ACCOUNTING Evolution: Accounting can be traced back to the evolution of the number system itself. It has been there in one form or the other, since the human beings started exchanging things. In ancient times the “kings” or “monarchs” used to maintain “treasury records”. They used to keep records of the incomes and expenses to the treasury. However, the real beginning can be traced to the reference to double entry system in the book published about 500 years ago. It was the great Italian Mathematician
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Wal-Mart International and Sam’s Club. All reports are consolidated with all business entities financial information due to corporate affiliations. Report on Current Assets On the balance sheet listed for 2012, the current assets are listed in the order of liquidity. This means that the company plans to use these assets within the current period. Cash is listed at the top of the list as it is used to purchase and also includes money that would come in for receivables. The receivables are also
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Ford Motor Company Business Analysis I, II, & III The government offered bailout funds to assist with the failing automobile industry, Ford believed they did not need the government’s assistance, but took the funds as a contingency plan. The economy compelled Ford to review the strategic, tactical, and operational planning Along with how the human resource management teams would implement new goals and benchmarks, for the company to become more effective and efficient in providing services to
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403,721 Ml= 202,026ML+175,279ML,+26,416ML 10. The three largest assets on the most recent balance sheet are Finance receivables (77,481)ML, Net property (27,616)ML, Marketable securities (22,100)ML. 11. The three largest liabilities are Debt (114,688)ML, Other liabilities and deferred revenue (40,462)ML, Payables (19,531)ML. 12. Fords retained earnings
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unforeseen event. Current Ratio Current Assets / Current Liabilities This ratio reflects the number of times short-term assets cover short-term liabilities and is a fairly accurate indication of a company's ability to service its current obligations. A higher number is preferred because it indicates a strong ability to service short-term obligations. The composition of current assets is a key factor in the evaluation of this ratio. Depending on the type of business or industry, current assets may
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agenda projects. Therefore, the first step is to identify and prioritize those cross-cutting issues. Possible examples that the staff have suggested include the meaning and role of reliability; the definition of liability; the meaning of probable; the effect of conditions, contingencies, or other uncertainties; the unit of account; and accounting for contractual rights and obligations, as explained further below. Initially, the Boards will focus on concepts applicable to business entities in the
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both entities have two approaches for their valuation techniques. Income approach will convert future amounts like cash flow and earnings to a single current amount. The cost approach is the amount required to replace the asset. The value has been separated into a three level hierarchy. Level 1 is for quoted prices for identical assets or liabilities. Level two are non-quoted prices for a similar product in the market. Level 3 is used for unobservable inputs where there is almost no market activity
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Untitled Document Page 1 of 12 Syllabus Course Syllabus Brent Tabor brentmtabor@bellsouth.net Office: League City, TX Office Hours: Mondays and Tuesdays at 8:00 PM Central Phone: 409-692-3081 Hello students. Welcome to Intermediate Accounting II. My name is Brent M. Tabor and I am excited to be your instructor for the class. A little about myself…..I was born in south Louisiana and currently reside in League City, TX. My wife and I have three children, which keep us extremely busy
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Student Cases with Solutions to accompany Accounting & Auditing Research: Tools & Strategies (7th edition) NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood
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1. List and describe the four basic financial statements included in a corporate annual report. The balance sheet shows the financial position—assets, liabilities, and stockholders' equity—of the firm on a particular date, such as the end of a quarter or a year. The income statement presents the results of operations—revenues, expenses, net profit or loss and net profit or loss per share—for the accounting period. The statement of shareholders' equity reconciles the beginning and ending balances
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