...disclosures are both included in the annual report. The balance sheet is also known as the statement of financial position. Financial disclosures and the balance sheet are closely related. Common financial disclosures are allowance for uncollectable accounts, information about common stock, summary of significant accounting policies, descriptions of subsequent events and related third-party transactions. The balance sheet includes the entity’s assets, liabilities and shareholders’ equity. The balance sheet has many components and is used to help portray the company’s financial position. ”Of all the financial statements issued by companies, the balance sheet is one of the most effective tools in evaluating financial health at a specific point in time.” (Schmidt, 2013) The balance sheet is also called the statement of financial position. It includes the assets, liabilities and shareholders’ equity for the entity. “A company’s balance sheet provides a snapshot of the assets it owns, liabilities it is responsible for, and whatever might be left over when subtracting assets from liabilities that represents owners' capital or shareholders’ equity.” (Fuhrmann, 2013) It is useful in providing information to assess the entity’s financial future. Though it is helpful in assessing the company’s future, it does not depict the market value of the entity. It does provide valuable information that can be used to judge the entity’s ability to pay its current obligations and judge its market value...
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...Walmart | | Melanie Bartholomew | September 2, 2012 | When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle. Walmart would begin the process by collecting and analyzing data from their events and transactions. Next, the company puts those transactions into a general journal. After journalizing their transactions the company posts these entries to the general ledger. The next step in the accounting cycle is to prepare an unadjusted trial balance. Once the unadjusted trial balance is completed the company makes the appropriate adjustments and then prepares an adjusted trial balance. Adjustment entries are made to ensure the company follows revenue recognition and the matching principle and report appropriate assets, liabilities, and owner’s equity at the statement date; and ensure proper reporting of revenues and expenses for the accounting period. This is an important step in the accounting process because the data in the unadjusted trial balance may not be up-to-date and complete. This happens because not all events require daily journalizing and because the company may have some costs that expire with the passage of time and are not yet recorded. Now...
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...prepares or issues an audit report with respect to a U.S. public company must register with the Public Company Accounting Oversight Board (PCAOB). Until recently, an accounting firm was required only to provide information current as of the initial registration date for the firm. Beginning on December 31, 2009, accounting firms were required to register with the PCAOB and file annual and current reports with the PCAOB. On August 13, 2009, the SEC approved the proposed rules with the original effective date of October 12, 2009, but on September 30, 2009, the PCAOB delayed the effective date to December 31, 2009. These parts implement the requirements of SOX section 102(d) that registered public accounting firms 1) report annual information about the firms and their audit practices, and 2) submit, as specified by the PCAOB or the SEC, more frequent information necessary to update the information previously filed with the PCAOB. Until now, the PCAOB had no requirement for annual reports or amendments to report material changes in initial registration information. The purposes of the new sections are 1) to keep the PCAOB up to date on a firm's basic professional information, such as name, location, licenses, and contact information; 2) to provide the PCAOB with current information regarding a firm's audit practice in order to facilitate analysis and inspection by the PCAOB and keep the public informed of such information; and 3) to alert the PCAOB of any events that would require more...
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...|Title |IT205 Smart Scenario - Clarifying Business Strategy Through Database Analysis | |Event Coordinator | |What are the current problems that the Event Coordinator is having? (multiple choice, multi-select) | | | |☐ System is disconnected from other departments. | |☑ Too much manual intervention in the business process. | |☐ Required information is not always available. | |☐ Information retention is inefficient or non-existent. | |☐ Poor use of available information technology resources. | |☑ Insufficient use of database technology or tools. | |☐ Poor communication. ...
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...Project 2: BUS 321-M1 Dr. Xu Problem 1: - Please use P&G’s 2009 Annual Report (PDF) to answer this problem.Refer to P&G's 2009 financial statements and the accompanying notes to answer the following questions. | (a) | What alternative formats could P&G have adopted for its balance sheet? Which format did it adopt?P&G could have adopted the account form for their balance sheet. The textbook, “Intermediate Accounting” states that the account form “lists assets, by sections, on the left side, and liabilities and stockholder’s equity, by sections, on the right side” (Kieso, Weygandt, and Warfield). It goes on to say that often times, there isn’t enough room on the page to achieve this. P&G’s balance sheet seems to utilize the report format. The assets section is listed above the liabilities and owners equity section; however, they are separated into two different pages. | | | | | (b) | In what classifications are P&G's investments reported? What valuation basis does P&G use to report its investments? How much working capital did P&G have on June 30, 2009? On June 30, 2008?P&G’s investments are classified in a few different ways depending on different transactions and the time frame of their intent. The unrealized gains or losses may be classified as trading or be recorded in shareholders’ equity. This all depends on the “intent and ability to retain the security until [they] recover the full cost basis and the extent of...
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...A Proposal on Identification of the Possibility to launch a Corporate Event Management Company Prepared for Arafat Rahman Course Instructor Business Communication Prepared by Shihabuddin Md. Zaki Class ID: 1571 Batch: 21st INSTITUTE OF BUSINESS ADMINISTRATION JAHANGIRNAGAR UNIVERSITY Date of Submission: April 01, 2012 Table of Content: Introduction Problem statement Objectives Methodology Service Financial summary Timing Reporting Conclusion Bibliography [Page - 1] [Page - 1] [Page - 2] [Page - 3] [Page - 4] [Page - 4] [Page - 5] [Page - 5] [Page - 5] [Page - 6] INTRODUCTION The Corporate Retreat Professionals (CRP) is an event management company specializing in corporate customers. CRP will offer two types of services, retreat training services as well as product launch event planning. The retreat training services will be either leadership development training or teaming skills training. For both types of retreats, CRP can take care of the planning of the event, as well as actually hosting the training through the use of one of CRP's strategic business partners. The corporate market for event management is steady and profitable. For some large companies, economic downturns mean cuts in training. This is, however, only the case for shortsighted companies. The benchmark companies may trim down the workforce during a downturn, but they do not cut funds for training. They recognize that investing in human resources is always a good investment. CRP intends...
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...A REPORT ON THE INDIAN TYRE INDUSTRY By Harsha Verma 09BSHYD0310 Nehal Basedia 09BSHYD0509 Prabani Phukan 09BSHYD1064 Jitendu Kumar Dixit 09BSHYD0336 Sandeep Kumar Gupta 09BSHYD0733 Date of Submission: September 03, 2010 The Indian Tyre Industry 2010 TABLE OF CONTENTS Acknowledgement ............................................................................................................... 4 Executive Summary .............................................................................................................. 5 Introduction .......................................................................................................................... 7 Purpose of Report ....................................................................................................................................................... 7 Scope of the Report .................................................................................................................................................... 7 Phase I: Industry Analysis ................................................................................................................................. 7 Phase II: Test of Efficiency of Market .......................................................................................................... 7 Phase III: Company Analysis ............................................................................................................................ 7 Scope of Study...
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...That is the clear message emerging from Monday's Centro decision, and the message headlined in all the media reports of the decision. What is equally significant for directors is what doesn't appear in the newspaper headlines – issues such as: * do directors have to be accounting standard gurus? * how do directors spot the ticking bomb buried deep in a massive board pack? Background ASIC argued that Centro's directors had breached their duties under sections 180 and 344 of the Corporations Act, because its 2007 annual accounts had not complied with the Corporations Act and the accounting standards: * the accounts had misclassified a number of borrowings as non-current liabilities when they were actually current; * just after the end of the 2007 financial year, Centro had given some guarantees as part of a transaction. ASIC argued that this was a material post balance date event and so should have been disclosed in the annual report; and * the board had not ensured that the CEO and CFO had provided the declaration of compliance required by section 295A. Misclassification of current liabilities as non-current Centro's 2007 annual accounts had misclassified a number of borrowings as non-current liabilities when they were actually current. The directors argued that they could not be expected to know that the liabilities in question were current liabilities within the meaning of the relevant accounting standards. Among other things, they pointed out that: ...
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...INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A BUSINESS APPLICATION 2cd edition Complete the following before you submit your assignment. This step is required to validate your compliance with sections 107 or 108 of the 1976 United States Copyright Act. 1. Remove the front cover of the workbook and identify: o Name: Kent Boysen . o Term: Summer 1 2009 . o Company: Fastenal Company . o Instructor: Dr. Donny Bagwell . 2. Print out your completed electronic template. 3. Attach the following: • This front cover (completed) • Electronic solution template • Company annual report Chapter 1 - Introduction |Chapter 1: Select a Company and Gather Documents—Question 1 | |Fill in the page numbers on the annual report where the following are located. | |Required information for this workbook project. |Page No. |Required information for this workbook project. |Page No. | |Financial Highlights (Not absolutely necessary, |6-7 |Statement of Cash Flows |35 | |but very common in annual reports.) | |...
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...Note to the user: This Word document provides a structured template for preparing your responses to the questions in the annual report project. If you did not purchase the workbook you are not permitted to use this template. INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A Business Application with IFRS Content 3rd edition Copyright 2011 by Applied Accounting Analytics. All rights reserved. Reproduction or translation of this book beyond that permitted by the applicable copyright law without Applied Accounting Analytics’ permission is prohibited. Requests for permission to reprint or for further information should be directed to bstanko@luc.edu or tzeller@luc.edu. ISBN: 978-0-9841839-2-0 To be completed by the student and submitted with the completed annual report project according to your instructor’s requirements. Complete the following before you submit your assignment. This step is required to validate your compliance with sections 107 or 108 of the 1976 United States Copyright Act. 1. Remove the front cover of the workbook and identify: Student Name: Wesley Franklin | Term: First Term | Selected Company: Pepsico | Instructor: Brandy Havens | 2. Print your completed electronic template. 3. Attach the following: * This page completed with all required information. * Completed Word template. Template boxes expand as you input responses. Adjust page breaks as necessary to submit a professional representation...
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...the name of god, in the name of god (pg. 156). 5. I just saw a guy rip his shirt off because it was on fire and jump (pg. 32) Catastrophe- an event producing a subversion of the order or system of things, a final event, usually of a calamitous nature; hence, sudden calamity; great misfortune. It’s a catastrophe because everyone is jumping for their life hence the great mistune of the planes that have hit the burning building. Astonishing- so remarkable as to elicit belief: amazing, fabulous, fantastic, and marvelous phenomenal, prodigious. It is astonishing that after all that is taking course the people is still in the building trying to start business instead of trying to evacuate. Heartbreaking- causing overwhelming grief or distress, producing a strong emotional reaction extremely sad or pitiful It is heartbreaking because the people are crying and calling out in the name of god. Disaster- a sudden event, such as an accident or a natural catastrophe, that causes great damage or loss of life. It’s a disaster because people are ripping their clothes off and jumping off building. Shocking- causing indignation or disgust: offensive, terrible, horrible, appalling, and awful. It’s shocking because the people are pressing their faces against the windows hence putting their self endangers off falling out. CURRENT EVENT...
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...Stock Trak Investment Report [Portfolio Investment Analysis] Portfolio management is an important factor that determines the performance of the portfolio. To perform well in the portfolio, it is not only essential to develop personal investment strategies, but analyzing current financial trend is also vital. Stock Trak is an online portfolio simulation that allows students to try out different investment strategies, and also get a hand on experience in what the real market trading conditions are. By managing the portfolio, I have acquired some new knowledge of investment strategies and also become more familiar with the current market by following closely to the financial headlines. My portfolio composed of only a few specific stocks of some large information technology companies. The main compositions are Apple Inc., Google Inc., and International Business Machines Corp (IBM). By investing different stocks in the same industry, it comes to my attention that even though they are in the similar category, the life cycles of these stocks are still very different. It is interesting to compare and analyze the different progress of those companies, and also to see how different factors affecting the performance of a specific stock and the portfolio as a whole. [Portfolio Performance Analysis] My overall return is 7.92%, which is about average and is a little over performed comparing to the S&P 500 average of 7.71% during the same period of time. Analyzing the historical data...
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...doubt is not to exceed twelve months. This evaluation is based upon any evidence that he or she has accumulated during the normal course of the audit. If there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time not to exceed one year, the auditor should review management’s plan to remedy the problems. If the substantial doubt goes unresolved, the auditor should add an explanatory paragraph to the audit report. In the event that an auditor receives a request to reissue his or her evaluation of going concern and remove the explanatory paragraph, one can refer to the PCAOB’s AU Section 9341 for the interpretations of AU 341. These inquiries usually arise when the circumstances that caused substantial doubt for the company’s ability to continue as a going concern have been solved. AU 9341 interprets Section 341 by stating that the auditor is not indebted to reissue the report just because of the request. If the auditor does decide to release a new report, he...
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...is news media and social media. Through both of these things you can now read about the latest news and current events making it easier for Americans to stay current on events. With social media being so popular, people can now access it through their cell phones. People all over America are now sharing and commenting on the latest news making news now travel even faster. With electronic media and their convergence it makes it almost impossible for American to not hear about current events in some way. With the technology of cells phones and internet, it has made it almost impossible to keep things a secret. Most cell phones now have cameras, American can now video or take pictures so there is proof to back up the information posted on these internet sites. Having this kind of technology in our hands, it is our own personal responsibility to have good morals about what we decide to put on the internet for all to see. Some sites are now set up so that you can report inappropriate media, but it is still there decision to take the media down or to leave it. News media does have a reflective effect on American society and this is why it is so important that today’s news media have social responsibility. Millions of Americans post and share the news media every day to inform others on what is going on around the world. So it is very important that the news media not only report the news...
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...Current Practices in Tourism Hospitality and Events CHTM33 Module Guide University of Sunderland London Campus Contacts Module leader US: Dr. Donna Chambers, Reader Module tutor USLC: Dr. Barbora Cherifi, Academic Tutor 3rd floor staff room barbora.cherifi@sunderland.ac.uk Module information TITLE: Current Practices in tourism, Hospitality and Events CODE: CHTM33 CREDITS: 30 LEVEL: M MODULE BOARD: Tourism PRE-REQUISITES: none CO-REQUISITES: None LEARNING HOURS: 300 Learning Outcomes: Upon successful completion of this module, students will have Knowledge 1. Demonstrated an advanced knowledge of current issues, debates and practices in Tourism, Hospitality and Events. 2. Critically evaluate current research and scholarship relating to tourism, hospitality and events. 3. Critically evaluate the strategic challenges facing Events, hospitality and Tourism organizations. Skills 4. Demonstrate the ability to communicate concepts and analysis orally as well as in written form. 5. Demonstrate the ability to analyze, synthesize and diagnose issues and opportunities in tourism, hospitality and events. 6. Reflect critically on the relationship between theory and practice in tourism, hospitality and events. Content Synopsis This module is conceived as an open platform for students to engage with current practices, issues and debates in Tourism, Hospitality and Events. As well as introducing students to the latest theoretical debates...
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