DEPARTMENT OF ACCOUNTING

GROUP ASSINGMENT :BUSINESS PLAN

NAME; ID/NO

1. MARTA ASFAW DEGENE 082/15

2. IYADER NUGUSE DEBELE 047/15
3. HIKMA NURE ABDULAHII 077/15
4. MANUU TASAMA 083/15
5. IMANE IDIRS 027/15

SUBMITTED TO : Arif M
Acknowledgement
First and for most, thanks for God and The group members, suggestion and helpful comments
during the preparation of research proposal. Finally, the like to thanks all group members contributes
their support on one or the other way to accomplish this research proposal paper.

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Contents
Acknowledgement.......................................................................................................................................ii
Abbreviation................................................................................................................................................v
1 .1 Back ground of the study.....................................................................................................................1
1.2 statement of the problem.......................................................................................................................1
1.3 Objective of the study............................................................................................................................2
1.3.1 General Objective...............................................................................................................................2
1.3.2 Specific Objectives.............................................................................................................................2
1.3. 4. significance of the study...................................................................................................................3
1.4 scope OF the study................................................................................................................................3
1.6. Organization of the paper.....................................................................................................................3
CHAPTER – TWO..........................................................................................................................................5
REVIEW OF RELATED LITERATURE...............................................................................................................5
2. THEORETICAL LITERATURE......................................................................................................................5
2.1 Financial performance analysis..............................................................................................................5
2.2 Definition Of Financial Statement..........................................................................................................6
2.2.1 Financial statements of the company.............................................................................................6
2.3 Standards for Financial Performance Analysis.......................................................................................7
2.4 Financial Statement Analysis.................................................................................................................9
2.4.1 Horizontal Analysis.........................................................................................................................9
2.4.2 Vertical Analysis..............................................................................................................................9
2.4.3 Trend Analysis...............................................................................................................................10
2.4.4. Ratio Analysis...............................................................................................................................10

iii
CHAPTER - THREE......................................................................................................................................15
RESEARCH METHODOLOGY.......................................................................................................................15
3.1. Area of the study................................................................................................................................15
3.2. Research design..................................................................................................................................15
3.3. Population and sampling...................................................................................................................15
3.4. Data type and sources........................................................................................................................16
3.5. Method of data collection..................................................................................................................16
3.6. Method of analaysis...........................................................................................................................17
3.7. Method of data presentation.............................................................................................................17
3.8. Time Budget.......................................................................................................................................17
3.9. Cost Budget........................................................................................................................................18
REFERENCES..............................................................................................................................................19

iv
Abbreviation

ITO = Inventory Turnover

FAT = Fixed Asset Turnover

GPR = Gross Profit Ratio

NPR = Net Profit Ratio

ROE = Return on Equity Capital

v
CHAPTER - ONE

INRODUCTION

1 .1 Back ground of the study

Financial performance evaluation, also called financial statement analysis is all the techniques users
of financial statements employ to show important relationships in an organization financial
statements and tolerate those relationships to important financial objectives. (Needles,
Powers,Crosson, 2002).

The three fundamental accounting statements are the income statements, the balances sheets and the
statement of retained earnings. The analysis of these statements combined with the preparation and
analysis of related financial statements is called financial statement analysis.This type of analysis
allows managers investors, creditors as well as potential investors and creditors to reach conclusions
about the recent and current financial status of a corporation (Raymond p. Neveu 1985).

We must measure what we expect to manage and accomplish. Without measurement, we have no
reference to work with and thus, we tend to operate in dark. One way of establishing references and
managing financial affairs of an organization is to use ratios. Rations are simply relationships
between two financial balances or financial calculations (Matt H. Evans, 2000).

Analyzing financial statements involves evaluating three characteristics of a company. Its liquidity,
its profitability and its solvency. When the company lends its money it should consider the ability of
the borrower to pay obligations when they come due for safety of a loan. Profitability and solvency
indicate the firm’s ability to survive over a long period of time (Wey Gandt, Kieso, Kimmel, 1998).

1.2 statement of the problem

Financial analysis is a toll of financial management that consists of evaluation of financial condition
and operating results of business firm, forecasting of its future prospects and performance. Financial
statement is summaries of operating, investing and financing activities, which provide information
for this decision. User prefers financial statements that are relevant, complete, timely and

1
understandable. The users of financial statements were managers, investors, lenders and
governmental bodies are forerunners (pinches, 1994).

Correct decision making depends on accurate information but information is not enough by
themselves and need to be analyzed. Since the motives of any business organization is seeking
profit, it is important to show the company’s profit over the past few years and identify those
problems affecting its profitability. The company’s current assets are the primary source of funds
needed to repay current and maturing financial obligations, lack of liquidity implies inability to meet
its current obligations and that leads to lack of credibility among suppliers and creditors. Asset
management is the coordinated activity of an organization to realize value from assets. And it
involves the balancing of costs, opportunities and risks against the desired performance of assets, to
achieve the organizational objectives. If too many funds are tied up in certain types of assets that
could be more productivity employed elsewhere, the firm is not profitable as it should be. This
research proposal are going to address the knowledge gap that means most of the previous
researches were done only aggregate levels of the organization performance due to this the
researcher will focuses at the particular levels of the organization in order to address the financial
performance analysis of the specific company that is Harar brewery company.

1.3 Objective of the study

1.3.1 General Objective

The general Objective of the study is to assess the financial performance of Harar brewery Share
Company.

1.3.2 Specific Objectives

The specific objectives of the study is:

• To assess the financial performance of the company

• To identify the factors that affect company profitability

• To determine the company liquidity and solvency

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 • To evaluate how well the company is managing and utilizing its assets.

1.3.2 Research Question

• Does the financial performance of Harar brewery Share Company show improvement over
the past five years?

• What factors are affecting the profitability of the company?

• How is the company liquidity?

• How the company manages and utilizes its assets?

1.3. 4. significance of the study

Financial performance analysis has been important in the company, without it is hardly possible to
attain organizational objective. The study is also generating awareness to the concerned body on the
major problems of financial analysis. In addition to that, it suggests some possible suggestion and
recommendation with regard to financial performance analysis, and it used, as a reference for those
will conduct their research in area of manufacturing.

1.4 scope OF the study

The study is conduct on the financial performance analysis of Harar brewery Share Company. To
conduct the research proposal used balance sheet and income statement to assess the company short-
term liquidity, Asset management, long-term solvency and profitability. The study covers the five
years (2008-2012) of audited financial statement in order to gather accurate and reliable data.

1.6. Organization of the paper

The paper contains four chapters, the first chapter include the introduction part include that
background, statement of problem, objective of the study and significance of the study. The second
chapter includes literature review. The third chapter includes research methodology, the fourth
chapter includes cost and time budget.

3
4
CHAPTER – TWO

REVIEW OF RELATED LITERATURE

2. THEORETICAL LITERATURE

2.1 Financial performance analysis

A financial performance engagement is an analysis of a company’s past and current financial

performance and compares such performance to similar sized companies with its industry
providing insight in to a company’s growth, profitability, debt capacity and over all liquidity. All
such factors can be important indicators of a company’s ultimate value. A financial performance
analysis may provide the following benefits.

 Indentify financial strengths and weaknesses and evaluate financial performance in relation to
the industry performance as a whole, and acquire useful information concerning competitors.

 Historical financial ration analysis can be used as an effective preliminary step in preparing a
budget or in making a forecast.

 Evaluating past performance and set objectives for future performance.

 Evaluating a proposal sale, merger, or acquisition. Determine the financial strengths and
weaknesses of the company and ultimately the transaction.

 A greater awareness of financial statements and their interrelationship can led to improved
profitability and cash flow. Leah @ Bently CG.Com

5
2.2 Definition Of Financial Statement
Financial statement is a formal record of the financial activities of a business, parson or other entity.
For a business enterprise all relevant financial information presented in structured manner and
inform easy for understand are called financial statement. It study and addresses the way in which
individual business and organization raise, allocate and use in monetary resources over time taking
in to account the risks entailed in their project. So financial statements is a collection of data
organized according to consistent accounting procedures, which provide information about the
business for outside users and managers (pinches 1994).

2.2.1 Financial statements of the company

After the effect of the individual transactions have been determined, the essential information is
communicated to users. The accounting statements that communicate this information are called
financial statements. (Fees. Warres,16th edition).

2.2.1.1 Balance sheet

Balance sheet provides a summary of the financial position of a company at a particular date. It lists
a company’s assets, liabilities and owner’s equity. Assets and liabilities are usually classified as
either current or long term.

2.2.1.2 Income statement

The income statement shows the major sources of revenue generated and the expenses associated
with those revenue. The difference between revenues and expenses is net income/Net loss.(Albrecht,
Karl Stice, Stile, Skousen, 2002).

2.2.1.3 Statement of Retained Earnings

A financial statement outlining the changed in retained earnings for a specified period is statement
of retained earnings. It is prepared in accordance with generally accepted accounting

principles (GAAP). The statement of retained earnings reconciles the beginning and the ending
retained earnings for the period, using information such as net income from the other financial

6
statements. Investopedia explains this statement can appear as a separate statement or as an
inclusion on either a balance sheet or an Income statement. It can be known as statement of owners
equity or statement of stock holders equity (www. Investopedia.Com).

Users of Financial Statements

 Shareholders and Investors: These parties use financial information to help decide on portfolio of
securities that meets their performance for risk return, dividend yield and liquidity.

 Managers and Employees: Although managers make operating and financial decision based on
information that is much more operating, detailed and timely than information found in financial
statement.

 Lenders and suppliers:- Financial statement plays several roles in the relationship between the
company and those who supply financial capital. Commercial lender (Bank, insurance company and
pension fund) use financial information to decide the loan amount, contractual provision to the
borrower to maintain a minimum level of working capital interest coverage or other key accounting
variables that provide a safety net to the lender.

 Customers: repeated purchases and product guarantees create continuing relationship between
company and its customers.

 Government and regulatory agency: uses financial ratios information for various purposes:

 A basis for establishing tax policy

 To regulate business especially public utilities

2.3 Standards for Financial Performance Analysis

Three commonly used standards for financial performance analysis overvaluation are the following.

2.3.1 Historical or the Company’s past performance

This standard deals with the comparison of a company’s financial measures or ratios over a period
of time. Such comparison will give the analyst at least some basis for judging whether a measure or

7
ration is improving or deteriorating. It may also be helpful in showing future trends. However
because trends reverse at times, predictions about them must be made with care.

Another problem with basing an evaluation on historical or past performance is that performance
that was adequate in the past may not be adequate in the present or in the future. The researcher used
this standard to analyze the financial performance Harar Brewery Company.

2.3.2 Industry Norms of Standards of Industry

Industry norms is one way of making up for the limitations of using past performance or historical
standard. Such norms tell how a company’s performance compares with the average performance of
other companies in the same industry. Although it has the above advantages over the historical
standard it has limitations. First, two companies that seem to be in the same industry may not be
strictly comparable. Second, most large companies today operate in more than one industry. Third,
companies with similar operations in the same industry may use different acceptable accounting
procedures.

2.3.3 Management plans (standards)

These standards saw financial ratios as that the management of a given company set as goals. These
are plans of the company and standards against which actual financial ratios are compared.

2.3.4 Rule of Thumb measures (Standards)

This standards deals when financial key ratios are employed by many financial analysts,investors
and lenders. Although such measures may suggest areas that need further investigation, there is no
proof that the specified levels are the best for every company.

Uses of financial ration analysis or Ratio analysis.

The two basic use of financial ration analysis are:

1. To track individual firm performance overtime

2. To quantify many aspects of a business and are integral part of the business financial

statement.(www.enotes .com)

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2.4 Financial Statement Analysis
Financial statement analysis involves the examination of both the relationships among financial
statement numbers and the trends in those numbers over time. One purpose of financial statement
analysis is to use the past performance of a company to predict how it will do in the future. Another
purpose of financial statement analysis is to evaluate the performance of a company with an eye
toward identifying problem areas. Financial statement analysis is both diagnosis, identifying where a
firm has problems, and prognosis, predicting how a firm will perform in the future.(Albrecht, Stice,
Karlstic, Skousen, 2002)

Tools of the financial performance (statement) analysis that are widely used are horizontal analysis,
vertical analysis and Ratio analysis.

2.4.1 Horizontal Analysis

Generally Accepted accounting principles (GAAP) require the presentation of comparative financial
statements that give financial information for the current year and the previous year. A common
starting point for studying such statements is Horizontal analysis, which begins with the
computation of changes from the previous year to the current year in both dollar amounts and
percentage.

0
2.4.2 Vertical Analysis
In vertical analysis, percentages are used to show the relationship of different part to a total in a
single statement. The analyst sets a total figure in the statement equal to 100% and computes
each components percentage of that total. (The total figure would be total assets or total
liabilities and stockholders’ equity on the balance sheet, and Net revenues or net sales on the
income statements). The resulting statements of percentages is called a common-size statement.
Vertical analysis useful for comparing the importance of specific components in the operation of
a business. Also, comparative common-size statements can be used to identify important changes
in the company’s financial statement components form one year to the next. Common-size
statements are often used to compare the operating and financing characteristics of two
companies of different size in the same industry.

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2.4.3 Trend Analysis
A variation of horizontal analysis is Trend analysis in which percentage changes are calculated
for several years instead of two years. Trend analysis, with long-run view, is important because it
may point to basic changes in the nature of a business. In addition to comparative financial
statements, most companies present a summary of operations and data about other key indicators
for five or more year. Trend analysis uses an index number to show changes in related items over
a period of time.

2.4.4. Ratio Analysis

The ratio is quantitative relation between two amounts showing the number of times
on value contains is contained within the other. It is when we compare two or more
objects using percentages or fractions. (http:// wiki. Answers.com)
The theory underlying the ratio method of analyzing financial statements for credit purposes is
first, that the firm the true financial position and extent of operating efficiency of a business can
be revealed through rations. Second, it is assumed that there are standard relationships or ratios
for each types of kind of business at a give time an general geographical area that indicate sound
or a least normal, financial conditions and operations (Bechham, Foster, 1969).
Ration analysis is a technique of financial performance evaluation that identifies meaning fill
relationships between the component of the financial statements. To be most meaning full the
interpretation of rations must include a study of the underlying data. Ratios are useful in
evaluating a company’s financial position and operations and in companying financial data for
several years or for several companies. The primary purpose of ratios is to point out areas that
need further investigation (Needles, Powers, Crosson, 2002).

2.4.4.1 Liquidity Rations

A liquid asset is one that trades in active market and hence can be quickly converted to cash at
the going market price, and a firms liquidity position deals with this question: will the firm be
able to pay off its debts as they come due over the next years or so? Two commonly used
liquidity ratios are:
A. Current ratio:- this ratio deals with the ability to pay or to meet short term obligation. It is

10
calculated by dividing current assets by current liabilities.

B. Quick or Acid test ratio: is a very stringent than current ratio. It is calculated by
deducting inventories from current assets and then dividing the remainder by current
liabilities.

2.4.4.2 Asset management (Efficiency) ratios

The asset management ratios, measure how effectively the firm is managing its assets or it deals
with utilization of assets.
A. Inventory Turnover ratio: The quality of the current assets, and in turn the current ratio,
depends also upon the condition of merchandise reported in the inventory and the rate at
which it is moving. Inferences concerning these factors can be drawn from a study of the
sales to the merchandise ratio.
To secure this ratio, divide the net sales by the total inventory. It shows the numbers of times a
merchant is able to convert his stock of good in to cash or receivables. Examples, if the
merchandise on hand amounts to $60,000 and the sales for the year are $240,000, the appropriate
number of times a merchants is turning his stock is determined by dividing the inventory into the
annual sales ($240,000 $60,000) which is 4 times. Although this is the method commonly
employed by credit managers in ascertaining the approximate rate of stock turnover, it is
nevertheless in accurate and not is keeping with sound practice, because sales under such
circumstance are figured at selling prices which necessarily include gross profits, where as the
inventory is usually priced at cost, or buying market, whichever is lower.
Much confusion is current everywhere in the methods of determining stock turnover. The true
turnover can be found only (1) by dividing total sales by the average selling value of the
inventory on hand, or (2) by dividing the approximate cost of goods sold by the cost of the
average stock kept on hand. (Beckham, Foster, 1969).
B. Average Accounts Receivable ratio
If the average collection period is too low, then the company is using its asset in a proper
manner. The average collection period depends on credit sale, credit terms.
C. Operating cycle:- In manufacturing companies operating cycle comprises cash (and near
cash), Inventories (raw materials, consumable stores and spares, wlp and finished goods)

11
and sundry debtors.
The inventory period is the period that elapses between the purchase of raw materials and the
sale of finished goods. And the Accounts receivable period or sundry debtors’ period is the
period that elapses between the dates the (credit) sales and the date of realization on the sale
proceeds.
The Accounts payable period is the time that elapse between the date the raw materials are
received on credit and the date when the payment is made.
Operating cycle is therefore, equal to the inventory period plus the accounts receivable period.
D. Fixed Assets Turnover ratio: this ration measures how effectively the firm uses its plant
and equipment. (Satish B. Mathur, 2003)
E. Total Assets Turnover ratio: It measures the turnover of all the firm’s assets it is
calculated by dividing sales by total assets.

2.4.4.3 Debt management ratios

The extent to which a firm uses debt financing or its financial leverage
A. Total debt to Total Assets: This ratio is generally called debt ratio measures the
percentage of funds provided by creditors.
B. Time Interest earned ratio: It is the ability to pay interest it is determined by earnings
before interest and taxes by interest charges.
C. Fixed charge coverage ratio: This ratio is similar to the time in tersest earned ratio but it
is more inclusive because it recognizes that many firms lease assets and also must make
sinking fund payments. A sinking fund is a required annual payment designed to reduce
the balance of band or preferred stock issue. Fixed charges include interest, annual long-
term lease obligations, and sinking fund payments.

12
2.4.4.4 Profitability ratios

Profitability ratios show the combined effects of liquidity, asset management, and debt on
operating results:
A. Profit margin on sales: The profit margin on sales, is calculated by dividing Net income
by sales, give the profit per dollar of sales.
B. Operating profit margin : This ratio shows the amount that the firm remained with some
percentage of Net sales after covering it cost of goods sold and all operating expenses.
C. Net profit Margin ratio: It show the amount of Net income that the firm earned per birr of
Net sales.
D. Return on total assets ratio: This ratio measures the return on total assets (ROA) after
interest and taxes.
E. Return on common equity ratio: It measures the return on common equity or the rate of
return on stockholders’ investment.

2.4.4.5 Market Value Ratio

The market value ratios relate the firm’s stock price to its earnings and book value per
share.
A. Price to earnings ratio (PIE) : it shows how much investors are willing to pay per dollar
of reported profits.
B. Earnings per share (EPS): It expresses the profit earned per common share out-standing
during the reporting period.
C. Dividends per share: It shows the birr amount of dividends paid on a share of common
stock outstanding during the reporting period.
D. Dividend payout ratio: shows the percentage of earnings paid to share holders it also
shows the cash dividend paid per share as a percentage of earnings per share.
E. Dividend yield ratio: It shows the rate earned by share holders from dividends relative to
the current market price of shares.

Users of Financial Ratio Analysis

Ratio analysis is used by three main groups. These are:

13
 Managers: These employer ratios to help analyze, control and thus improve there firms
operations.
 Credit analysts, such as bank loan officers or bond rating analysts, who analyze rations to
help ascertain a company’s ability to pay its debts.
 Stock analysts, who are interested in a company’s efficiency, risk and growth prospects.
Advantages of Financial Ratio Analysis
 Ratios are easy to compute
 Rations provide standards of comparison at a point in time
 Ration can be used to analyze company’s time series in order to discover trends, shifts in
trends and value.
 Rations are useful in identifying problem areas of a company.
 Ration are tools to evaluate the company’s financial performance
Limitations of Financial Ratio analysis
1. They provide very little information that is useful
2. They do not identify the causes for difficulty that the company faced
3. Ratios can be misinterpreted
4. Firms sometimes employ “window dressing” technique to make their financial statements
look longer.
5. Seasonal factors can destroy (distort) a ration analysis.
6. It is difficult to generalize about whether a particular ration is “good” or “bad”
7. Different accounting practices can distort comparisons
8. Many large firms operate different divisions in different industries and for such
companies it is difficult to develop a meaningful set of industry averages for comparative
purposes: (Brigham, Gapenski, Michael,)
9. A firm may have some ration the look like good and other look bad making it difficult to
tell whether the company is on balance strong or weak.

14
CHAPTER - THREE

RESEARCH METHODOLOGY

3.1. Area of the study

The study will be conduct on the financial performance analysis of Harar brewery Share
Company, which is located in Harar city. the city is found eastern parts of Ethiopia which
distance at 525 km from the capital city of Ethiopia (Addis Ababa)

3.2. Research design

The researcher use explanatory research design, because it is a confirmation of descriptive,
research proposal design and it goes beyond merely describing the quantitative data to analyzing
and explaining why and how it will be happening and it looks the different accounts
relationships.

3.3. Population and sampling

3.3.1 population

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All individual of interest to research are called population (Alan & kaufman 2005). Population is also
define as the entire collection of individual from which the researcher collects data. It is the entire group
that the researchers is interested in (Jackson,2008). The target population in this research is all the
consumer of harar beer residing in harar city.

3.3.2. Sampling

Harar has 19 sub cities out of this 3 subcities will select by using lottery method which means all the
items of the population are numbered on separate slips of paper of same size and they are folded and
mixed up in a container. The required numbers of slips are selected at random for the desire sample size.
Since, its impossible to cover all the sub cities this method will use , Aratagna, shewabar and Jin ’ella will
select for the research. And due to time and money constraints the researcher selecte randomly 3 bars and
restaurants from each sub city, which means totally 9 bars and restaurants which were considered as
having high customer flow and which will manageable for the researcher..

3.3.3 Sampling Technique

Sampling is the selection of fraction of total number of units of interest for the ultimate purpose of being
able to draw general conclusions about the entire body of unit (Parasuruman, 2004). In this study a non-
probability convenience sampling will adopt, where customers who happen to come to the bar &
restaurant with in the surveying period will select.

3.4. Data type and sources

For this study, the research proposal will be using both quantitative and qualitative data type;
especially the first one will be used, because the research proposal will mainly focused on the
financial statement of the company. The researcher proposal also used both primary and
secondary source of data but more focused on the secondary sources of data.

3.5. Method of data collection

For primary method of data, collection the researcher proposal will be used structured interview
will use and on the other hand, the secondary data will be collected from the company’s annual
audited financial report.

16
3.6. Method of analaysis
After the quantitative data will collect from the company financial statement, in order to describe
the real financial performance of the company, the researcher used descriptive analysis, because
of it describes, summarizes and presents the quantitative. Additionally different accounting tools
such as ratio analysis including liquidity, leverage, profitability and asset management ratio,
horizontal and vertical analysis.

3.7. Method of data presentation

Finally, the analysis data will be presented in the form of tables, percentage and graphs, in order
to compare the financial performance of different years.

3.8. Time Budget

It describes the plan of assessing the ongoing progress toward achieving the
research objectives. It specifies how each project activity is to be measured in terms of
completion, the time line for its completion. Therefore, to enable us perform our task in a timely
manner and the advisor to monitor project progress and provide timely feedback for research
modification or adjustments we provide the following time plan.

No Activity May Feb May. June. April. Nov. Jan. Jan

to to to
to to to to
Dec. Feb. Feb.
May2015
June. Mar. April. 2015 2015 2015 2015
2015 2015 2015

1 Topic Selection X

2 Preparation of X
proposal

3 Collection of X
useful material

4 Data Collection X

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 5 Data Analysis and X X
writing of final
research

6 Submission of X
research

7 Presentation of X
final research

3.9. Cost Budget

This shows how much it will cost to conduct the research. We state cost for every budget item
that should be quantitatively shown typically, our proposal cost budget reflects costs such as:-

Personnel, consumable supplies, Travel, Communication, Publication and so on.

No. Item Quantity Per unit cost Total cost

(birr) (birr)

1 Paper 90 2 180

2 Pen 3 25 75

3 Binding 1 6 6

4 Transportation 10km 10 100

5 Internet 4hr 10 40

6 Typing 40 pages 5 200

7 Printing 40pages 3 120

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 8 Miscellaneous expense - 200 200

Total 921

REFERENCES

1. George E. Pinches, 1994 Financial Management 6th Edition

2. Financial And Managerial Accounting, Needles, Powers, Crosson, 2002

3. Fundamental Of Managerial Finance, Raymond P.Neveu,1985

4. Leah @Bentley Cg .Com

5. Principle Of Accounting, Fees Warren, 16 Edition

6.Managerial And Financial Accounting, Albrecht, Karl, Stice, Skousen,2002

7. Credit And Collections Management And Theory, Beckham And Foster, 1969

8. Working Capital Management And Theory, Satish B. Mathur, 2003

9. Www.Enotes.Com

10.Www.Investopedia.Com

11.Financial Accounting, Matt H.Evans,2000

12.Managerial And Financial Accounting,Weygandt,Kieso,Kimmel,1998

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