an accounting period which transfer the balances of temporary accounts to permanent accounts. Closing entries are based on the account balances in an adjusted trial balance and the reason closing entries are prepare is when the revenue, expense, and drawing accounts, Dividend, Drawings or Withdrawals Accounts, Income Summary Account(the temporary accounts) are closed, their balance returns to zero in preparation for the new accounting period. Trial balance is the process of totaling the debits
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May 24, 2013 (Revised on June 17, 2013) Intermediate Accounting I Professor Marina | Course Project: Balance Sheet and Single Step Income Statement | | | | | | | | | | Part I: Account Classification | | | | | | | | | | | | | | | Income Statement | | Balance Sheet | | | | | | | | | | | | Revenues | | Assets | | | | Sales Revenue | | Current Assets | | | | Sales Discounts | | Cash | | | | Cost of Goods Sold | | Allowance-Doubtful
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future.Something the business owns or has control of. Audit An examination of a company's financial statements and records Balance Sheet Reports on the assets,liabilities and stockholders equity of the business as of a specific date Certified Management Accountants Certified Professionals who specialize in accounting and financial management knowledge. They typically work for a single company. Certified Public Accountants Licensed professional accountant who serve the general public
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| | |Perform the steps in the accounting |12, 13, 14 |8, 9 |1, 4, 5, 7 |5, 6, 7 |5, 6, 7 | |cycle for a merchandising company. | | | | | | |Prepare multiple-step and single-step |15, 16, 17 |10, 11 |1, 6, 7, 8 |5, 4, 6, 7 |4, 5, 6, 7 | |income statements. | |
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Third, risky cash flows are valued less than cash flows known with relative certainty. The process of valuing publicly traded equity using DCF involves three steps. First, condensed financial statements, also called pro-forma statements, are forecasted several years into the future. Second, the forecasted statements are used to calculate free cash flows for the entire firm, which are then discounted by the cost of capital for the firm. Third, the intrinsic value of one share of the
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Ltd. (FLIP), 2010. Proprietary content. Please do not misuse! Accounting All businesses have financial transactions all the time. These are recorded in a particular way. Businesses can be structured in 3 ways: 1. Proprietorship: business with a single owner. Owner has complete liability for all debts of the company. 2. Partnership: business with 2 to 10 equal owners. All partners share complete liability for all debts of the company. 3. Limited company: Many owners with limited liability for
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BASIS FINANCIAL STATEMENTS Chapter Summary Financial statements are the primary means of communicating financial information to users. Chapter 2 covers the income statement, balance sheet, and statement of cash flows. Chapter 1 set forth the objectives of the financial reporting process, and offered the observation that these objectives are met in large part by a set of financial statements. In this chapter, we take
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Financial Management Course code- 206 Term paper on: “Financial Statements Analysis of Reckitt Benckiser” Submitted to: Prof. Dr. A.A. Mahboob Uddin Chowdhury Professor, Department of Finance University of Dhaka Submitted by: Group No.12 SL | Name | ID | Remarks | 01 | Mohammad Monirul Islam Monir | 19-030 | | | | | | | Date of submission: 7th December, 2014 Letter of Transmittal: Professor, Department of Finance University of Dhaka Dear Sir,
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Planning: Cash Budgets * Profit Planning: Pro Forma Statements * Preparing the Pro Forma Income Statement * Preparing the pro Forma Balance Sheet * Debt/Interest Planning Problem * The Percentage of Sales Method-A Formula Approah References: Principles of Managerial Finance By Lawrence Gittman Practical Financial Management By William R. Lasher Financial Planning Projecting a company’s financial statements into the future. Financial planning is part of a broader
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flows. * Information about economic resources, claims to resources, and changes in resources and claims. * The primary financial statements * Balance Sheet * Income Statement * Statement of Cash Flow * Characteristics of Externally Reported Information * A Means to an End * Broader than Financial Statements * Historical in Nature * Results from Inexact and Approximate Measures * Based on General Purpose Assumption * Usefulness
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