name of independent registered public accounting firm is ERNST&YOUNG LLP. They express that the financial statement of Google presents fairly, and they give an unqualified opinion on Google’s internal control. 4. Locate the “Consolidated Balance Sheets.” What is the amount of Total assets As of December 31, 2010? What is the amount of Total stock holders’ equity As of December 31, 2010? The amount of total assets as of Dec, 31, 2012 is $57,851 million; The amount of total stock holders’ equity
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related to performance. (2)Define an asset as a future economic benefit. (3)Use “probable” to define assets and liabilities. (4)Don’t allow the values of most assets to be adjusted upward. Figure 2: Differences in 会计事项 会计事项 US GAAP 强制性规定 选择性规定 Balance Sheet Marketable Investment Securities Classified as held-to-maturity, trading and available-for-sale. LIFO, FIFO and the average cost method. Inventory Once an inventory write-down occurs, any subsequent recovery of value is ignored. Subsequent recovery
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CPA Report Michelle Richardson ACC/545 Internal Control Systems September 10, 2012 Jeffrey Mitchell Memo Accounting Professionals, Inc. To: Management From: Michelle Richardson CC: Jeffrey Mitchell Date: September 10, 2012 RE: CPA Report ________________________________________________________________________ Per your request, this memo provides explanations regarding a subsidiary that has recently been set up as a corporation. This explanation includes the procedures for reporting
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Matching 10. Consistency 11. Materiality The nature of income Now let us first differentiate the balance sheet and income statement, balance sheet described were which reports the financial condition of an entity as of one moment in time while the income statement described were which summarizes the result of operation for a period of time. Therefore a flow report, as contrasted with the balance sheet, which is a status report. Financial statement can be illustrated in two ways in which any entity
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Dell Working Capital 1. How was Dell’s working capital policy a competitive advantage? Dell’s core strategy in the 90’s, build to order business model, allowed the firm to work with minimum finished goods and work-in-process (WIP) inventory. As a result, Dell maintained low inventory costs and permitted the company to adjust to technological innovations in the market. Dell’s WIP and finished goods inventory as a percent of total inventory was about 10%-20%, compared to the industry rate
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Financial Accounting Systems Tracy Pankey HCS/571 August 20, 2012 Professor Debra Vaughn Financial Accounting Systems The profession of nursing has enveloped itself into the development of gaining the skill and knowledge of health care financial systems within the health care arena. With government regulations and measures needed to improve the health care reform, it is expected that all members of the health care organization become actively involved in terms of the aspect of financial
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processes a significant number of routine intercompany transactions. Individual intercompany transactions are not material and primarily relate to balance sheet activity--- for example, cash transfers between business units to finance normal operations. A formal management policy requires monthly reconciliation of intercompany accounts and confirmation of balances between business units. However there is not a process in place to ensure performance of these procedures. As a result detailed reconciliation
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earned and no longer a liability. Accrued revenues are pretty much the opposite of unearned revenues. Accrued revenues are goods or services that have been earned, but have yet to been paid for. Accrued revenue is labeled as an asset on the balance sheet and not a liability. Many times when a contract for goods or purchases has been made, it is considered accrued revenue. If you decide to go with a cleaning service and agree to a fixed monthly amount, for a 6 month period, then they consider that
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financial planning, as suggested by the Financial Planning Standards Board, are:[1] 1.Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the expected sources of income within a year, minus all expected expenses within the
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nature of their ‘business.’ In order to understand what are the “feasible alternative classifications in the statement of cash flows” for the $3 million purchase, Polluter will determine what type of asset they will classify the EAs as on their balance sheet. Following are three alternatives Polluter can consider as outlined in Deloitte’s “Accounting for Emission Rights” paper: 1. The EAs are intangible assets as defined under SFAS No. 142, Goodwill and Other Intangible Assets, because they lack
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