a)Introduction: This company was incorporated in 1990, Eksons Corporation Bhd was listed on the Second Board of the Kuala Lumpur Stock Exchange (now Bursa Malaysia Securities Bhd). After a reverse takeover in April 2000, Eksons was subsequently promoted to the Main Board in February 2001. The Eksons Group specialise in the manufacturing of tropical thin plywood of less than 3.0 millimeter in thickness, particularly in the 2.5 and 2.7 millimeter categories. The plywood is sold under the “Panda”
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being stated and value at either the cost or the market value method. (Lower Cost of Market Method) Sometimes an adjustment must be made to the balance sheet when the cost of the inventory is higher than the market value. When a company’s inventory is under the lower of cost or market value the contra asset inventory account is used. This is a balance sheet account used to report the amount that the inventories reported is below
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financial 'health'. The legal obligations regarding the way in which this is presented depends upon the size of the business. However, for the moment it is sufficient to limit the discussion to the three key statements: The Profit and Loss Account The Balance Sheet The Cash Flow Statement End of Page 1 © Resource Development International Ltd. (RDI) 2009 Financial Statements The profit and loss account Page 2 of 13 The full name for the profit and loss account (P & L) is the 'trading, and
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percentage as the other assets. If every other item on the income statement and balance sheet increases by 10 percent, the pro forma income statement and balance sheet will look like this: Pro forma income statement Pro forma balance sheet Sales $ 17,600 Assets $ 9,790 Debt $ 5,610 Costs 13,750 Equity 4,180 Net income $ 3,850 Total $ 9,790 Total $ 9,790 In order for the balance sheet to balance, equity must be: Equity = Total liabilities and Equity – Debt Equity
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equal to the Stockholders’ Equity of the investee company. It, therefore, includes the assets and liabilities of the investee company in one account. The investor’s balance sheet, therefore, includes the Stockholders’ Equity of the investee company, and, implicitly, its assets and liabilities. In the consolidation process, the balance sheets of the investor and investee company are brought together. Consolidated Stockholders’ Equity will be the same as that which the investor currently reports; only
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Auditing a Publicly Traded Company ACC/541 June 8, 2015 MEMO TO: Manager FROM: DATE: SUBJECT: Auditing a Publicly Traded Company ________________________________________________________________________ An objective of any publicly traded corporation is to make a return. There are many influences, which can be contributed in completing this goal. The most significant factor is compliance with the accounting governing bodies, such as GAAP (Generally Accepted Accounting Principles)
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difference between this period and last period from Balance Sheet) - Increase in CURRENT Asset accounts other than cash (calculate the difference between this period and last period from Balance Sheet) + Increase in CURRENT Liabilities accounts (calculate the difference between this period and last period from Balance Sheet) - Decrease in CURRENT Liabilities accounts (calculate the difference between this period and last period from Balance Sheet)+ Loss on Disposal of PPE/Fixed Assets used in normal
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three basic financial statement of significance to stake holders of an enterprise are balance sheet, profit and loss account and cash flow statement. BALANCE SHEET Balance sheet is the most significant financial statement. It indicates financial condition or the state of affairs of a business at a particular time. Balance sheet gives information about assets, liabilities and owners equity. The balance sheet let us say prepared on 31.03.11, reveals the firm’s financial position on a particular
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A& B can be filled up at the end before submission of the Working Papers. 2. The completed Working Papers must be submitted by the audit team with the draft Audit Report (prepared as per proforma given in Annexure N in Part IV) forming the top sheet. 3. Copies of supporting documents/records/evidences referred to in the Working Papers must be annexed at the end. Each of the copy should be cross-reference to the relevant entry in the Working Paper. 4. The Working Papers form the basis
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include what the order of liquidity is and how it applies to the balance sheet. Current and Noncurrent Assets Paper Current Assets Current assets, also known as short-term, “are cash and other resources that are reasonably expected to be realized in cash or sold or consumed within one year of the balance sheet date or the company's operating cycle, whichever is longer” (simplestudies.com). Current assets is also a balance sheet item that will equal the total of cash and cash equivalents, accounts
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