Summarizes the bookkeeping approaches, judgments, and appraisals(Powers and Needles, 2012).

• Relevant to understanding these details

Capital: gives data about the capital administration practices of the Group and shareholder returns for the year(Weil, 2017). 

• Risk: talks about the Group's presentation to different money related risks, clarifies how these influence the Group's monetary position and execution and what the Group does to deal with these dangers;

• Group structure: clarifies parts of the gathering structure and how changes have influenced the monetary position and execution of the Group (Helbæk, Lindset and McLellan, 2010).;
• Unrecognized things gives data about things that are not perceived in the monetary articulations but rather could significantly affect the Group's money related position and execution; and  
• Other: gives data on things which oblige divulgence to follow Australian Accounting Standards and other administrative professions. Be that as it may, these are not viewed as basic in understanding the monetary execution or position of the Group the Group's working sections are composed and overseen independently as indicated by way of the items and administrations gave.  

Each portion speaks to a key specialty unit that offers diverse items and works in various ventures and markets. The Board and official administration group (the head working chiefs) screen the working aftereffects of the specialty units independently with the end goal of settling on choices about asset portion and execution evaluation (Holtzman, 2008). The sorts of items and administrations from which each reportable fragment determines its incomes are uncovered underneath. Section execution is assessed in view of working benefit or misfortune (portion result), which in specific regards, is introduced uniquely in contrast to working benefit or misfortune in the combined budgetary articulations. Intrigue salary and consumption are not distributed to working sections, as this sort of action is overseen on a gathering premise. Exchange costs between business portions are determined to a safe distance premise in a way like exchanges with outsiders. Section income, costs and results incorporate exchanges between business portions. Those exchanges are disposed of on solidification and are not viewed as material.

Comparison of two businesses

The two business organizations are the important business firms of the country. The Woolworths is the leading retail business organizations in the Australia, whereas the Wesfarmers is also an important retailer and one of the oldest retail firm in the Australia. The company Woolworths is mainly operating in the retail sectors (Pinnock, 2012). On the other hand, the Wesfarmers is also operating in few diverse sectors like Kmart, coal mining, insurance, industrial safety and security items, chemicals and fertilizer products, etc.

Woolworths basically a supermarket chain, and discount retailer Big W beginning hardware business plus liquor stores, adding Dan Murphy, Cellarmaster, and BWS.

On the other hand, the Wesfarmers instead of owning Coles supermarket, the company has a Significant position in the Kmart, office work, Liquor and, Bunning, interest in coal mining, multitude insurance operations, industrial security and safety equipment's, as well as chemical and safety products. The company has several interests apart from the retailing make it a unique corporation of business as well as it is a more diverse firm in comparison to the Woolworths. However, in the size of supermarket business Woolworths is far ahead of Wesfarmers, but in the overall business, Wesfarmers is ahead of Woolworths (Pinnock, 2010) . 

Conclusion

In order to study the operation of a business firm, it is important to recognize the category of business the organization is performing its operation. There are several different types of business where the business firms are usually operated. For instance, the services business industry, retail business industry, manufacturing business, etc. The examples of the service industry are financial services industry, telecommunication service industry, hospitality services industry, etc. The retail business industry mainly associated with the retailing of the different products and services and this industry is huge and has a massive impact on the economy of the country (Parrino, 2015). Currently, different types of retail business are running in this country such as supermarket, convenience stores, etc. The manufacturing industry is mainly the companies which are associated with the production of goods. The report is on two business giant in Australia Woolworths, and Wesfarmers both are successful in their respective field. Woolworths the leading retailers, whereas, the Wesfarmers is one of the most diverse business organization with a different range of product and services.

References

Appannaiah, H., Reddy, P. and Putty, R. (2010). Financial accounting. Mumbai [India]: Himalaya Pub. House.

Appannaiah, P. and Reddy, D. (2010). Business Management. Himalaya Publishing House.

Britton, A. and Waterston, C. (2013). Financial accounting. Harlow: Financial Times Prentice Hall.

COLLIS, J. (2017). BUSINESS ACCOUNTING. [S.l.]: PALGRAVE MACMILLAN.

Dalton, S. (2004). Business studies. London: Letts Educational.

Gowthorpe, C. and Gowthorpe, C. (2011). Business accounting and finance. Andover: South-Western Cengage Learning.

Gulko, C. (2009). Accounting, business, and finance. New York, NY: Ferguson.

Helbæk, M., Lindset, S. and McLellan, B. (2010). Corporate finance. Maidenhead, Berkshire: Open University Press/McGraw-Hill Education.

Holtzman, M. (2008). What's new in financial reporting. Florham Park, N.J.: Financial Executives Research Foundation.

Parrino, R. (2015). Corporate Finance. Singapore: John Wiley & Sons.

Pinnock, A. (2010). Business studies. Claremont [Cape Town]: The Answer.

Pinnock, A. (2012). Business studies. Claremont [Cape Town]: The Answer.

Powers, M. and Needles, B. (2012). Financial accounting. [Mason]: South-Western, Cengage Learning.

Sen, M. (2008). Business Management. New Delhi: Global Media Publications.

Subramanyam, K. (2014). Financial statement analysis. New York: McGraw-Hill Education.

Weil, R. (2017). Financial accounting. [Place of publication not identified]: Cengage Learning.