Frederick Cole Burgess ACC 220 Joe Chandler Importance of Financial Statements Financial statements are important reports. They show how a business is doing and are very useful internally for a company's stockholders and to its board of directors, its managers and some employees, including labor unions. Externally, they are important to prospective investors, to government agencies responsible for taxing and regulating, to lenders such as banks and credit rating agencies, and to investment
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machine is a very good deal; Oliver would have paid about $12,000 to buy it in the open market. Which of the following statements best describes the application of the historical cost concept? 5. Tournas Sports receives a special order for 100 team jerseys. The customer pays the full amount, $2,000, at the time of the order. The jerseys will be delivered in two weeks. Choose the statement that best reflects the application of the revenue recognition concept at the time of the order: 6. On April
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Running Head: Introduction to Accounting 1 Introduction to Accounting Jesse Vitkow ACC/280 1/18/2012 Maria Aurora Makalintal – Torio The public be damned; I am working for my stockholders William Vanderbilt The beginning of accounting can be attributed to a time period of the Renaissance. In the late 1400’s, Italy was a dominating factor when it came to
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According to our textbook Financial Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified opinion for financial statements that contain a material departure from general accepted accounting principles” (Kimmel
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usefully repacking the financial data: a) Classify b) Summarise c) Record Financial reports a) Statement of Comprehensive Income (Financial Performance) b) Statement of Cash Flows c) Statement of Financial Position 1.3 Planning is concerned with providing direction for future activity. Control can be defined as compelling events to conform to the plan.
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| |Table 1. Balance Sheet Statement as of December 31,2009 | |Assets | |Cash $160,000
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Financial Accounting for Decision Makers Visit the Financial Accounting for Decision Makers, sixth edition Companion Website at www.pearsoned.co.uk/atrillmclaney to find valuable student learning material including: G G G G G Self assessment questions to test your learning A study guide to aid self-learning Revision questions and exercises to help you check your understanding Extensive links to valuable resources on the web Comments on case studies to aid interpretative and analytical skills
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Financial Statements Paper ACC/290 – Principles of Accounting I May 14, 2010 Adael Acosta Assessment • Individual Assigment: Financial Statements Paper Write a 700- to 1,050-word paper in which you do the following: o Identify the four basic financial statements. o Describe the purpose of each of the four financial statements. o Discuss how the financial statements would be useful to internal users, such as to managers and employees. o Discuss how the financial statements would be
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guidelines. Identify the hierarchy of sources for generally accepted accounting principles. Generally accepted accounting principles, or GAAP for short, are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements, for publicly traded companies and many private companies in the United States (Paul, 2008). The main sources of GAAP are the United States Securities and Exchange Commission (SEC)
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organizing and controlling. Financial managers use four basic financial statements to keep record of the organization’s financial status, balance sheet, the statement of revenue and expense, statement of fund balance or net worth and statement of cash flow. The Balance sheet allows the financial manager to keep an account on the organization’s worth (owns and owe). The statement of revenue and expense gives the information on flow of cash. Financial manager use the
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