...Financial Statement Differentiation – Individual Paper Mary Lou Gasca Accounting ACCT/561 March 18, 2013 Moises Rodriguez Financial Statement Differentiation – Individual Paper Financial statements are tools that people use to evaluate the potential of a business’ organization. There are four types of financial statements for two main types of users (internal and external), which is beneficial, depending on the type of business (sole proprietorship, partnership, and corporation). Regardless of the type of business, financial statements assist in making business decisions for internal and external users. Internal users are the business managers, owners, and an organization’s personnel who contribute to the operations of the business. External users are creditors, investors, and individuals of interest for the business (customers, for example). Financial statements also assist in identifying, depending on the nature of the business, an organization’s resources, profits, debts, business creditability, and financial health of business activities. The four types financial statements, which report financing, investing, and operating...
Words: 760 - Pages: 4
...Rafael Abreu 12/17/12 Personal Mission/Role Model/Leadership Statement Section II: My Role in My Education Presently I am at the start of my educational plan. I have successfully completed two sessions at Devry. In five years I will be at the end of my education. I will have my own company and will apply my skills and determination to that business so that I will be as successful with it as with my education. My ultimate goal is to be an entrepreneur and be a positive role model for my parents. I have laid out my classes in a spreadsheet format and have carefully selected each one and the order in which I will take them. This has helped me to visualize my goal further and to prepare for each session as it arrives. I will graduate in the fall of 2015 and will move forward with my education in Computer Information System. As with anything in life, there are bound to be obstacles of which I will have to overcome in order to accomplish my goal. Money is tight and at the present I am working at a company called Fab. Being that I am a driven individual, I will not allow any changes in my work status to prevent me from continuing my education although these changes may slow me down a little. Finally, the last obstacle that I could foresee me having to face would be financing. Right now I am over funded due to my low-income status; however, if the previous scenarios caused me to take a higher paying job, I would lose some of my funding. This would cause me to cut back my classes...
Words: 1525 - Pages: 7
...Comments on the Importance of IMA’s Ethical Standards IMA’s Ethical principles include: Honesty, Fairness, Objectivity, and Responsibility and the Importance of IMA’s standards are discussed below: 1. It is important that an accountant should be competent and should have an ability to maintain and continue to develop its company knowledge at the professional ethical level. 2. It is important that duties are meant to be performed in accordance with the company’s relevant rules and regulations and its technical standards. 3. To provide a clear supervision or direction to employees on how to buildup and calculate competence. 4. It is an important duty of an accountant to keep the company’s information confidential and do not disclose this information to unauthorized personal. 5. He /She should monitor its subordinates to ensure compliance of confidentiality. 6. It is important that an accountant/employee should provide information with honesty to the higher management and other employees without any false and dishonest information. 7. It is important that personal conflicts of interest should be avoided. 8. An accountant should communicate information fairly and objectively on timely bases. 9. Relevant information should be disclose to influence an intended user to make him/her understand the report, analyses or to recommendations. Ethical Standards Applicable on my Job I am presently working in “Al Sharq Driving School” as a front desk...
Words: 588 - Pages: 3
...One of the most important documents or tools for an accountant is a balance sheet. A balance sheet is also referred to as a “statement of financial position”. The balance sheet is represents a companies financial situation at the end of the year. A balance sheet is basically a document that shows the breakdown of the entire companies, profits, losses, investments, and expenses with variable branches of each of the categories. A balance sheet is divided in three sections assets, liability and shareholder equity. The balance sheet will show what the company owns, their debts, the price of inventory, and how much money a company has. An income statement also knows as a “profit and loss statement” is another a vital part of a company’s development. The income statement is a financial statement that gives measurements of a company’s financial performance over a certain accounting period. The performance of the company is measured by giving an outline of how the business incurs its revenues and expenses. The statement will include net profit and losses over a specific accounting period. A retained earnings statement is not used by every company, but large corporations find it a very useful tool for success. The retained earnings statement shows the amounts and changes that have been retained by its earning during an accounting period. Retained earnings are the sums of a company’s profits, after dividend payments are settled since the company’s start. Retained earning display...
Words: 587 - Pages: 3
...When I think about the “third space”, and what makes people happy, I think about a place that is stress free, a place people can go to connect to one another and disconnect from their busy lives. I think of a place where interaction is welcomed and relationships are formed. When designing Shepherd’s Brewery I plan on incorporating all those ideas and designing a place that encourages these acts. Brining your dog into your “third space” is a more common practice in today’s society, dogs are leaving backyards and traveling with their owners and serving more as companions then pets. There have been many studies proving that owning a dog is beneficial to ones wellbeing and has many positive effects. Being a dog lover myself, I find that owning a dog not only relaxes me, but encourages me to be more social in new environments, and promotes positives interactions between myself and others. In the Journal Article, The Health Benefits of Owning a Pet, Dr. Jean Martin states that “Children and adults alike can benefit from playing with and owning pets, which can be a good source of calmness and relaxation, as well as a source of stimulation for the brain and body.” This interaction would help facilitate the type of interactions and help to promote the environment I envision. Design alone is not enough to promote happiness, it’s the surrounding environment that helps to develop happy experiences and encounters. Due to the California Health Code, animals, (with the exception of service...
Words: 714 - Pages: 3
...Statement of Purpose For Graduate School of Business, Florida International University Executive MBA, BY:Jazmin Kazravan Positive attitude, outstanding academic performance in my schools, active participation in academic as well as extra curricular activities and work experience, cultural diversities had made me the person I am today. I consider my self a very successful woman, the woman who never feared taking risks. My strong and enthusiastic ways of life have helped me develop strong quantitative and analytical abilities and good leadership and communication skills. These optimistic qualities have prepared me to handle complex problems and have given me the confidence to pursue graduate studies and to step in to more challenging way of life. I was always told by my peers and friends that I am a very optimistic, positive, pleasant, diverse, active and intelligent woman. One of my best distinguishing characteristics is the diversity of experiences I had throughout my life. I am a woman of success, a person who never gives up and take NO for answer, a leader who strives for a new experience every day. My leader ship skills had always drawn me to pathways that lead me to a better future. I am a Registered Nurse and the president of two very successful medical centers. As a Nurse and a Business woman I decided to pursue my education in business to be more successful in doing what I like to do. I believe that my unique blend of experiences I had, made me a woman...
Words: 380 - Pages: 2
...Accounting is probably one of the most popular professions pursed by college students in today’s world. Businesses, large and small, can greatly benefit from the services an accountant provides and the information that arises as a result of the work an accountant performs. In the following paragraphs, we will discover just what the purpose of accounting is. We will identify for of the basic financial reports and how each of these reports is related to another. Finally, we will take a look at whom these financial reports are useful to and the reasons they are useful. Accounting is defined as “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results”, (Webster’s Ninth New Collegiate Dictionary, 1988). What this means is that the purpose of accounting is to identify a company’s events, record those events in chronological order, showing which accounts are impacted by each event, and then communicate/report this information to interested parties in the form of financial reports. There are four basic financial reports that are typically used to report a business’ activities: Income statement, Retained earnings statement, Balance sheet, and Statement of cash flows. Each of these reports has a separate purpose, but is also interrelated. The income statement results in the net income, or net loss, of a company by presenting the revenues first and then the expenses, over a specific time period. If the revenues are...
Words: 744 - Pages: 3
...AMS ACCOUNTING LLP Project Report on Audit of Matty Kitchens vikas 8/1/2014 Table of Contents Analytical Review 3 • Comparison 3 Changes in Income statement 3 Changes in Balancesheet 5 • Ratio Analysis 7 Liquidity position 7 Profitability 8 Leverage 8 Asset Management 8 Audit Risk assessment and Audit Approach 9 • Going concern risk 9 • Revenue 10 • Expenses 11 • Inventory 11 • Account Receivables – valuation and existence 13 • Goodwill 13 • Account payables 14 • Capital Assets 15 Materiality 16 Evaluation of Internal Auditor work 17 Additional procedures performed at future inventory count 18 • Procedures performed during inventory count 19 • Procedures followed after inventory count 20 Audit program for Property Plant and Equipment 22 ROMM 22 Approaches to testing 22 Audit Test 23 Audit Documentation and Audit File 25 • Importance of audit documentation 25 • Parts of Audit file require Documentation 26 Auditor Report 28 Analytical Review Analytical review of Matty Kitchens is done using comparison and Ratio analysis. This analysis is based on extract of financial statement provided by Matty Kitchens. Matty Kitchens, a distributor of packaged meals and these meals are prepared by the matty kitchens itself. Company sell these products to grocery stores nationwide. Matty kitchens operates in a competitive environment. Because increased competition could affect the...
Words: 4380 - Pages: 18
...Introduction: Recently almost every corporation has investments in foreign country. Due to the quick growth in cross-country investments, the demand for internationally comparable financial information increased significantly. As a result we witnessed many countries that have adopted International Financial Reporting Standards (IFRS) in replace of their global General Accepted Accounting Principles (GAAP), or at least have permitted IFRS. European Union is one important example of twenty eight countries that adopted IFRS in 2005. European policy makers state that the reason for adopting one set of accounting standers is to “level the playing field” for investors in the European capital market by increasing the comparability of financial statements prepared by publicly traded companies across Europe (Cascino and Gassen, 2012). Similarly, The International Accounting Standard Board (IASB) declares that a single set of high quality accounting standards is intended to provide investors with comparable financial statements and thus help them make better decisions (Cascino and Gassen, 2012). Increasing comparability is the same reason that motivates the Securities and Exchange Commission (SEC) to support the convergence to a global set of accounting standards (Cascino and Gassen). Information comparability is “the quality of information that enables users to identify similarities in and differences between two sets of economic phenomena” (Yip and Young, 2012). There are two...
Words: 1450 - Pages: 6
...Much of today’s success in the business world is tied in with numbers in the form of accounting and financial statements. Able to understand and properly use these statements is a critical component in truly knowing a business and properly assessing its total performance. In the accounting world there are four main financial statements commonly understood and prepared for most corporations and many small and medium-sized businesses: the income statement, the balance sheet, the statement of cash flows, and the statement of retained earnings, which may be referred to as shareholders’ equity. An essential ability to interpret properly the information these statements contain allows internal and external users to make a wide range of decisions affecting company operations and decisions on whether or not to invest. Financial Statements Descriptions The balance sheet can be used by executives or investors to define the total of assets, liabilities, and stockholder equity that a business has. Also it can give an organization’s leaders a chance to know financial health of the company. The income statement is used for tracing the statement of present operations. The documentation provides leaders with information on revenue, income, and expenses. The document provides the reports of shareholding positions in the company. It is also likely to be used because the supportive information, such as interest payments, tax payments, and offers a report on...
Words: 790 - Pages: 4
...Financial statements present themselves in several methods all of which assist in providing a recipe for utter success in any business while forming proficient interactions among managers and employees on top of thriving in networks between investors and creditors. Individual financial statements can be categorized into four basic statements which all serve their own specific purpose as well as working in cohesion with one another. These four financial statements are Income Statements, Retained Income Statement, Balance Sheet, and the Statement of Cash Flows (Laurie and Kevin Hillstrom, 2013). The Income Statement also known as the "profit and loss statement" or "statement of revenue and expense" is separated into two parts. These two parts are known as the operating and non-operating sections of the Income Statement (Investopedia.com, 2013). The operating section deals with operation items that are important to investors as well as analysts because this section unveils information about revenues and expenses that are in direct significance of the fixed business operations. The non-operating section of the Income Statement focuses on disclosing revenue and expense information about actions that are not secured directly to a company's regular operations. The Income Statements purpose is to measure a company’s financial performance over a specific accounting period and evaluates it by giving a summary of how the business acquires its revenues and expenses through both operating...
Words: 1060 - Pages: 5
...* How does a personal cash flow statement help you organize your finances? * What was the most interesting thing you learned about completing this worksheet? * Did this worksheet provide you with any ideas about how you may want to change your budget (how much you are spending, saving, or reducing your debt)? The personal cash flow statement is a categorized sheet that helps us identify the relationship between income and expenses. Calculating the income is an easy process, all you need to do, is add up the primary sources , like the monthly salary and the extra income like scholarship, gifts, but calculating the expenses is much harder because the total amount of the income, will be spent in so many different ways. This sheet will help you record the outflows over the same period of time, from the essential expenses to the unnecessary ones. Completing the sheet will make you feel organized and able to count all the expenses no matter how much money you spent on little purchases, and it make you go over the bank statements, the life and health insurances, the credit cards statement and bills, the ATM machine receipts, then get it all together and file it in order. This way, the financial situation will be organized, and you will be able to determine the net worth, how much you own and how much you owe, by the end of the month if you have money left over or if you are spending more money than you can afford . You will know by completing...
Words: 346 - Pages: 2
...Purpose of the Study The purpose of this study is to increase knowledge of the proper usage of ITNs, as part of a larger effort to increase education about malaria prevention. It is anticipated that dissemination of the results of the proposed study will increase education about the need for and proper use of ITNs, encourage community engagement in the proper use prevention of malaria measures, and help policymakers to provide for properly equipped and accessible health centers. Thus, examining the relationship between education and the proper dose of antimalarial drug is an important step to ensure proper use of antimalarial drugs and ensuring that the right dose is taken to reduce malaria. Examining the relationship between the socioeconomic status of rural residents and their health seeking behavior will shed more light on why many rural residents prefer traditional medicine over modern medicine. This may be an important initial step for public health officials in Cameroon to provide health centers that are accessible by rural residents. This study lay emphasis on the necessity of health education to raise community awareness about the proper use and adherence to existing malaria preventive measures; for instance, proper use of ITN especially by children under five, proper use of antimalarial drug to prevent malaria from its onset. Significance of the study This study is an attempt to increase our understanding of the importance of proper use of ITNs for the protection...
Words: 449 - Pages: 2
...Mostly I agree with the statement that climate change has nothing to do with fossil fuels, despite there being some contradictable evidence. There are also some reasons why David Bellamy’s statement could be wrong. There have been many times in history where the world’s co2 has been from 3 to 10 times higher that it is now, however the climate itself hadn’t changed greatly, so why is the co2 so important nowadays? One of the reasons for this could be that the ipcc has been in charge of climate change reports since 1988 and although there are many scientists on the team the organisation itself is controlled by politics rather than the science, thus creating a manipulated result. Leading from this if climate change (global warming) wasn’t such a big scare, the public would give less money towards ‘stopping it’ and research leaving a large amount of people unemployed. This would mean the public body is being misled and the complete matter is over exaggerated to suit the government. Furthermore the world’s climate has always been changing with little to no help from human influence. This has been proven through both the little ice age and the medieval warm period. The little ice age happened between the 1500 and 1800 where global temperature dropped to an average of around -0.8 degrees. During this time around 1780 industrialisation began in England, leaving London burning a substantial amount of fossil fuels and yet the temperature didn’t increase properly till around the 1800...
Words: 947 - Pages: 4
...internationally. The following pages will present a balanced approach to the effectiveness of Chipotle’s strategy analyzing financial performance, customer satisfaction, employee/learning and growth, and internal process. Business Model Chipotle’s vision is to change the way people think about fast food. This is done by seeking the same quality and experience as a high end restaurant while maintaining the speed of fast food. Chipotle adopted the slogan, “Food with Integrity” which serves as their guiding objective for the ingredients. Our objective is to find the highest quality ingredients we can—ingredients that are grown or raised with respect for the environment, animals and people who grow or raise the food” (2012 Annual Report and Proxy Statment, 2012). Differentiation of Products and Services One way Chipotle maintains quality is with short line of products: burrito bowls, tacos, quesadillas, and salads. Each item can come with one of four meats or just vegetables. Each location serves soft drinks while some also serve beer and margaritas. There are no freezers, microwave ovens, or can openers at any location as the majority of the food is made on site. Chipotle ensures that all products served were, “raised without the use of subtherapeutic antibiotics or added hormones, and in accordance with criteria we’ve established in an...
Words: 2096 - Pages: 9
