Experiential Essay (15 to 20 pages)
The essay is to be written in first person.
Describe and analyze specific
experiences as business director at Lilumia International Ltd related to the following course
learning outcomes.
Accounting 2016 Principles of Accounting II:
Primarily covers the principles of managerial accounting. Emphasis on reporting to individuals inside the organization. Major concepts include job order costing, process costing, budgets and standards, and statement analysis.
Explain what you learned from
your experience and how you will
apply that knowledge to current
and future situations.
Additional Information:
I served as business director at Lilumia International Ltd from July 2015 to December 2018.
Responsibilities as it relates to the course above include but are not limited to the following. The principal activity of the company is the sale and distribution of cosmetic products.
Directors’ responsibilities statement
The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations.
Irish company law requires the directors to prepare the financial statements for each financial year giving a true and fair view of the state of affairs of the company. Under the law, the directors have elected to prepare the financial statements in accordance with Generally Accepted Accounting Practice in Ireland, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ applying Section 1A of that standard, issued by the Financial Reporting Council and promulgated by the
Institute of Chartered Accountants in Ireland and Irish law. Under company law, the directors must not approve the financial statements unless they are satisfied they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date, of the profit or loss for that financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the directors are required to:
select suitable accounting policies for the Company’s financial statements and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors’ Report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
