Introduction - In the section, I am working as a trainee for one of the retail company mentioned, which has been trading for many years. I have been asked to spend some time in the company's accounting department. In the purpose of accounting, there are many reasons why accounting is necessary to a business. Recording Transactions - Appropriate records are vital: if reports or documents are lost the Next store may forget to demand payment for some jobs that have been done or forget to pay
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Annual Income Tax Return Page 3 - Schedules 1 & 2 TIN 0 0 0 0 BIR Form No. 1702-EX June 2013 1702-EX06/13P3 Registered Name Schedule 1 - Sales/Revenues/Receipts/Fees (Attach additional sheet/s, if necessary) 1 Sale of Goods/Properties 2 Sale of Services 3 Lease of Properties 4 Total (Sum of Items 1 to 3) 5 Less: Sales Returns, Allowances and Discounts 6 Net Sales/Revenues/Receipts/Fees (Item 4 Less Item 5) (To Part IV Item 31) Schedule 2 - Cost of Sales (Attach additional sheet/s
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however, are the same regardless of the method used by the parent company to account for the investment. 4-3 Consolidation-GAAP • Consolidated and unconsolidated financial statements are prepared using the same generally accepted accounting principles. 4-4 Roadmap—Chapter 4 Roadmap—Chapters 5 to 10 • After introducing the consolidation workpaper, this chapter provides the foundation for an understanding of the preparation of consolidated financial statements by discussing the preparation
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Weekly Reflection ACC/291 March 17, 2014 ABSTRACT Week 4 brought on the discussions of analyzing financial statements. We looked at how to use the indirect and direct methods when putting together a statement of cash flows. It was also discussed how one would use ratios and vertical and horizontal analysis in regards to deciphering financial statements. Lastly, we talked about preferred and common stocks are issued, placed as journal entries on financial statements and the paid out in dividends
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Background Consumer Cleaning Products (CCPC) is a public manufacturing company with a calendar year the same as the fiscal year. CCPC's supply chain consists of : CCPC introduced a new product September 1, 2009 called Fresh & Bright. Part of CCPC's marketing campaing was to "drop" appromixamatly 500,000 coupons in the Sunday newspaper where Fresh & Bright was sold. The coupon worked in the following way: The 500,000 coupons could be used through October 1, 2010. CCPC has data one
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| Question : | (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? | | | Student Answer: | | Management is considered an internal user. | | | | Present and prospective creditors are considered external users. | | | | Regulatory authorities, such as the SEC, are considered internal users. | | | | Taxing authorities are considered external users. | | Instructor Explanation: | See Chapter 1, page 7. | | |
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1.Abstract The balance sheet is necessary because it shows what the business has (assets) and what the business owes against those assets (liabilities). The difference between the assets and the liabilities shows the net worth of the business. The net worth of the business is important in that it is a measurement of the time the business is expected to stay in financial power. The balance sheet also provides the business with information on how best it is able to pay its debts. Underwriters also
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Dell’s Working Capital 1. How was Dell’s working capital policy a competitive advantage? Dell had very unique working capital policy compared to its competitors. The most important characteristic of Dell's working capital policy is that they were using build-to-order manufacturing system, meaning that they would not build the product until a confirmed order for product is received. This system gave them a competitive advantage because of several reasons: * Low finished goods inventory
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1. Financial Statement Analysis 2. Financial Statement Analysis• Assessment of the firm’s past, present and future financial conditions• Done to find firm’s financial strengths and weaknesses• Primary Tools: – Financial Statements – Comparison of financial ratios to past, industry, sector and all firms 3. Objectives of Ratio Analysis• Standardize financial information for comparisons• Evaluate current operations• Compare performance with past performance• Compare performance against other
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Financial Statement Restatement Paper ***** ****** ACC/537 January 13, 2014 Financial Statement Restatement Paper MicroStrategy, Inc. went public in June 2008. It is a software company that had been identified as, “a successful, growing company with positive net income” (Krishnan & Mintz, 2007). Like many managers, the managers at MicroStrategy, Inc. wanted to make a quick profit by using aggressive accounting techniques that artificially boosted revenues, inflated earnings, and raised
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