Financial Accounting for Lawyers II_Week 1_Homework questions (1) - 1 Financial Accounting for Lawyers II Instructor Dr Stylianos Andreou Homework

Financial Accounting for Lawyers II_Week 1_Homework questions (1)

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1 Financial Accounting for Lawyers II Instructor: Dr. Stylianos Andreou Homework exercises Student: Charalampia A. Nousi Contact Information: [email protected] [email protected] Program: MSc. In Business for Lawyers Date: November 21,2015 [1]
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2 Answer to Question number 1 To begin with the amount of money that the CFO should have included in property, plant, and equipment, it should be stated that the general administrative costs to this project, which are 2.5 million euros, should not have been taken into consideration. In particular, administrative and other general costs are NOT the part of the cost of PPE, so the CFO should have put 25 million euros and NOT 27.5 million euros under PPE. As far as the inclusion of provisions for the cost of rectifying the environmental damage is concerned, it should be stated that, although Alpha Co has no legal obligation to rectify this damage, it should include them, due to the fact that its published policies indicate that rectification is its usual practice in such circumstances. Therefore, since this is an established
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