From: Tracey Curtis “EEC’s Corporate Business Financial Analyst” Date: 14th July 2014 Subject: Financial information on the management of the EEC enterprise. Good afternoon, my name is Tracey Curtis “EEC’s Corporate Business Financial Analyst”. Today, i will discuss the following information found in each financial statements and how the information is used for planning, controlling and decision making of the companies. First, financial statements tell investors of differences in how companies
Words: 1198 - Pages: 5
3-26 A- “The financial statements referred to above present fairly, in all material respects, the financial position” rather than “The financial statements mentioned above are correctly stated.” The first phase is used because it uses the word material respects which indicate that the auditors are only responsible to search for significant misstatements, not minor misstatements that do not affect the decision makers. The second phrase is indicating that the auditor’s reviewed the entirety of
Words: 1308 - Pages: 6
agreement, which appears on company’s financial statement all the time, no matter fortune 500 companies or startup firms. Most of the companies will rent tangible property including office and machines that is called rental agreement. When it comes to accounting, leasing becomes one of the most important sources of the financial statement. Since 1977, Financial Accounting Standards Board (FASB) set accounting standards to regulate leases that show on financial statement. However, current accounting rules
Words: 1540 - Pages: 7
“A financial statement is the primary means of communicating the financial information of an organization to its external users” (Edmunds, 2010). They show recordings of obligations and are used for making decisions. The purpose of the analysis is to determine the meaning and significance of the data contained. As stated in the text, there are three different methods that is used for examining financial statements. They are horizontal analysis, vertical analysis, and ratio analysis. Horizontal analysis
Words: 443 - Pages: 2
Financial Statement Different ACC/ 561 Accounting Financial Statement Differentiation The financial statement displays the entire financial doings of a business into a single record. Currently there are four primary financial statements: balance sheet, income statement, retained earnings statement, and statement of cash flows (Kennon, n.d.). The balance sheet is made up of a company’s assets and liabilities; in other words the debt and ownership. An income statement displays the amount
Words: 678 - Pages: 3
First of all, this assignment is mainly talk about the indirect method for the cash flow statement. The key issues to be discussed in this assignment is about whether the option of using the indirect method of cash flow reporting is beneficial to the users of general purpose financial reports in Australia. Furthermore, the reasons for harmonization, accounting standard AASB 107 Statement of Cash Flows and the Conceptual Framework will also be discussed. In AASB 107, cash flow is defines as inflows
Words: 1282 - Pages: 6
FINANCIAL STATEMENT ANALYSIS: A TOOL FOR PERFORMANCE EVALUATION A Case Study of Oceanic Bank By IBRAHIM UMAR PGA/09/07766 M.Sc. Assignment Submitted to Dr. M.I. Kida CNA Department of Accountancy University of Maiduguri 2Financial Statement Analysis: A Tool for Performance Evaluation Jan. 2010 3Financial Statement Analysis: A Tool for Performance Evaluation ABSTRACT Financial statements are prepared to meet external reporting obligations and also for decision making purposes
Words: 5278 - Pages: 22
Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories
Words: 11286 - Pages: 46
AUDITING CASH AND INVESTMENTS 1. CASH Audit objects : - existence recorded cash balances exist at the balance sheet date. - completeness recorded cash balances include the effects of all cash trans-actions that have occurred; year – end transfer of cash between banks are recorded in the proper period. - rights and obligations the entity has legal title to all cash balances shown at the balance sheet date. - valuation recorded cash balances are realizable at the amounts stated on
Words: 1397 - Pages: 6
accomplishment’s. Cash flow is the backbone of any company or an organization, cash flow statements in general provides the information about a company’s gross profit for a specific period of time (Dunn 2005). The information contained in a statement of cash flows would help investors, creditors and others assess the following: The entity's ability to generate future cash flow: The main objective of a financial report is to provide data to anticipate the period that requires the amount and the uncertainty
Words: 472 - Pages: 2
