|Profile: Company Background | | | | | | | |Example Company Inc. (Stock Symbol ***)
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journal entry write Dr. for debit and Cr. for credit. 3. (TCO B) Adjusting Entries: Seymor Stars is the new owner of Night Computer Services. At the end of August 201X, his first month of ownership, Seymor is trying to prepare monthly financial statements. At August 31, Seymor owed his employees $2,900 in wages that will be paid on September 1. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he estimated that the bill would be approximately $600
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It has been well known that most or even all companies have got a legal obligation to prepare financial statement in many countries. The requirements for preparing financial reporting are usually based on adequate mixture of legislation, accounting standards and specific requirements such as stock exchange rules. Those requirements often give different reporting obligation to entities according to their characteristics such as scope and social or economic substance, and business sector. Therefore
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for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12, The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs, make it easier to acquire foreign companies, and facilitate comparisons between
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Financial Report Analysis 1. Ford uses a single-step format in its income statement because it is broken into only two divisions, revenues and expenses. The expenses are deducted from the revenue to arrive at net income 2. Net income: 2013 – 7,155,000,000 Earnings per common share: 7,155,000,000 – 1,574,000,000 / 3,913,000,000 = $1.42 3. Gross profit: 2013: 146,917,000,000 – 141,478,000,000 = 5,439,000,000 2012: 133,559,000,000 – 127,678,000,000 = 5,881,000,000 4. Interest expense: 2013:
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Intermediate Accounting II Study Guide Final Exam 1. Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations arising from past transactions and payable in assets or services in the future. 2. Which of the following is a characteristic
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Inventory represents products Held for resale and is classified as a current asset on the balance sheet. When companies sell their inventory to customers, the cost of the inventory becomes an expense called cost of goods sold. Cost of goods sold, cost of sales, or cost of merchandise sold, represents the outflow of resources caused by the sale of inventory and is the most important expense on the income statement of companies that sell goods instead of services. Sales Revenue (Cost of Goods Sold)
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investment, credit, and similar decisions. An accounting system is the means by which a company records and stores the financial and managerial information from its transactions so that it can retrieve and report the information in an accounting statement. A doubleentry system standardizes the method that a company uses to record changes in its accounts resulting from various transactions or events. For each transaction or event that a company records, the dollar amount of the debits entered in all
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“A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE BANKING & INSURANCE SEMESTER V (2013-14) SUBMITTED BY: ANERI SHAH ROLL NO - 88 PROJECT GUIDE: PROF. SONALI DEOGIRIKAR K.J SOMAIYA COLLEGE OF ARTS,& COMMERCE, VIDYAVIHAR (EAST), MUMBAI-400077 K.J.SOMAIYA COLLEGE OF ARTS, & COMMERCE, VIDYAVIHAR (EAST), MUMBAI – 400077 PROJECT ON: “A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE (B&I) SEMISTER V (2013-2014) Submitted In Partial Fulfillment of the requirements
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company. The following analysis reveals the root causes of KKD’s downfall which included overly aggressive growth goals, a poor operating structure, questionable accounting practices, and poor management decisions. Through analyzing KKD’s financial statements, key financial ratios, peer group benchmarking, and business plan, we can begin to clearly see several problems facing the company. Through our in-depth analysis, we have proposed and recommended a plan to help stabilize and improve KKD’s operations
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