Homework Assignment (week 1) Problems 1.1, 1.2, 1.3, 1.4, 1.5, 1.6, and 1.7 The Four Types of Firms (p. 19), 2-8 The Balance Sheet, 2-11 The Income Statement and 2-24 The Statement of Cash Flows Problem 1.1 The most important difference between a corporation and all other organizational forms are corporation is considered by law to be a unique legal entity, separate and apart from its owners, they are responsible for their own liability and business debts, and therefore shareholders’ liability
Words: 649 - Pages: 3
........................................................ 8 Cash Flow .............................................................................................................................................................................. 9 Discussion Point #2: Cash Flow Projection ...................................................................................................................... 10 Profit and Loss (P&L) Statement ..........................................................
Words: 6665 - Pages: 27
CPA's Management of a company has responsibility for financial statements and related disclosures Board of Directors (audit committee) is responsible for ensuring that processes are in place for maintaining the integrity of the company's accounting, financial statement prep, and financial reporting Independent Auditors (CPA's) present Unqualified (clean) Audits Unqualified/Clean Audit- attests to the fairness of financial statements and related disclosures Institutional Investors- private and
Words: 1653 - Pages: 7
Accounting Table of Contents Introduction 3 Chapter 1: Accounting Information and the Accounting Cycle 4 Chapter 2: Financial Statements Overview 7 Chapter 3: Controlling and Reporting of Cash and Receivables 10 Chapter 4: Reporting of Current & Contingent Liabilities 13 Chapter 5: The Time Value of Money 16 Chapter 6: Analyzing Financial Statements 21 Conclusion 25 Introduction I want to thank you and congratulate you for downloading the book, "A Simple Step by Step
Words: 6134 - Pages: 25
Financial Statements Cash Flow Statement Notes 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size statement and trend analysis, etc. You have also learnt various kinds of accounting ratios such as liquidity, activity, profitability, solvency, etc. You have learnt that accounts are mainly maintained on accrual basis but cash also plays significant role. Cash is mainly
Words: 6659 - Pages: 27
equivalent values. * Many U.S. corporations have multinational operations. * The foreign subsidiaries prepare their financial statements in their home currencies * The foreign currency amounts in these financial statements have to be translated into their U.S. dollar equivalents before they can be consolidated with the U.S. parent’s financial statements that uses U.S. dollar as its reporting currency unit Foreign currency exchange rates * Foreign currency exchange rates between currencies
Words: 1861 - Pages: 8
Accessible 7. Complete Chapter 2/SUA Purpose/use of general ledger, subsidiary ledgers, special journals and cash prelist General Ledger= contains summary level data for every asset, liability, equity and revenue, and expense account...(accounts receivable) Subsidiary Ledger= contains detailed data for any general ledger account with many individualized subaccounts.... (Separate account for each accounts receivable) General Journal= used to record infrequent or non-routine transaction
Words: 2842 - Pages: 12
business environment factors; income statement, balance sheets, and cash flow. This essay will also compare Apple’s (#36) financial health to two of its Fortune 500, Top 50 competitors in the Information Technology (IT) industry; Hewlett Packard (HP) (#11) and Microsoft (#38) (CNN Money.com, 2011). These factors are important and provide valuable information about a company concerning its general financial health. Although financial statements are important, a company’s technological
Words: 2389 - Pages: 10
Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or
Words: 12590 - Pages: 51
Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or
Words: 12508 - Pages: 51
