has been the world’s most best‚ used and best invention to ever keep the world moving. Technology has also showed people ways of becoming smarter and having ways of doing things faster in the world. Technology has changed the way we track money‚ do business and much more. It is becoming a huge aspect of social life as well as communications. We are seeing more of the workforce not having to commute‚ but work from home‚ which can change the way we design living communities. It is bringing education to
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Financial Statements XACC/290 January 12‚ 2014 Melissa Drayton Financial Statements There are four basic financial statements: balance sheet‚ income statement‚ retained earnings statement‚ and statement of cash flows. These financial statements would include an overview of the assets‚ liabilities‚ expenses‚ and revenues of the business. Financial statements are useful not only to internal user; such as managers and employees‚ but also to external users; such as investors and creditors to
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Financial Statements Financial statements are records of relative financial information of organizations that are highly valuable to both internal and external users of that organization. The following four basic financial statements constitute the foundation of accounting: * Balance sheet * Income statement * Retained earnings statement * Statement of cash flows Purpose of the Financial Statements The balance sheet shows a clear picture of the organization’s financial
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Financial Statements Accounting is a function by which users can understand the internal financial workings of a company. Use of public accounting dates as far back as the late nineteenth century (Hendrickson‚ 2007) and continues today under the set guidelines that accounting professionals refer to as generally accepted accounting principles. These principles are set in the United States by the Financial Accounting Standards Board and the Securities and Exchange Commission (Weygandt‚ p. 9‚ 2008)
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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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are two of the four key qualitative characteristics of financial accounting information. The others being understandability and comparability. Relevance requires that the financial accounting information should be such that the users need it and it is expected to affect their decisions. Reliability requires that the information should be accurate and true and fair. Relevance and reliability are both critical for the quality of the financial information‚ but both are related such that an emphasis
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read the Dragon Soup case and analyze the associated Excel Sheet. Kerr had been given the task of valuing Dragon’s equity for a possible acquisition. He was told by his boss to assume a valuation of ten times sustainable earnings‚ plus the value of cash and marketable investments on the balance sheet. The Excel Sheet completes this calculation for you‚ based on inputs that are provided in the top portion of the “Assumptions and Statements” tab. In completing this task‚ you’ll need to address some
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15: Net assets value per share 25 Figure 16: Market price per share 27 List of Tables [pic] Table 1: Analysis of Sales Revenue 10 Table 2: Shareholding Information 11 Table 3: Shareholders equity 17 Table 4: Financial Performance 25 Table 5: Appropriation of Profit 26 Executive Review [pic] In the era of competition‚ to achieve the economic strength‚ a firm must run smoothly‚ effectively and efficiently. Adaptation of proper
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is FALSE Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. It is TRUE that the primary governmental body that has influence over the FASB is the SEC. It is FALSE the FASB has a government mandate and therefore does not have to follow due process in issuing a standard. CA1-2 It is True the objective of financial statements emphasizes a stewardship approach for reporting financial information It
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of Sole Proprietorship Profits and Losses – Advantages: Proprietor receives all the profits because he or she takes all the risks. Disadvantages: Losses are not shared. Liability - Disadvantages: 1) The proprietor has unlimited liability. 2) If the firm is unable to pay its bills‚ the proprietor can be force to sell personal assets as well as the business to pay debts. Management – Advantages: 1) Decisions on starting and running the business can be made quickly. 2) Business operations
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