...Buy ACC/290 ACC/291 wileyplus - YouTube ► 0:10► 0:10 www.youtube.com/watch?v=3NYAYXcAOgE May 5, 2012 - 10 sec - Uploaded by uoptutorial buy acc 290 , acc 291 and many other courses from our website uoptutorial dot com. More videos for acc 290 » ACC 290: Certified Bookkeeper Course - Western Nevada Collegewww.wnc.edu/academics/catalog/acc/290/Cached You +1'd this publicly. Undo ACC 290: Certified Bookkeeper Course. General Information. Name: Certified Bookkeeper Course; Discipline: Accounting (ACC); Units (Credits): 6; Schedule ... ACC 290www.scribd.com/collections/3473096/ACC-290Cached You +1'd this publicly. Undo ACC/290 checkpoint acc/290 assignment acc/290 discussion questions acc/290 dqs acc/290 week acc/290 appendix acc/290 final acc/290 learning acc/290 ... ACC 290 Final Examwww.scribd.com/doc/89721525/ACC-290-Final-ExamCached You +1'd this publicly. Undo Apr 17, 2012 – purchase the solution to final Exam http://studentoffortune.com/question/1468561 /ACC-290-Wk-5 1) Which financial statement is used to ... ACC 290 - Student of Fortunestudentoffortune.com/question/1336889/ACC-290Cached You +1'd this publicly. Undo Jan 18, 2012 – ACC 290 Week 4 Learning Team Financial Reporting Kroger ... ACC 290 Week 4 - Chapter 4 P-4.8A Pro window washing.xlsx (33K) ACC 290 ... ACC 290 Week 3 Individual Summary Question One ...studentoffortune.com/.../ACC-290-Week-3-Individual-Summary-Qu...Cached You +1'd this publicly. Undo ACC 290 Principle Of Accounting I - Entire...
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...Comparing IFRS to GAAP ACC/290 June 5, 2016 Arin Smith Comparing IFRS to GAAP As international business increase those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there are some differences that could result in different reporting. Having a good understanding of both methods will allow companies to make business decisions that are effective and compliant. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? In my understanding, the IFRS does not give any specific order for the statement of financial position. If anything the, IFRS requires separation of current and noncurrent assets and liabilities. For a lot of the companies today they just report their assets in reverse order based off their liquidity. Now, the GAAP recommends separation of current and noncurrent assets and liabilities and also. require that all the accounts be in a specific ordered based on the liquidities hierarchy. IFRS 2-2:...
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...Comparing IFRS and GAAP Vanessa Casey ACC/290 July 27, 2015 Comparing IFRS and GAAP As international business is increasing, people with financial responsibilities should be knowledgeable in the two primary accounting methods. The 2 primary accounting methods are GAAP, stands for Generally Accepted Accounting Principles, and IFRS, which stands for International Financial Reporting Standards. The Financial Accounting Standards Board set the GAAP which is used primarily in the United States and the IFRS is used in many other countries. It has been noted that the United States Security and Exchange Commission is planning to switch to IFRS in 2015. There are many differences between the accounting methods that could result in different reporting. However on the same note, they also have some features in common. When having a good understanding of both methods, this will allow the companies to make better business decisions that are flexible and effective. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? Accounts are required by the GAAP to be listed by liquidity. Cash would be listed first because it is a current asset whereas a shareholder equity would be last because it is a non-current asset. However, IRFS do not required accounts to be listed in a specific order on the financial statement. Therefore most companies report in reverse order of liquidity. The bottom line is providing...
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...ACC 290 WEEK 5 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-5 Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 290 Week 5, 1- The control environment is the basis of the entire control system that the organization is establishing. The control environment is the value that is placed on integrity and the knowledge that unethical activity will not be tolerated. It is management’s responsibility to express behavior and attitude that enforces this ethical behavior. The control environment affects the internal control by setting a basis of control activities that safeguard assets, enhance accounting reliability, increase 2- The controls that should be in place to protect a merchandiser in a cash rich environment are – Establishment of responsibility Segregation of duties Documentation procedures Physical controls Independent internal verification 3- The Sarbanes-Oxley Act (SOX) requires that all publicly traded U.S. corporations are required to sustain a satisfactory structure of internal controls. In addition to internal controls each organization must be able to confirm their compliance by an independent outside audit. SOX came about because of public outrage to lack of corporate integrity and accounting dishonesty. Major corporations such as Enron and WorldCom were dishonestly reporting accounting figures to investors and such dishonesty led to the major losses in investor’s money. SOX requirements...
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...Financial Reporting Problem Part 2 A balance sheet and income statement is important for creditors, investors and employees to analyze assets versus liabilities. This will allow them the ability to operate efficiently and determine how quickly the company can pay off its debts. To provide a clear picture on how fast a company will be able to come up with cash, a person needs to understand the value of each asset, how the asset is classified, and the order in which they are listed. On the other hand, understanding the impact of each liability and previous to current trending of total liabilities will show if the company is able to control their liabilities or if they are accumulating additional obligations to repay overtime. Below you will see an analysis of the Coca-Cola Company’s assets versus liabilities and it will answer the questions of if and when they have the ability to repay debts. In a balance sheet, a company lists its assets and specifies which assets it is expecting to covert to cash within the next operating cycle. These assets are named “current assets” and should be listed in the order in which they typically can expect to receive cash for them. Coca-Cola’s current assets are listed in the following order in their balance sheet: cash and cash equivalents, short-term investments, marketable securities, trade accounts receivable, inventories, prepaid expenses, and assets held for sale. The cash and cash equivalents asset is on top of Coca-Cola’s current assets...
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...IFRS verses GAAP Gabriel Whatley ACC/290 March 28, 2016 Steven McAlister IFRS verses GAAP International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB), (Rouse, 2011). While, GAAP (generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting. Even though IFRS is a set of accounting standards and GAAP are sets of accounting rules and standards they do differ from each other. Level One Heading Replace the level one heading with the words for your heading. The heading must be in bold font. Headings help your audience track the sub-topics discussed in the body of the essay or report. Begin a new heading for each sub-topic. Be sure to indent the first line of each paragraph between five and seven spaces by pressing the Tab key one time on the keyboard. In addition, remember to double space the entire paper using the double space functionality in Word. This template is already formatted for double spacing. Read more: Center for Writing Excellence>Tutorials and Guides>Software Tutorials and Guides>Formatting Tutorial for APA. In addition, keep in mind an academic essay should contain at least five paragraphs, which includes the introduction (introductory paragraph), the body (which is generally at least 3 paragraphs)...
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...Learning Team Financial Reporting Paper Monica Fisher, Christina Owens & Michael Walker ACC/290 May 6, 2014 Jackie Lewis Learning Team Financial Reporting Paper This paper will examine Amazon.com.inc; arguably the world’s most customer centric company and a publicly traded company recent annual and previous year financial reports. Information within this report comes from data collected from the (SEC) Security Exchange and Commission and Amazons reports. In addition, The Company’s balance sheet and income statement is analyzed to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Amazons December 31, 2013 Consolidated Balance Sheet (in millions) reflects total assets of $40,159,000. Why is this important? Because it represents growth, the financial position of Amazon, and the consolidated results of its operations. What are the total assets at the end of the previous annual reporting period? Amazons December 31, 2012 Consolidated Balance Sheet indicates the company’s total asset was $32,555,000. How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? The Company had $8,658,000 cash and cash equivalents at the end of 2013. What amounts of accounts payable did the company have at the end of its most recent annual reporting period? The company had a total of $15,133,000 in liabilities due under accounts payable ending December...
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...Week Five Financial Reporting Paper Name Team A ACC/ 290 Date Financial Reporting Problem Verizon Communications Incorporated is a multi-billion dollar company. In 2010, the net income for Verizon Communications Inc. and its subsidiaries was over $10 billion (Verizon, 2011). Verizon Communications Inc., like many reputable businesses, makes their financial statements publically available. Although the order of the information is stated as only a suggestion, many companies choose to list their assets in the order listed in the FASAB handbook to keep consistency and to ensure they report all required information. It is the case with Verizon Communications Inc. Verizon Communications Inc. lists its assets in many categories. According to the balance sheet listed on the Verizon Communications Inc. 2010 Annual Report (Verizon, 2011), the assets for Verizon Communications Inc. are classified in the following categories: Current Assets, Plant, property and equipment, Investments in unconsolidated businesses, Wireless licenses, Goodwill, Other intangible assets (net), and Other assets. The order listed by Verizon Communication Inc. is consistent with the Federal accounting Standards Advisory Board Cash Equivalents Verizon registers its assets in the proper order under their current assets. First, on the list are its cash and cash equivalents, which is anything that can immediately turn into cash. Some examples of cash and cash equivalents...
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...Financial Reporting Problem Will Griffin ACC/290 March 7, 2014 Professor Makalintal- Torio Financial Reporting Problem The Verizon Company is a Wireless mobile communicator in the United States that provides wireless voice call services, messaging and data products and services to mobile operators. Charles R. Lee and Ivan Seidenberg were the brains behind Verizon. Verizon Wireless was founded in 1995 and is headquartered in Bedminster, New Jersey While Verizon is truly a 21st century company, when Verizon merge with bell Atlantic the mergers that formed Verizon were many years in the making, involving companies with roots that can be traced to the beginnings of the telephone business in the late 1990’s. The people that mergers formed Verizon were among the largest in U.S. business history, culminating in a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City, and GTE, which was in the process of moving its headquarters from Stamford, Conn., to Irving, Texas audited by Ernst & Young LLP, independent registered public accounting firm. Ernst & Young LLP has also provided an attestation report on the company’s internal control over financial reporting. Verizon is listed 0n NASDAQ. Now with my grid down below it details the cash and the cash equivalents. ------------------------------------------------- 2009 | ------------------------------------------------- 2010 | ------------------------------------------------- ...
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...Accrual Basis of Accounting versus Cash Basis of Accounting Danielle Spraker ACC/290 February 12th, 2013 Michael Olsen Accrual Basis of Accounting versus Cash Basis of Accounting Financial scandals that have severely damaged public faith in information provided by organizations have lead to more stringent regulations. A standardized basis of accounting allows for regulators to ensure information is presented ethically and legally. Accrual based accounting is required for all corporations that trade publicly as this basis is generally considered to provide a more accurate image of the financial standing of a company than that of cash based accounting. Accrual based accounting requires that an organization report expenses and revenues in the time period in which they occur rather than when cash physically changes hands. The text, Financial Accounting: Tools for business decision making, describes accrual accounting as, “Accrual-basis accounting means that transactions that change a company's financial statements are recorded in the periods in which the events occur, even if cash was not exchanged. For example, using the accrual basis means that companies recognize revenues when earned (the revenue recognition principle), even if cash was not received. Likewise, under the accrual basis, companies recognize expenses when incurred (the matching principle), even if cash was not paid.” (Kimmel, 2010). For example, if a rental company bills a hotel for chairs used in September...
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...Acc 290 Week 4, 1-One can determine the cost of goods sold when using a periodic inventory system does not calculate the cost of goods sold until the end of the period. At the end of the period a count is done to determine the ending balance of the inventory. After this is completed the cost of goods sold 2- The perpetual system of inventory keeps a running tally of inventory that is live and this is done by automatically making changes to the inventory as each item is sold, freight cost, returned, or 3- The reason behind understanding value of inventory at a point in time is to accurately report what the value of the inventory (asset) is for a company. If the asset of a company is worth less than what the market is willing to pay for it than the company will not make money on selling those goods. Also, knowing the price the inventory was purchased at compared to what the market price – Week 4 Problems Date Accounts Debit Credit July 1 Cash 12,000 12,000 1 Equipment 8,000 6,000 2,000 3 Supplies 900 900 5 Prepaid Insur. 1,800 1,800 12 Accounts Rec. 3,700 3,700 18 Accounts Pay. 1,500 1,500 20 Salary Exp. 2,000 2,000 21 Cash 1,600 1,600 25 Accounts Rec. 2,500 2,500 Financial Reporting Problem, Part I The company’s annual report is important because it gives the shareholders a clear picture and understanding about how the company is doing financially. The annual reports provide thorough information on very significant section of the accounts...
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...Financial Reporting Problem, Part 2 At the end of the most recent annual reporting period in 2014, the Walmart Corporation reported its total assets at $204,751 million dollars. At the end of the previous accounting period on January 31, 2013 the total current assets where listed at $203,105 million. This is important because current assets are useful for determining the liquidity of a company. If Walmart’s assets had decreased dramatically within one year, it would result in being a greater risk for creditors. Cash and Cash Equivalents are liquid assets on a balance sheet for a company. These assets can be converted into cash if needed and are treated like cash. “Cash and cash equivalents were $9.1 billion and $7.3 billion for fiscal 2015 and 2014, respectively. Our working capital deficit was $2.0 billion and $8.2 billion at January 31, 2015 and 2014, respectively. The decrease in our working capital deficit is primarily the result of using less of our net cash provided by operating activities for share repurchases and capital expenditures during fiscal 2015, which allowed us to reduce our short term borrowings.” “The decrease in cash flows provided by operating activities in fiscal 2014, when compared to the previous fiscal year, was primarily due to the timing of income tax payments, as well as lower income from continuing operations.” (http://www.corporatereport.com/walmart/2015/ar/_downloads/walmart_2015_ar.pdf) A liability that represents the amount of money...
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...IFRS versus. GAAP Your name ACC/290 February 22, 2016 Jon Mohr IFRS versus GAAP Write a 700- to 1,050-word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following: Introduction Please enter your Introduction here IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? Please enter your answer here * IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. Please enter your answer here * IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet? Please enter your answer here * IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. Please enter your answer here * IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. Please enter your answer here * IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. Please enter your answer here * IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley...
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...Comparing IFRS to GAAP Paper Ashley Connors ACC/290 Sharon Powers Comparing IFRS to GAAP Paper The comparison between the IFRS and GAAP and how they differ from one another. The accounting industry has many guidelines that need to be followed by accountants, analysts, and organizations. The internal Accounting Standards Board issued standards (IFRS) that have been adopted by the United States and several countries out of the U.S. In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? The format of a statement of finical or position under IFRS differ a balance sheet presented under GAAP in the following ways. IFRS does not require a certain order or classification of accounts on the statement of finical position. Companies are recommended to report assists in reverse order of liquidity. Making sure the users of finical statements have a clear understanding of the company’s structure is important. An example of the order of accounts on the statement of finical position is: * Long Term Assets * Current Assets * Shareholder Equality * Long Term Liability * Current Liabilities GAAP requires that all accounts are ranked on their measureable liquidly. Cash assets will be ordered first and shareholder equity will be ordered last. * Current Assets * Long Term Assets * Current Liabilities * Long Term Liabilities * Shareholder Equity What...
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...Financial Statements Paper ACC/290 Income statements chronicle the gains or deficiencies of a company’s operations over a period of time, by reporting all revenues and expenses. These statements are processed each month, and at the end of the fiscal year. Income statements include definite expenses and revenues. Sometimes these statements are also known as P&L statements or profit and loss. The second statement is known as a retained earnings statement. This is for displaying the beginning balance of retained earnings and adjustments during the course of the year. The statement usually includes beginning balance, net income for the current cycle, dividends disclosed in the current period and ending balance. Balance sheets detail assets and claims to assets at a distinct point in time. Claims of creditors and claims of owners are examples of claims to assets. This particular statement provides a clear outline of the financial standing of the company as a whole. The direct function of a statement of cash flow is to present financial information such as cash receipts and payments during a set point in time. This assists investors and creditors to analyze a company’s financial position.. These statements address a company’s financing, investment and operational activities. Financial statements are useful to managers as these statements are utilized to measure the performance of the organization. Sales and expenses are compared to the income statements...
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