Analyzing the disclosures contained within the financial statements of Netflix can be done by having an understanding of the disclosure principle. This principle states any information that affects the full understanding of the company’s financial statements must be include in the financial statements. Netflix is the world’s leading internet subscription service that provides the instantly watch of TV shows or movies streamed over the internet, and quickly delivery of standard DVDs to their customers’ homes (“Yahoo! Finance, 2011). This analysis will contain information about the disclosures provided in their financial statements filed on October 2011.
Because we used accrual basis to record our work done in every case. Each legal assistant is responsible for keeping track of their time spend in each case as well as the attorney. However, it has been difficult for each legal assistant to keep track of their time work in each case because both of us are part-time only, and one of them is also the bookkeeper. The attorney tries to post his time on a regular basis, but sometimes with the volume of his work, he tends to forget. Even though accrual basis is the best option for us to keep track of our revenues and expenses, sometimes we believe we should change to cash basis to obtain better results in our ledgers.
On the other hand, the bookkeeper tries to make every adjustment on weekly basis to avoid any misleading of charge to the client. In a monthly basis, I tend to review all of our clients invoices to make sure all the charges were applied correctly. Also as a bookkeeper I confirm that there are not adjustments needed at the time, but if I found one it will be taking care at the moment. After the invoices are reviewed and corrections are made, we send the new invoices to our clients via e-mail because we allow them to make the payments online to give them the convenience of making the payment whereas they are in front of a... [continues]
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