REMARKS BY CHAIRMAN ARTHUR LEVITT SECURITIES AND EXCHANGE COMMISSION THE "NUMBERS GAME" NYU CENTER FOR LAW AND BUSINESS, NEW YORK, N.Y. SEPTEMBER 28, 1998 Thank you very much. Dean Daly, Dean Sexton and to everyone gathered this evening, thank you for welcoming me tonight. I am honored to be here on such an auspicious evening for both NYU and Bill Allen. The creation of the Center for Law and Business recognizes an important truth: we cannot continue to view the worlds of business and law as parallel
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underlying financial reporting are discussed with special emphasis on accounting rules. Next the purpose of financial reporting is discussed – its objectives and how these objectives determine both the quality of the accounting information and the principles that underlie the accounting rules. The relevance of accounting information for business analysis and valuation is also discussed and limitations of accounting information are identified. Last, accrual accounting is discussed including the strengths
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BUSINESS ENVIRONMENT AND CONCEPTS Section 1: Business Structure 1. The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is A. The Model Business Corporation Act B. The Uniform Commercial Code C. The Revised Model Business Commercial Code D. The Standard Incorporation Act 2. Which of the following statements is true? A. The exchange of stock for services rendered is not
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING Show Me the Earnings! The growth of new-economy business on the Internet has led to the development of new measures of performance. When Priceline.com splashed onto the dot-com scene, it touted steady growth in a measure called “unique offers by users” to explain its heady stock price. To draw investors to its stock, Drugstore.com focused on the number of “unique customers” at its website. After all, new businesses call for new performance
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measurements and related disclosures. Learning Objectives LO1–1 Describe the function and primary focus of financial accounting. LO1–2 Explain the difference between cash and accrual accounting. LO1–3 Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards, including convergence between U.S. and international standards. LO1–4 Explain why the establishment of accounting standards is characterized as a political process. LO1–5
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Authoritative Literature: AU Section 341 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern Source: SAS No. 59. This section provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. Continuation of an entity as a going concern is assumed in financial reporting
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strong bureaucratic control over business affairs and accounting. 6. Business culture a mixture of domestic and foreign.( German and US influential) | Regulation environment:1.china installed a highly centralized planned economy, reflecting Marxist principles and patterned after the system in the Soviet Union2.the state controlled the ownership, the right to use and the distribution of all means of production, and enacted rigid planning
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leasing and the sale of assets other than inventory are discussed in other sections of the text. *Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. Revenue Recognition 2. (L.O. 1) The revenue recognition principle provides that revenue is recognized when (1) it is realized or realizable, and (2) it is earned. Revenues are realized when goods and services are exchanged for cash or claims to cash (receivables). Revenues are realizable when assets received
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Chapter 1 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosures for external decision makers. Managerial accounting involves the preparation of detailed plans, budgets, forecasts, and performance
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Management Accounting 管理会计证书 Certificate Public Accountant注册会计师 Cost accounting 成本会计 External users 外部使用者 Financial accounting 财务会计 Financial Accounting Standards Board 财务会计准则委员会 Financial forecast 财务预测 Generally accepted accounting principles 公认会计原则 General-purpose information 通用目的信息 Government Accounting Office 政府会计办公室 Income statement 损益表 Institute of Internal Auditors 内部审计师协会 Institute of Management Accountants 管理会计师协会 Integrity 整合性 Internal auditing 内部审计 Internal control
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