* VERIFICATION AND VALUATION OF ASSETS AND LIABILITIES Spicer and Pegler have defined verification as “it implies an inquiry into the value, ownership and title, existence and possession and the presence of any charge on the assets”. Thus, verification includes verifying :- * The existence of the assets * Legal ownership and possession of the assets * Ascertaining that the asset is free from any charge, and * Correct valuation * auditor’s object According to the `statement
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balance is completed the company makes the appropriate adjustments and then prepares an adjusted trial balance. Adjustment entries are made to ensure the company follows revenue recognition and the matching principle and report appropriate assets, liabilities, and owner’s equity at the statement date; and ensure proper reporting of revenues and expenses for the accounting period. This is an important step in the accounting process because the data in the unadjusted trial balance may not be up-to-date
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Part A Question 2.12 A) Total cash outlay = 500 000 x $6.10 + 4 300 = $3 104 300 Pimento Ltd General Journal Contingencies Reserve 700 000 Retained Earnings 1 000 000 Share Capital 1 404 300 Cash at bank 3 104 300 (Buy back of 500 000 ordinary shares at $6.20 per share and buy back costs of $4 300) B) Total cash outlay = 500 000 x $1.50 + 4 300 = $754 300 Pimento Ltd General Journal Retained Earnings 70 000 Share Capital 684
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pg. 3 Property Plant &Equipment …………………………………………………………………………………………………………………pg.4 Intangible Assets …………………………………………………………………………………………………………………………………..pg 5 Depreciation and Impairments ………………………………………………………………………………………………………………pg 6 Current & Long Term Liabilities……………………………………………………………………………………………………………. pg 7 Conclusion ……………………………………………………………………………………………………………………………………………pg 8 Works Cited………………………………………………………………………………………………………………………………………….. pg9 Introduction In today’s society technology
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organizes its internal systems. 4. Organizational Growth-changes in the organization’s processes, culture, and attitudes as it grows and develops. Financial Analysis The Balance Sheet-structure of financial reporting shows the assets and liabilities of the firm as being equal. The Profit and Loss Account-provides a summary of the revenues obtained as a result of trading activity over the period in question. 1. Gross Profits-profits generated by the business. 2. Profit before Tax-profits
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product. Pay the salaries to all who helped in the production of the product Currency Translation Due to the company having to send products to different countries because of this the company has to e use the current exchange rate for orders that are established in different countries. The current exchange rate is used and all contracts are negotiated in the country in which the product is sold. Cash Flow Presentation This represents how the cash flow is utilized within the company. For the purchase
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stock 股本 Corporation 公司 Cost principle 成本原则 Creditor 债权人 Deflation 通货紧缩 Disclosure 批露 Expenses 费用 Financial statement 财务报表 Financial activities 筹资活动 Going-concern assumption 持续经营假设 Inflation 通货膨涨 Investing activities 投资活动 Liabilities 负债 Negative cash flow 负现金流量 Operating activities 经营活动 Owners equity 所有者权益 Partnership 合伙企业 Positive cash flow 正现金流量 Retained earning 留存利润 Revenue 收入 Sole proprietorship 独资企业 Solvency 清偿能力 Stable-dollar assumption 稳定货币假设 Stockholders
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Plant and Equipment and Depreciation Earnings per Share Revenue Recognition Research and Development Use of Estimates Income Taxes Annual Closing Date 2. Cash, Cash Equivalents and Current Marketable Securities 3. Inventories 4. Property, Plant and Equipment 5. Intangible Assets and Goodwill 6. Long-Term Liabilities 7. Income Taxes 8. Employee Related Obligations 9. Pensions and Other Benefit Plans 10. Merger and Acquisitions 11. Earnings per share 12. Rental Expense and Lease Commitments 13. Investments
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PEPSICO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF INCOME (in millions except per share amounts, unaudited) Quarter Ended March 25, 2006 Quarter Ended March 19, 2005 Net Revenue . . . . . . . . . . . . . . . . . . . . . . Cost of sales . . . . . . . . . . . . . . . . . . . . . . . Selling, general and administrative expenses Amortization of intangible assets . . . . . . . . . Operating Profit . . . . . . . . . . . . . . . . . . . Bottling equity income . . . . . . . . . . . .
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Comparing IFRS to GAAP Kerry Pettit ACC/291 October 25, 2015 Cameo Christopher Comparing IFRS to GAAP IFRS 8-1: IFRS and GAAP are similar when it comes to basic accounting and reporting issues that connect. With identification and measurement of allowance accounts, accounts receivables, recording discounts, and the reduction process to account for bad debt and factoring. However, FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) have taken steps
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