Abstract In this paper I will identify the four basic financial statements‚ discuss how they are interrelated with each other‚ and why they are useful to managers‚ investors‚ creditors‚ and employees. BALANCE SHEET A balance sheet provides detailed information about a company’s assets‚ liabilities and shareholders’ equity. Assets are things that a company owns that have value. This usually means they can either be sold or used by the company to make products or provide services that can be
Premium Income statement Financial statements Generally Accepted Accounting Principles
Trace or transfer evidence can be any small‚ and to the untrained be a seemingly insignificant piece of material‚ whether man-made or natural‚ that has been left at a crime scene. Edmond Locard‚ founder of the Institute of Criminalistics at the University of Lyon‚ France‚ developed what has become known as Locard’s Exchange Principle. This states that every contact leaves a trace (Trace Evidence). Trace evidence can consist of just about anything. Some types of trace evidence include but are not
Premium Fingerprint Forensic science Forensic evidence
AUDITOR’S REPORT [pic] [pic] NOTES TO FINANCIAL STATEMENTS 37.3 Fair values of financial assets and liabilities Fair value is the amount for which an asset could be exchanged‚ or a liability settled‚ between knowledgeable willing parties in an arms length transaction. Notes to the Financial Statements for the year ended June 30‚ 2008 (b) Credit risk Credit risk represents the risk of a loss if the counter parties
Premium Generally Accepted Accounting Principles Balance sheet Financial ratios
recommend to your client and why? Explain in your own words. The difference between proprietorship and corporation is that proprietorship is only owned by 1 person and corporation is owned by either 1 person or a group of people. It also differs from the liability because a proprietorship has unlimited liability and a corporation has limited liability. When a proprietorship is sued‚ their personal assets are at risk if they lose‚ but if a corporation gets sued‚ their personal assets are not at
Premium Balance sheet Generally Accepted Accounting Principles Income statement
identification of any red flags that might be highlighted in ratios analysis from Premier recast financial statements. Executive Summary This report examined the performance of Premier Investment Limited for 2012. Firstly‚ the income statement and the balance sheet were recast and justified using additional information available in financial statement footnotes. Secondly‚ an investigation and estimates of profitability and financial strength of Premier are discussed. The Results of data analysed show
Premium Generally Accepted Accounting Principles Inventory Balance sheet
This summary is a review of the annual report and financial statements of the Patton-Fuller financial information. This paper will summarize the relationship between revenue sources and expenses and explain the effect of revenue sources on financial reporting and reviewing the annual reports of 2008-2009‚ and the differences between the audited and the unaudited statements‚ as well as determine how the hospital’s revenues and expenses are grouped for planning and control. How did the audited and
Premium Revenue Income statement Annual report
ACC 461 Auditing Financial Statement Fraud: Lessons from the ZZZZ Best Case The video “Cooking the Books” discussed the ZZZZ Best case of fraud‚ it tells how and why fraud was perpetrated by Barry Minkow and why it was undetected for so long. According to the video‚ ZZZZ Best was founded by Barry Minkow in 1982; when he was sixteen years old‚ it started as a carpet cleaning company. But‚ due to high competition in the industry‚ low entry barriers‚ and bad internal control‚ this young entrepreneur
Premium Barry Minkow Revenue Balance sheet
Project Report (Submitted for the Degree of B.Com. Honours in Accounting & Finance under the University of Calcutta) “Financial Statement Analysis” Submitted by--- Name of the Candidate: Subrata Jana Registration No. : 145-1121-0144-10 Roll No. : Goenka College of Commerce and Business Administration Supervised by Name of
Premium Generally Accepted Accounting Principles Income statement Cash flow statement
Purpose of Financial Statements The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions (IASB Framework). Financial Statements provide useful information to a wide range of users: Managers require Financial Statements to manage the affairs of the company by assessing its financial performance and position and taking important business
Premium Corporation Business law Types of companies
Chapter 2 Introduction to Financial Statement Analysis 2-1. What are the four main financial statements? What checks are there on the accuracy of these statements? The four financial statements are: the balance sheet‚ the income statement‚ the statement of cash flows‚ and the statement of changes in shareholders’ equity. Financial are required to be audited by a neutral third party‚ who checks and ensures that the financial statements are prepared according to GAAP or accounting standards
Premium Balance sheet Generally Accepted Accounting Principles Income statement