Activity 1

QUESTION 1

Accounting has been called the language of business, and it’s the backbone of any company
because every business needs reliable data to make informed decisions. I agree with this
description because without a way of recording the daily activities of the business, we
cannot make a decision. Accounting makes it possible to systematically record, analyse and
report important financial information and communicate the financial health of a business to
all interested parties. Not only will each financial transaction be recorded but we will also
get detailed reports summarizing the business’ financial performance. We call these reports
Financial Statement.

Question 2

1. Financial information is valuable because decision makers both internally and externally can
use it to evaluate the financial consequences of various alternatives. Accountants reduce
uncertainty by using professional judgment to quantify the future financial impact of taking
action or delaying action. Although accounting information plays a significant role in
reducing uncertainty within an organization, it also provides financial data for persons
outside the company.
2. Accounting - is a language of business.
- is a process of recording, organizing, summarizing, and analysing financial information.
Financial information is presented to owners, investors, managers, and other interested
parties.
- The process of identifying, measuring, and communicating economic information to permit
informed judgments and decisions by the users of the information.
3. Business - refers to an enterprising entity or organization that carries out professional
activities. They can be commercial, industrial, or others. For-profit business entities do
business to earn a profit, while non-profit ones do it for a charitable mission.
4. A. Internal users are people within a business organization who use financial information.
Examples of internal users are owners, managers, and employees.

B. External users are people outside the business entity (organization) who use accounting
information. Examples of external users are suppliers, banks, customers, investors, potential
investors, and tax authorities.

5. Government- used tax accounting as a language based on IRC or Internal Revenue Code.
Governmental units, Is the company, such as a local public utility, charging a fair rate for its
services.

Activity 2

1. B
2. D
3. E
4. C
5. F
6. A
ACTIVITY 3

Nokia

About company:

‘At Nokia, we create technology that helps the world act together. As a trusted partner for
critical networks, we are committed to innovation and technology leadership across mobile, fixed
and cloud networks. We create value with intellectual property and long-term research, led by the
award-winning Nokia Bell Labs. Adhering to the highest standards of integrity and security, we help
build the capabilities needed for a more productive, sustainable and inclusive world.’

Nokia shows their contributions and strengths through these various aspects:
 Leadership
 Strategy
 World presence
 Government relations
 Achievements
 History

About the product and services:

 Laptops: Go beyond productivity

o Explore the range of Nokia PureBooks designed to put better connectivity, brighter
entertainment, and faster performance in your lap.
 Smart Tv: Smarter TVs, more entertainment
o Get deeper into your viewing experience with the Nokia Smart TV range.
 Headphones: Surround in sound
o For music, for home, for calls, for life - the Nokia audio range is engineered for
quality and performance in every note, every day.
 Streaming devices: Connect with your favourite content
o Nokia media streamers with Android OS, Chromecast built-in and Google Assistant
put your top shows, movies and apps at your command.
 WiFi: Enjoy WiFi without disruption
o Nokia WiFi brings you easy to manage best-in-class WiFi to every corner of your
home.
 Phones: Meet your next phone
o From handy companions to premium devices, there is a Nokia phone for everyone.

About Support:

They offer support by:

 warranty and protections

 FAQS
 service and repairs
 security and privacy
 camera and photos
 battery and charging.
 Customer support
 User guide
Ford Motor Company

Ford Motor company’s annual report is a comprehensive report detailing a company’s activities
throughout the preceding year. Its purpose is to provide users, such as shareholders or potential
investors, with information about the company’s operations and financial performance. It also
indicated the general corporate information or business profile. Operating and financing highlights.
Financial statements. Their annual report was divided into 5 parts:

1. Business Overview
a. Automotive Segment
b. Mobility Segment
c. Ford Credit Segment
d. Corporate Other
e. Interest on Debt
f. Governmental Standards
g. Human Capital Resources
h. Risk Factors
i. Unresolved Staff Comments
j. Properties
k. Legal Proceedings
l. Mine Safety Disclosures
m. Executive Officers of Ford
2. External User and language
a. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
b. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
c. Key Trends and Economic Factors Affecting Ford and the Automotive Industry
d. Results of Operations - 2021
e. Automotive Segment
f. Mobility Segment
g. Ford Credit Segment
h. Corporate Other
i. Interest on Debt
j. Taxes
k. Results of Operations - 2020
l. Automotive Segment
m. Mobility Segment
n. Ford Credit Segment
o. Corporate Other
p. Interest on Debt
q. Taxes
r. Liquidity and Capital Resources
s. Credit Ratings
t. Outlook
u. Cautionary Note on Forward-Looking Statements
v. Non-GAAP Financial Measures That Supplement GAAP Measures
w. Non-GAAP Financial Measure Reconciliations
x. 2021 Supplemental Financial Information
 y. Critical Accounting Estimates
z. Accounting Standards Issued but Not Yet Adopted
aa. Quantitative and Qualitative Disclosures About Market Risk
bb. Financial Statements and Supplementary Data
cc. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
dd. Controls and Procedures
ee. Other Information
ff. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
3. Shareholder, stocks and Liabilities
a. Directors, Executive Officers of Ford, and Corporate Governance
b. Executive Compensation
c. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
d. Certain Relationships and Related Transactions, and Director Independence
e. Principal Accounting Fees and Services
4. Financial Statement
a. Exhibits and Financial Statement Schedules
b. Form 10-K Summary
c. Signatures
5. Ford Motor Company and Subsidiaries Financial Statement
a. Report of Independent Registered Public Accounting Firm
b. Consolidated Statements of Cash Flows
c. Consolidated Income Statements
d. Consolidated Statements of Comprehensive Income
e. Consolidated Balance Sheets
f. Consolidated Statements of Equity
g. Notes to the Financial Statements
h. Schedule II — Valuation and Qualifying Accounts