Becker CPA Review, PassMaster Questions Lecture: Financial 1 CPA PassMaster Questions-Financial 1 Export Date: 10/30/08 1
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information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements. • Income Statement: reports the results of operations for a specific period of time. • Retained Earnings Statement: reports the changes in retained earnings for a specific period of time • Balance Sheet: reports the company's financial position at a specific date. • Statement of Cash Flows: reports the case receipts and payments for a specific period of time. The objective
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(Jasmine) Tutor’s name: Diane Marsh Date: 16/09/2013 Word count: 1403 Introduction A primary responsibility of any business is to understand the financial situation. With this understanding, the company can run accordingly with management. Shen Yuchu (2005) illustrates that it is significant for the privately-owned firms to understand whether profit status influences performance. “Financial performance is measured by the entity’s ability to generate profit after tax, the accumulated
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displays just how successful one’s business performance is during a certain period. The income statement basically shows the revenues and expenses of any business (Kimmel, Weygandt, & Kieso, 2011). After the income statement there is the retained earnings statement. This statement indicates how much of a business’s previous income is distributed to owners by way of dividends. It also shows how much income was retained within the organization to allot for future growth (Kimmel, Weygandt, & Kieso
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decisions in order to begin their business operation: the type of business entity to be used and where the business assets will come from. The decision depends on several factors, including the capital requirements of the business, the flexibility of management decisions, costs of formation, government restrictions, and tax considerations. Sole proprietorship, partnerships, corporations, and S-corporations are four legal forms of business organization an entrepreneur may consider when forming a business
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‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 ‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) ‘’Earnings management, in exchange listed
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how much cash a company earned and disbursed over a specific dates. The income statement is fundamentally a report to demonstrate the accomplishments or failure of the company's operations for a period of time. Income statements as well report earnings per share (or “EPS”). This calculation expresses how much money shareholders would receive if the company has to dispense all of the net incomes for the period. The Balance sheet is another financial statement that will be discussed. The balanced
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reflecting these areas of interest is used to populate financial statements. The backbone of financial accounting is made up of four basic financial statements. These four financial statements are a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows. Users utilize these basic forms to keep track of financial areas of interest in a business such and to make decisions. The balance sheet is used to paint a current picture of what a business owns, or
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revenue. Finally, employees would find this statement useful to see if a future reduction in headcount is on the horizon based on the expense/revenue ratio. The second financial statement would be the Retained Earnings Statement. This statement shows a company’s changes in retained earnings for a specific period of time (Weygandt, p. 21, 23, 2008). . This statement is used by managers to decide how to reinvest profits back into the business or it they should pay it out to shareholders. Investors
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Tangible assets: Assets which t have physical existence or which are touchable. Ex: Plant and machinery, buildings, furniture etc. Intangible assets: Assets which don’t have physical existence or which are not touchable. Ex: Goodwill, Patents, etc. Share warrants: (Page 74 of Tata steel annual report) A warrant gives the holder the right but not the obligation to buy an underlying security at a certain price, a specified quantity at predetermined future time. A share warrant cannot be issued by
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