Explaining Basic Accounting Concepts and Business Structures ACT/537 March 12, 2012 Del Roberts Explaining Basic Accounting Concepts and Business Structures The three most authoritative sources of Generally Accepted Accounting Principles (GAAP) include FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICAP Accounting Research Bulletins (ARP) (Kieso, Weygandt, & Warfield, Chapter 1, Pg. 12, 2007). The FASB Standards, Interpretation, and Staff Positions issued
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Financial Reporting and Ethical Standards Debra Castagnetta HCS/405 November 7, 2011 Todd Brown Financial Reporting Practices and Ethical Standard In health care finance keeping financial documents have become more detailed and the need for accuracy has increased and many guidelines have been established to ensure there are competencies, and ethical standards are upheld in financial management in health care organizations (Paul, 2008). The Four Elements of Financial Management
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True/False Questions 1. A Comprehensive Annual Financial Report (CAFR) would include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section. Answer: True 2. The three major sections of a CAFR are the Introductory, Financial, and Statistical sections. Answer: True 3. The introductory and
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Financial Statements Paper ACC/290-Principles of Accounting I Financial Statements Paper Accounting is one of the oldest professions today. “For as long as civilization has been engaging in trade, methods of record keeping, accounting, and accounting tools have been invented. Marla Matzer Rose, author of Accounting & Auditing History writes that the earliest known writing discovered by archaeologists has, when translated, been found to be records of tax accounting.” (Bellis, 2013). Accounting
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essential in every business entity and serves a purpose to all internal and external users. Several business entities use financial statements to make the most efficient, economic decisions and to maintain a balance in the organization. For business entities, financial statements are the snapshots of the business. The financial statements purpose is to summarize and interpret the financial aspect of a business entity for internal users such as managers, marketing professionals, production supervisors, finance
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Financial Statement Differentiation Paper Nancy Negron ACC/561 Accounting April 15th, 2013 Tom Myers Financial Statement Differentiation Paper In accordance with the United States Securities and Exchange Commission (SEC) the financial statements are as easy to read as a nutrition label (US Securities and Exchange Commission, 2007). There are basic financial statements such as the income statement, which show how much revenue a company acquired during a specific period, the bottom line of
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made in the late 90s but the information is still very current for today’s market. The video provided me with an in-depth analysis of the equation Assets equal Liabilities plus Owners Equity. The video plus the two PowerPoints provided me with a basic knowledge of how assets, profits, and liabilities work. Assets being the property and investments that a company or entity owns within the company. Profits are the earnings a company makes from its operations as a company. These earnings are an
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Financial Statements Review Anita Coronel, Santiago Nunez-Rivas, Verlendra Ruff & Evelyn Daniels HCS/405 March 17, 2014 Judy Araque . To have a successful hospital or business financial knowledge is critical, the manager in charge of finances must have a good understanding of accounting. Financial decisions are made with more precision and accuracy. In this paper the audited and unaudited financial
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Analyzing Pro Forma Statements FIN 571 September 11, 2014 Introduction This paper is the analysis of pro forma financial statements. Pro forma statements are forecasted or projected financial statements as a result of financial planning. The financial statements are based on the inputs and assumptions such as percent of sales model in which most of the entries vary directly with the level of sales. The attached excel spreadsheet includes pro forma statements for the next five years. This company
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General Mills Inc.—Understanding Financial Statements Teaching Notes: This is the first case we use in our course and it sets the tone. We find that using a company well-known to students piques their interest and gets the course off to a good start. The purpose of the case is to gain familiarity with financial statements and to begin to think about how financial statements reflect economic events and financial performance. Some students need to be reminded that the point of the exercise is not to
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