Financial Statements Tonjes Bolden ACC/280 May 31‚ 2011 Financial Statements Accounting defines as a systematic report and analysis of an organization’s financial transactions
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Financial ratios The use of financial ratios assists the auditor in analyzing any unusual deviations from the expected results‚ (Gupta‚ 2004). The financial ratios are then compared with the entity ’s ratios for prior periods as well as with ratios for other businesses in the same industry. A comparison with the industry ratios would have warned BDO of some irregularities in Leslie Fay ’s financial statements. BDO Seidman should have been interested some important ratios that would help
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Financial Statements: The Starting point In the Study Of accounting The principal means of reporting general-purpose financial information to persons outside a business organization is a set of accounting reports called financial statements. The persons receiving these reports are termed the users of the financial statements. A set of financial statements consists of four related accounting reports that summarize in a few pages the financial resources
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does not have to be on the left. It can be on either side. The third PhxKlips viewed was “Financial Statements.” There are four financial statements to work with; Balance Sheets‚ Income Statements‚ Retained Earnings Statements‚ and Statement of Cash Flows. Balance sheets let you have a quick review of what assets‚ liabilities‚ and equity were distributed within the accounting period. Income statements show the business whether they made a profit or not. Retained earnings statement shows what
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planning an audit‚ it is important to consider the credibility of the client. In a perfect world it would be in the audit firms best interest to have unethical clients. As we all know even the reputable firms get caught up in a fraud scandal. In the case of Leslie Fay‚ Paul Polishan had a reputation of being a strict executive that even had rules for what you could have at your desk. He kept a close watch on his subordinates with his tough rules and long hours. In accordance with AU 230.09‚ "The
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Background The Leslie Fay Companies was a women’s apparel manufacturer established by Fred Pomerantz‚ a former Women’s Army Corps uniform maker during World War II. Despite the “volatile and intensely competitive” (Knapp 34) nature of the industry‚ Leslie Fay grew to have the second largest annual sales compared to any of the other publicly owned women’s apparel manufacturers‚ only behind Liz Claiborne. Fred Pomerantz hired Paul Polishan for a position in the accounting department where Polishan
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major in Financial Management Adaya‚ Trysha A. Asilum‚ Rudylyn Cafuir‚ Shella Marie E. Nones‚ Abegail O. Sanone‚ Maria Sarah Vergara‚ Pamela O. AUGUST 2013 APPROVAL SHEET This feasibility study‚ “Chill & Lux’s Restobar‚” prepared and submitted by Adaya‚ Trysha A.‚ Asilum‚ Rudylyn‚ Cafuir‚ Shella Marie E.‚ Nones‚ Abegail O.‚ Sanone‚ Maria Sarah‚ Vergara‚ Pamela O.‚ in partial fulfillment of the requirements for the degree of BACHELOR OF SCIENCE IN BUSINESS ADMINISTRATION has been examined
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Leslie Fay Companies Paul Polishan apparently dominated Leslie Fay ’s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company ’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? My question for the Leslie Fay Companies case focuses on the actions of Paul Polishan and the effect his self-established tyranny over the financial information
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Financial Statement Analysis MBA 6150 Financial Statement Analysis – Verizon Communications Abstract The process of developing financial statements for a business is to provide supporting documentation to what has been reported as annual or quarterly income. Within the financial statement analysis strengths and weaknesses are identified through the comparison of data from the balance sheet. There are many different ways to interpret the data that is utilized for the analysis; those
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Financial Management – Handout »Balance Sheet - Statement of financial positions on a specific date * Book value: value on balance sheet (historical cost) * Market value: value of assets depends on riskiness‚ cash flows * Balance sheet identity: Assets = Liabilites + Shareholders‘ equity * Debt versus equity: Shareholders equity = Assets + Liabilities * Financial leverage: the more debt‚ the greater its degree of financial leverage »Income
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