General Mills Inc.—Understanding Financial Statements Teaching Notes: This is the first case we use in our course and it sets the tone. We find that using a company well-known to students piques their interest and gets the course off to a good start. The purpose of the case is to gain familiarity with financial statements and to begin to think about how financial statements reflect economic events and financial performance. Some students need to be reminded that the point of the exercise is not to
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speak because they must say something." Don't predict the future, invent it. Davies, Tony & Crawford, Ian 2012, ‘Financial Accounting”, Pearson, Harlow. Pg 7 Prudence Concept Prudence means being careful or cautious. The prudence concept is an ethical concept that is based on the principle that revenue and profits are not anticipated, but are included in the income statement only when realized in the form of cash or other assets, the ultimate cash realization of which can be assessed with
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Report to the Members of Qantas Airways Limited REPORT ON THE FINANCIAL REPORT We have audited the accompanying Financial Report of Qantas Airways Limited (Qantas), which comprises the Consolidated Balance Sheet as at 30 June 2011, and Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement for the year ended on that date, notes 1 to 36 comprising a summary of significant accounting policies
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collaboration of A.P. Eagers and its automotive industry network, employees and other stakeholders. OBJECTIVES • • To encourage and support engagement by A.P. Eagers and its stakeholders in these initiatives. To secure voluntary assistance through financial support, sponsorship, skills transfer and in-kind donations to worthy and well-run organisations and other causes. To deliver 100 cents of every dollar donated to the intended recipients. To operate with the highest standards of integrity. • •
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the Northwest Distribution Corporation is December 31. The company's 2013 financial statements were issued on March 15, 2014. The following events occurred between December 31, 2013, and March 15, 2014. Event 1: On January 22, 2014, the company negotiated a major merger with Blandon Industries. The merger will be completed by the middle of 2014. In my opinion this is an event that should be disclosed on the financials. This doesn’t seem to be just a possibility. It seems that all of the
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2013 Subject: Notes receivable from related parties While testing accounts receivable, it has come to my attention that there are some issues regarding notes receivable owed by family members of Mr. Sigar. Because these notes were issued to individuals directly related to Mr. Sigar, there are some additional considerations that must be taken into account when recording and classifying these notes. According to FASB accounting standards codification 850-10-50-2, notes or accounts receivable
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Managing Financial Resources and Decisions Mark Anthony R. Casanova Kiyoung Jung (Justin) Section A 2.2 Explain the importance of financial planning The importance of financial planning for the business is best seen when a company is faced with a situation concerning outstanding debts and rising cost. So to be able to be prepared for the situation in advance, the company should have prepared a proper financial plan beforehand. The success of a business is greatly determined by the financial
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AirFrance KLM Financial Statement by March 31， 2011 for Financial Accounting and Reporting CPTC 31125 handed in to Prof. Pascale Lapointe edited by Marie DU BOUCHER B00135369 Anna-Christina FREDERSHAUSEN B00405951 Shuangyu SHEN B00336198 Mohamed YADANI B00347217 25.11.2011 * * Contents Contents i Table of Figures i 1 Oversight of the firm and industry 1 2 Oversight of the financial position 2 2.1 Balance Sheet 2 2.2 (Comprehensive) Income Statement 4 2.3
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Consolidated financial statements with independent auditors’ report years ended December 31, 2010, 2009 and 2008 The original consolidated financial statements included herein are in Indonesian language. PT INDOMOBIL SUKSES INTERNASIONAL Tbk. DAN ANAK PERUSAHAAN LAPORAN KEUANGAN KONSOLIDASI BESERTA LAPORAN AUDITOR INDEPENDEN TAHUN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 DESEMBER 2010, 2009 DAN 2008 PT INDOMOBIL SUKSES INTERNASIONAL Tbk. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS
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goal of financial accounting standards is to help stakeholders make informed investment decisions based on honest financial statements. The standards are designed to promote transparency in financial reporting. When information is transparent, it is visible and understandable to the public. This enables potential investors and creditors to make accurate evaluations of the businesses' finances. Accounting standards also help the board of directors to assess management's effectiveness. Financial statements
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