D) The statement of comprehensive income illustrates the financial performance and results of operations of a particular company or entity for a period of time. Referring to the company’s Statement of Comprehensive Income‚ as known as Profit and Loss statement‚ we can conclude that Amway (M) Sdn.Bhd had increased the total net profit amounted of RM 11‚687‚000 from the year 2010 (Amounted at RM 78‚272‚000) to year 2011 (Amounted at RM 89‚959‚000)‚ this is because of Amway’s new strategy as throwing
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Overview of the course O i f th Understanding the company Financial statements Paperless‚ sustainable‚ eco‐friendly On UTS online: all the readings are available in pdf format all the lecture slides are available in pdf or pptx format This saves you approx $140 AND you can use it on your iPad/reader/phone/laptop/PC (or print it out)? Does it make you more efficient? Lecture 1 - Intro 2 How to do well in the class: Ensure you can do the “DO LIST” each week The
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Do financial statements tell the truth? Financial statements are often referred to as “reports”. As you scan the pages‚ you will find neat columns of precise numbers. Financial statements look objective. Looks can be deceiving. The questions that financial statements are intended to address do not have objectively true answers. Suppose a firm builds a factory‚ with custom-built machinery designed to specifically to produce the firm’s product. That factory would become an asset on the left-hand
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Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently‚ the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics of Financial Information and SAC 4 Definition and
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…………………………………………………………………………………………..…………………5 Relationship Between the Assessments of Inherent and Control Risks…………………………..……..……6 Identifying Specific Controls Relevant to Specific Assertions………………………………………………..……..6 Types of Control Activities that Relate to Financial Statement Assertion……………………………..……..7 STAGE C: OBTAINBING EVIDENTIAL MATTER TO SUPPORT THE ASSESSED LEVEL OF CONTROL RISK…….7 Performing Tests of Controls………………………………………………………………………………………………………7 Nature of Tests of Control……………………………………………………………………………………………………
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Examining Financial Statements - Landry ’s Restaurants Financial statement users around the globe use financial statements to evaluate the performance of companies (Fundamentals of Financial Accounting‚ 2006). In order to locate a company’s reported assets‚ liabilities‚ expenses and revenues‚ statement users rely on four types of financial statements. The four financial statements include: Balance Sheet‚ Income Statement‚ Statement of Retained Earnings‚ and Statement of Cash Flows (Fundamentals
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TOPIC: ASESSMENT OF CREDIT RISK IN FINANCIAL MANAGEMENT THE ABSTRACT This proposal study explores financial credit risk assessment. This is an important issue because there is currently no standardized method used by financial institutions for the assessment of credit risk. There are needs for a critical evaluation of the most popular credit risk assessment methods such as the judgmental method‚ credit-scoring and portfolio models along with limitations used. Survey interview process is needed
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The Effect of Financial Statement in Decision Making Background of the Study In every organization‚ every fiber of decision is important. However‚ before creating such valuable decision‚ it is also important that the decision makers such as leaders has basis. In terms of performance in an organization and creating new business ventures‚ it is emphasized that the use of financial statements or financial reports can be a great source of crafting decision. Through the income statement‚ balance sheet
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Budget Definition and its Purpose: Budget a detailed plan‚ expressed in quantitative terms‚ that specifies how resources will be acquired and used during a specified period of time. A budget is a description of a financial plan. It is a list of estimates of revenues to and expenditures by an agent for a stated period of time. Normally a budget describes a period in the future not the past Purposes of budgeting systems: Planning Facilitating Communication and Coordination Allocating Resources
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Financial Statements IFRS vs. GAAP Kathrine D. Nepon Strayer University John Ware ACC 401 November 27‚ 2011 ABSTRACT For those in the business world‚ particularly in the accounting field‚ a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Currently‚ the majority of countries in the world follow International Financial Reporting Standards guidelines; however
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