The Impact of the FASB/IASB - “Financial Statement Presentation Project” The objective of project– The objective of the financial statement presentation project is to establish a global standard that will guide the organization and presentation of information in the financial statements. Nowadays, the globalization of financial markets is increasing dramatically. In order to assist investors, creditors, and other financial statement users to better understand the entity’s financial situation
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Accounting Statements Bethany Edings Acct/290 January 25, 2013 Doyle Jones University of Phoenix Accounting Statements In business finance there are four main statements. The financial statements are balance sheets, income, cash flow, and statement of retained earnings. Each statement shows specific information about a business’s financial history. A balance sheet shows a company its current debts and how much it has
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Cashflow Statement Paper Teresita Napalan ACC/421 April 25, 2013 Stephen Russell The statement of cash flows is an essential financial statement in the accounting industry. It is one of four principal financial statements required by GAAP. The primary purpose of the statement of cash flows is to provide relevant information about the cash receipts and cash payments of a business during a period. The statement indicates why cash (including short-term investments that are equivalent to cash) changed
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CHAPTER 5 Cash Flow, Profitability, and the Cash Flow Statement QUESTIONS Q5-1. With cash accounting revenue is recognized when cash is collected and expenses are recognized when cash is paid. Under accrual accounting, revenue is recognized when earned and expenses are matched to the related revenue. With accrual accounting a transaction or economic event can be recognized in the accounting system before, after, or at the same time as cash is exchanged. Q5-2. Net income isn’t equal
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Financial Statements ACC/497 January 30, 2013 Decisions are made daily by company management, lenders, and shareholders. To make informed, intelligent business decisions, there are several strategies that are used by each of the fore mentioned entities. When deciding if investing is the right choice, if a company will be able to repay a loan, or what needs to happen to make a company more efficient, the best way to get an inside look at the company and the information needed, would be to look
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recorded in the statement of comprehensive income therefore represents the balance-day adjustment upon assessment of the recoverability of the accounts receivable. Journal entry: Allowance for Doubtful Debts Dr $45,000 Account Receivable Cr $45,000 In determining cash receipts from customers under the direct method, the balance of the Allowance for Doubtful Debts account must not be netted off against the account receivable balance. Otherwise, both cash received
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TAGUCHI COMPANY | Comparative Balance Sheets | ------------------------------------------------- December 31 | Assets | ------------------------------------------------- 2011 | | ------------------------------------------------- 2010 | Cash | $73,000 | | $22,000 | Accounts receivable | 85,000 | | 76,000 | Inventories | 170,000 | | 189,000 | Land | 75,000 | | 100,000 | Equipment | 260,000 | | 200,000 | Accumulated depreciation | -------------------------------------------------
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Financial Statement Overview of Cheesecake Factory (CAKE) Allison Burke-Rush FIN/575 June 27, 2016 Jeffrey Hough Abstract The Cheesecake Factory(CAKE) operates throughout the United States and Puerto Rico as a full-service casual dining restaurants. They are known by their delicious varieties of cheesecakes. Currently, the Cheesecake Factory own and operate over 202 restaurants and continue to growth at a steady rate. The growth in sales have gain more than doubled earning in the past
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Reformulated Cash Flow Statement Throughout the reformulation of Procter and Gamble’s Statement of Cash Flows, multiple adjustments or assumptions had to be made along the way. One of the first of these assumptions was made regarding the net cash interest. The cash interest payments are disclosed in the supplemental disclosure at the foot of the cash flow statement for $686 million, and were also disclosed in the notes. However, the cash interest receipts were not reported and the accrual number
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Analyzing the Four Financial Statements N'Gia K. Conyers ACC 561 October 8th, 2012 Charles Royes Jr. Analyzing the Four Financial Statements In the study of accounting there are four different types of financial statements. These financial statements have an important role in the daily functions of many businesses and corporations. Accounting is defined as “the information system that identifies, records, and communicates the economic events of an organization to interested users” (John
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