Print An Overview of Financial Statements and the Environments of Financial Reporting Accounting: The Language of Business | Relationships Among Financial Statements | Classifications in a Balance Sheet | Income Statement, Statement of Retained Earnings, and Statement of Cash Flows | GAAP and Key Accounting Principles | Balancing the Accounting Equation Accounting: The Language of Business Back to Top Do Not Underestimate the Power of Accounting! I vividly recall my first experience driving
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Effectively Communicating with Clients By J. David Strother, CFP®, AIFA®, financial advisor at DSF Wealth Management, LLC Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right. The fact is that the vast majority of advisors want to sell, but very few
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GAAP and IFRS Convergence Kenneth DeWitte Strayer University 1. Describe IFRS and GAAP and what convergence means. The International Financial Reporting Standards (IFRS) is the accounting framework used by the European Union, Japan, Canada, and other world economic leaders. The IFRS is based on the tenets of understandability, reliability, and comparability. It is based off the International Accounting Standards (IAS) and had the opportunity to be built from accounting ideas and principles
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International Financial Reporting Standards vs. Generally Accepted Accounting Principals Over the last decade, the world has become increasingly connected. Businesses are embracing opportunities abroad and gathering investors from a progressively growing international market. Globalization has given rise to a number of questions regarding multicultural business practice. It has also created a need for universal financial reporting that is consistent and useful to all of its users, international
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Under GAAP, the research is more focused on the literature whereas under IFRS, the review of the facts pattern is more through. Investopedia states another difference between GAAP and IFRS is that under IFRS, LIFO cannot be used, but GAAP; companies have the choice between LIFO and FIFO. The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that be used internationally, and in particular the effort to reduce the differences between the
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Whole Foods Market: A Financial Analysis Throughout the course of time, changes have and will continue to occur in nearly every aspect of life. From the improvements in technology, to the evolution of the automobile, as well as everywhere in between, change is simply a part of everyday life. Perhaps one of the imminent changes upon society today is the food and drink intake of the world in general, but specifically the American people. Some grocery and supermarket companies such as Whole
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horizontal honeycombing Pros-Fixed Location Systems: Immediate knowledge of where items are located Training time of new hires is reduced Simplifies receiving and stock replenishment Allows for strong control of individual lots( make it easier to use fifo or lifo)Allows sku’s to be placed sequentially Allows products to be placed close to point-of-use. Allows better planning for sku size, weight, physical nature etc. Cons-fixed location system Contribute to honeycombing Require maximum space based on
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Big 3, health and well being of a company Income statement Balance sheet Cash flow Generally Accepted Accounting Principles GAAP Securities and Exchange Commission SEC Financial Accounting Standards Board FASC Issue Statements of Financial Accounting Standards SFASs 10-K, annually filed with SEC Quality of Financial Reporting Many opportunities for management to affect quality Timing of revenue and expense recognition Discretionary items Balance Sheet Summaries what firm
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CHTP REVIEW: Hotel Technology Cihan Cobanoglu, Ph.D., CHTP University of South Florida SarasotaManatee May 5, 2011 HFTP What To Expect Multiple Choice and True/False 4 Sections 250 – Choose most correct answer 75% Passing grade in each section HFTP Review Topics General Technology: Network Administration Emerging Technologies Telecom System Architecture Hotel Technology: Accounting / Payroll / HR Food and Beverage Lodging Applications Targeted Technology:
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income statement. 2. Inventory Costing Different choices for inventory costing will determine a higher or lower profit number. With dropping costs, LIFO would give the highest profit number using the costs from the newer inventory against sales. Weighted average would put the company somewhere in the middle averaging the new and the old, and FIFO would show the lowest profit number. These costing methods will not change the amount of cash in the business. 3. Bad Debts Using the direct write
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