5/8/2013 | Minti Spock, Galactic Marketing Agency | Executive summary This report provides the analysis and evaluation of the financial performance of Galactic Marketing Agency for October 2013. The information provided in this report will be based on the data presented in the two primary financial statements: * balance sheet * income statement The results of data presented show that Galactic Marketing Agency is operating at a satisfactory level. In particular, the profit generated
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materials which will be consumed in the production process or in giving out of services. This standard does not apply to financial instruments and it gives out a guideline on how to measure an asset which is categorized as an inventory, which concept constitute of the cost and at what time an expense occurs and the information that should be disclosed while preparing the financial statements (International Accounting Standards Board, 2008, p.977). History In the year 1974 during the draft of standard,
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0056472420730 Dr. Kathleen Dunne March 1, 2015 Since 1998, Statement of Financial Accounting Standards (SFAS) 130 established that companies have to report comprehensive income in a financial statement. SFAS 130 provides two methods of how to report comprehensive income: by a continuous statement format where it starts with income statement and then continues with OCI entries or by presenting OCI as an independent statement, starting with net income. However, in 2011 FASB issued Accounting
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Principles of Accounting 1 Topic Learning Outcomes 2.1 2.2 2.3 2.4 2.5 Discuss the nature and purpose of accounting. Explain the five basic financial elements of a business. Explain the underlying concepts of recognising and measuring the financial elements. List the four basic financial statements used in business decision making. List the basic tools for analysing financial statements. BUS5AFS: Topic 2 – Principles of Accounting 2 La Trobe Business School Prescribed reading Hill, G. and Martin, T.
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its obligations? Creditors 7. Which of the following financial statements is divided into major categories of operating, investing, and financing activities? The Statement of cash flows 8. Ending retained earnings for a period is equal to: Beginning retained earnings + Net income – Dividends 9. The financial statement that summarizes the changes in retained earnings for a specific period of time is the retained earnings statement. 10. To show how successfully your business performed
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Financial Statements Travis Atkins University Of Phoenix Principles of Accounting I ACC/290 Jim Hill February 25, 2014 Financial Statements In the corporate world there are many different things that must take place on a day to day occurrence for the company to maintain to operate at a successful level; one of the main things that must happen is the different type of financial reports that must be made. In any company there will be the at least four main reports a balance sheet, an income
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is more appropriate to investment manager. GAAP are imposed on company. Investors can get a minimum level of consistency in the financial statements, when they analyze the investment purpose of company. Therefor investors more trust GAAP. 3. Dell had to take this investigation before January 2007. It may minimize the cost. Because there is a deficiency in financial control over one year, the cost can’t be avoided. 4. The cost of the investigation and dollar amount of the restatements
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Proportionalite, Pacioli described a system to ensure that financial information was recorded efficiently and accurately. It was central to the success of Italian merchants, necessary to the birth of Running Head: Introduction to Accounting 2 the Renaissance. Industrial Revolution firms required accountants to provide the information necessary to avoid bankruptcy and their role developed into a profession. (Weygandt, Jerry J., Financial Accounting 6e, (Ch.1) copyright © 2008 John Wiley
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Baron Financial Statements The four basic financial statements are the balance sheet, income statement, statement of cash flow, and the statement of retained earnings. The balance sheet depicts the current financial circumstances of the company. This reports the company’s assets, liabilities, and net equity as of a given point in time. The income statement reports the company’s cost and revenues. This reports the company’s income, expenses, and profits over a period of time. The statement of cash
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chief lending money financial officers, other e.g., suppliers, bankers employees Government and regulatory bodies e.g., ATO, ASIC 11 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) In order to measure, process and communicate financial information, accountants follow rules, principles and standards. These rules, principles and standards are set by International Accounting Standards Board (IASB) Australian Accounting Standards Board (AASB) Financial Reporting Council (FRC)
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