The Case Study
Jeffrey owns JT Engineering and he would like to get a better understanding of the final accounts and he has heard that the financial accounts of a business should be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and some accounting concepts. You are required to write a report to Jeffrey explaining the following;

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• The difference between Gross Profit and Net Profit (5 marks)
• What the Statement of Financial Position tells us about a business (5 marks)
• The difference between non-current assets and current assets (5 marks)
• The purpose of GAAP (5 marks)
• Prudence Concept (10 marks)
• Going Concern Concept (8 marks)
• Accruals (Matching) Concept (8 marks)
• Objectivity Concept (8 marks)
• Materiality Concept (8 marks)
• Comparability through Consistency Concept (8 marks)
• Separate Determination Concept (5 marks)

5 marks for conclusion, recommendations and suggestions
10 marks will be awarded for report format and style, use of headings, structure, organisation of points, fluency of English and overall meaning conveyed to the reader.
90 Total Marks for Case Study Report

The report should be written in your own words and you should give clear explanations for all of the above. You should use examples to illustrate your points. In your conclusion to the report you should give your opinion and recommendations as to whether there is any reason why the accounts should not be prepared in accordance with GAAP and accounting concepts, and whether you think JT Engineering should prepare their accounts in accordance with GAAP and accounting concepts and you should justify your answer.

Guidance Notes
When appropriate you must include examples to help to explain your points.
You must not copy and paste from websites, or any of the resources.
You should use at least 5 references (only sources between year 2009-2013).

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