Below is the complete set of Financial Statements of Take-Home University (THU), a Public University of Ghana, issued on 1st May 2020.

Statement of Financial Performance for the Year Ended 31 December, 2018

Revenue Notes

GOG grant

1,540,000,000

Internally Generated Funds 2 14,427,492,000

Donations and other income

9,278,258,000

25,245,750,000

Expenditure

Compensation for employees 3 8,385,270,000

Goods and services 4 2,238,083,000

Social benefit

1,720,000

Interest

1,720,000

Capital expenditure (CAPEX) 5 25,542,515,000

Other expenses 6 79,100,000

36,248,408,000

Net Operating Result Deficit

(11,002,658,000)

Statement of Financial Position as at 31 December2018

Notes

Current Assets

Cash and cash equivalent

294,233,000

Receivable (468,050 -10,000)

458,050,000

Inventory

155,254,000

907,537,000

Liabilities and Fund

Payable 7 696,325,000

20% Loan

8,600,000

704,925,000

Accumulated fund 8 202,612,000

907,537,000

Cash Flow Statement for the Year ended 31st December2018

Cash Inflows

GOG grant 1,540,000,000

Internally Generated Funds 14,427,492,000

Donations and other income 9,278,258,000

25,245,750,000

Cash Outflows

Compensation of employees 6,385,270,000

Goods and services 1,989,112,000

Social benefit 1,720,000

Interest 1,720,000

Capital expenditure (CAPEX) 15,542,500,000

Other expenses 79,100,000

23,999,422,000

Increase in Cash and Cash Equivalent 1,246,328,000

Cash and Cash Equivalent as 1/1/18 -952,095,000

Cash and Cash Equivalent as 31/12/18 294,233,000

NOTES TO THE FINANCIAL STATEMENTS Accounting policy Basis ofaccounting The financial statements are prepared on accrual basis of accounting. Inventoryvaluation Inventory is valued at lower of cost and net realisable value. IPSAS The financial statements are prepared in compliance with the IPSAS and all relevant financial legislations.

Internally Generated Fund

Fees income 4,575,622,000

Consultancy fees 655,600,000

Admission forms 9,196,270,000

14,427,492,000

Employees Compensation

Allowance 856,670,000

Establish post 5,312,430,000

Non establish post 1,253,600,000

Books and Research allowance 150,765,000

Project work allowance 48,500,000

Superannuation 278,500,000

End of service benefits 298,040,000

Books and Research allowance arrears 186,765,000

8,385,270,000

Use of Goods and Services

Legal cost 25,059,000

Consultancy cost 800,000,000

Seminar cost 500,000,000

Training and Workshop Cost 104,000,000

Utilities 560,053,000

Increase in Provision for doubtful debt 5,060,000

Opening inventory 399,165,000

Closing inventory (155,254,000)

2,238,083,000

Capital expenditure Property, plantand equipment 17,292,500,000 WorkinProgress 8,250,015,000 25,542,515,000

Other expenses

Trial balance 71,000,000

Sponsorship 8,100,000

79,100,000

Payables

Payables 182,840,000

Consultancy cost 234,500,000

Book & Research All. 186,765,000

Interest payable 1,720,000

Tax withholding 90,500,000

696,325,000

Accumulated Fund

Balance at start 11,205,270,000

Net operating result (11,002,658,000)

202, 612,000

Required: Using the Qualitative Characteristics (QCs) of General-Purpose Financial Report as a Framework, evaluate the information usefulness of the set of financial statements presented bytheTHU. (10 marks)

Based on the relevant IPSASs, explain the significant observations you have made about the financial statements of THU and suggest improvement, if any. (10marks)

select then , ana drag to the Favontes Bar folder. Ur import from another browser. Import favorites Below is the complete set of Financial Statements of Take Home University (THU), a Public University of Ghana, issued on 15 May 2020. Statement of Financial Performance for the Year Ended 31 December, 2018 Revenue Notes GOG grant 1,540,000,000 Internally Generated Funds 2 14.427.492,000 Donations and other income 9.278.258.000 25.245.750,000 Expenditure Compensation for employees 3 8,385,270,000 Goods and services 4 2,238,083,000 Social benefit 1.720,000 Interest 1.720,000 Capital expenditure (CAPEX) 5 25,542,515,000 Other expenses 6 ho 79.100.000 36.248.408.000 Net Operating Result - Deficit (11.002.658.000 Statement of Financial Position as at 31 December 2018 Notes Current Assets Cash and cash equivalent 294,233.000 Receivable (468,050 -10,000) 458,050,000 Inventory 155.254.000 907,537.000 5:32 AM 5/25/2020 Liabilities and Fund Payable 20% Loan 696,325,000 8.600.000 704,925,000 202.612.000 207.537.000 Accumulated fund 8 3 7 Cash Flow Statement for the Year ended 31st December 2018 Cash Inflows GOG grant 1,540,000,000 Internally Generated Funds 14,427,492,000 Donations and other income 9.278,258,000 25.245,750,000 Cash Outflows IU SEE TAVIS TICIC, SCICLE GOG grant Uca Urdy Uue Tavu balle. UNUI IU dibuiel Uluwsel. Impul lavorites Cash Flow Statement for the Year ended 31st December 2018 Cash Inflows 1,540,000,000 Internally Generated Funds 14,427.492,000 Donations and other income 9,278,258,000 25,245,750,000 Cash Outflows Compensation of employees 6,385,270,000 Goods and services 1,989,112,000 Social benefit 1,720,000 Interest 1,720,000 Capital expenditure (CAPEX) 15,542,500,000 Other expenses 79.100.000 23,999.422.000 Increase in Cash and Cash Equivalent 1,246,328.000 Cash and Cash Equivalent as 1/1/18 -952.095.000 Cash and Cash Equivalent as 31/12/18 294.233.000 NOTES TO THE FINANCIAL STATEMENTS Accounting policy a) Basis of accounting The financial statements are prepared on accrual basis of accounting b) Inventory valuation Inventory is valued at lower of cost and net realisable value. c) IPSAS The financial statements are prepared in compliance with the IPSAS and all relevant financial legislations Internally Generated Fund Type here to search vorites here, select then *, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Internally Generated Fund Fees income 4,575,622,000 Consultancy fees 655,600,000 Admission forms 9.196 270.000 14.427492.000 Employees Compensation Allowance 856,670,000 Establish post 5,312,430,000 Non establish post 1,253,600,000 Books and Research allowance 150,765,000 Project work allowance 48,500,000 Superannuation 278,500,000 End of service benefits 298,040,000 Books and Research allowance arrears 186,765.000 8.385.270.000 4 Use of Goods and Services Legal cost Consultancy cost Seminar cost 25,059,000 800,000,000 500,000,000 533 AM 5/25/2020 Training and Workshop Cost Utilities Increase in Provision for doubtful debt Opening inventory Closing inventory 104,000,000 560,053,000 5,060,000 399,165,000 (155,254,000 2.238.083.000 Capital expenditure Property, plant and equipment Vork in Progress 17,292,500,000 8.250.015.000 25.542 515,000 Other expenses Trial balance Sponsorship 71,000,000 8.100.000 79.100.000 Payables Payables Consultancy cost Book & Research All. Interest payable Tax withholding 182,840,000 234,500,000 186,765,000 1,720,000 90,500,000 696.325.000 Accumulated Fund Balance at start Net operating result 11,205,270,000 (11.002,658,000) 202.612.000 5:34 AM Required: Using the Qualitative Characteristics (OCs) of General-Purpose Financial Report as a VULLS It Up LUPO 202.612.000 Required: a) Using the Qualitative Characteristics (QCs) of General-Purpose Financial Report as a Framework, evaluate the information usefulness of the set of financial statements presented by the THU. (10 marks) b) Based on the relevant IPSASs, explain the significant observations you have made about the financial statements of THU and suggest improvement, if any. (10 marks) (Total 20 marks) select then , ana drag to the Favontes Bar folder. Ur import from another browser. Import favorites Below is the complete set of Financial Statements of Take Home University (THU), a Public University of Ghana, issued on 15 May 2020. Statement of Financial Performance for the Year Ended 31 December, 2018 Revenue Notes GOG grant 1,540,000,000 Internally Generated Funds 2 14.427.492,000 Donations and other income 9.278.258.000 25.245.750,000 Expenditure Compensation for employees 3 8,385,270,000 Goods and services 4 2,238,083,000 Social benefit 1.720,000 Interest 1.720,000 Capital expenditure (CAPEX) 5 25,542,515,000 Other expenses 6 ho 79.100.000 36.248.408.000 Net Operating Result - Deficit (11.002.658.000 Statement of Financial Position as at 31 December 2018 Notes Current Assets Cash and cash equivalent 294,233.000 Receivable (468,050 -10,000) 458,050,000 Inventory 155.254.000 907,537.000 5:32 AM 5/25/2020 Liabilities and Fund Payable 20% Loan 696,325,000 8.600.000 704,925,000 202.612.000 207.537.000 Accumulated fund 8 3 7 Cash Flow Statement for the Year ended 31st December 2018 Cash Inflows GOG grant 1,540,000,000 Internally Generated Funds 14,427,492,000 Donations and other income 9.278,258,000 25.245,750,000 Cash Outflows IU SEE TAVIS TICIC, SCICLE GOG grant Uca Urdy Uue Tavu balle. UNUI IU dibuiel Uluwsel. Impul lavorites Cash Flow Statement for the Year ended 31st December 2018 Cash Inflows 1,540,000,000 Internally Generated Funds 14,427.492,000 Donations and other income 9,278,258,000 25,245,750,000 Cash Outflows Compensation of employees 6,385,270,000 Goods and services 1,989,112,000 Social benefit 1,720,000 Interest 1,720,000 Capital expenditure (CAPEX) 15,542,500,000 Other expenses 79.100.000 23,999.422.000 Increase in Cash and Cash Equivalent 1,246,328.000 Cash and Cash Equivalent as 1/1/18 -952.095.000 Cash and Cash Equivalent as 31/12/18 294.233.000 NOTES TO THE FINANCIAL STATEMENTS Accounting policy a) Basis of accounting The financial statements are prepared on accrual basis of accounting b) Inventory valuation Inventory is valued at lower of cost and net realisable value. c) IPSAS The financial statements are prepared in compliance with the IPSAS and all relevant financial legislations Internally Generated Fund Type here to search vorites here, select then *, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Internally Generated Fund Fees income 4,575,622,000 Consultancy fees 655,600,000 Admission forms 9.196 270.000 14.427492.000 Employees Compensation Allowance 856,670,000 Establish post 5,312,430,000 Non establish post 1,253,600,000 Books and Research allowance 150,765,000 Project work allowance 48,500,000 Superannuation 278,500,000 End of service benefits 298,040,000 Books and Research allowance arrears 186,765.000 8.385.270.000 4 Use of Goods and Services Legal cost Consultancy cost Seminar cost 25,059,000 800,000,000 500,000,000 533 AM 5/25/2020 Training and Workshop Cost Utilities Increase in Provision for doubtful debt Opening inventory Closing inventory 104,000,000 560,053,000 5,060,000 399,165,000 (155,254,000 2.238.083.000 Capital expenditure Property, plant and equipment Vork in Progress 17,292,500,000 8.250.015.000 25.542 515,000 Other expenses Trial balance Sponsorship 71,000,000 8.100.000 79.100.000 Payables Payables Consultancy cost Book & Research All. Interest payable Tax withholding 182,840,000 234,500,000 186,765,000 1,720,000 90,500,000 696.325.000 Accumulated Fund Balance at start Net operating result 11,205,270,000 (11.002,658,000) 202.612.000 5:34 AM Required: Using the Qualitative Characteristics (OCs) of General-Purpose Financial Report as a VULLS It Up LUPO 202.612.000 Required: a) Using the Qualitative Characteristics (QCs) of General-Purpose Financial Report as a Framework, evaluate the information usefulness of the set of financial statements presented by the THU. (10 marks) b) Based on the relevant IPSASs, explain the significant observations you have made about the financial statements of THU and suggest improvement, if any. (10 marks) (Total 20 marks)