Financial Statements Papers Part I Sherrie Christian ACC/497 April 8, 2013 Rick Kwan, MBA Financial Statements Papers Part I The financial statements are important as they inform the users of the economic health and stability of the entity. Each financial statement provides information to determine economic health, such as financial position, performance, and changes. Assets, liabilities, and equity provide a measurement of financial position. Income and expenses provide a measurement of performance
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International Financial Reporting Standards (IFRS) were established by International Accounting Standard Board to promote the use of global accounting standards so that company accounts are comparable and understandable across the countries. As of August 2012 more than 120 countries require or allow the use of IFRS for their financial reporting. An entity claiming compliance with IFRS should comply with all its standards including disclosure requirements and makes a explicit statement of compliance
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Financial Analysis Financial analysis is a vital part of the marketing strategy because this is the part that helps to determine the profit margin the company should be aiming for. Profit margin is essentially the reward for all the work that the business puts in. the works translates as cost incurred. All costs incurred must be recovered fully plus a percentage of profit margin. Costs must be recovered because otherwise the company would be losing money. The percentage of profit margin must be
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4. Availability of technical, financial, and other resources needed to complete it, and to use or sell it 5. The way in which the future economic benefits will be generated; including the existence of a market for the asset if it will be sold, or its usefulness to the entity if it will be used internally 6. The ability to reliably measure the costs associated with and attributed to the intangible asset during its development Ch13. Understanding Non-Financial and Current Liabilities Liability:
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Disclosure and Financial Analysis Questions for Review and Discussion 1. The key criterion is financial accountability — the primary government either appoints a voting majority of the unit’s governing body or a majority of the unit’s governing body is composed of primary government officials and • the primary government is able to impose its will upon the potential component unit or • there is the potential for the organization to provide specific financial benefits to, or
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CGA-CANADA FINANCIAL ACCOUNTING: CONSOLIDATIONS & ADVANCED ISSUES [FA4] EXAMINATION June 2014 Marks Notes: 1. 2. 3. 4. 5. 6. 7. All calculations must be shown in an orderly manner to obtain part marks. Round all calculations to the nearest dollar. Narratives for journal entries are not required unless specifically requested. Assume a December 31 fiscal year end unless specifically stated otherwise. Assume all amounts are material unless directed otherwise. Assume all companies are public companies
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STUDENT CASES to accompany Accounting & Auditing Research: Tools & Strategies, 7e NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Solutions to the cases below are available to instructors on the Weirich Accounting & Auditing Research
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following financial information as of December 31, 2014. Revenues during 2014—camping fees $140,000 Revenues during 2014—general store 47,000 Expenses during 2014 150,000 Accounts payable 11,000 Notes payable $ 60,000 Supplies on hand 2,500 Cash on hand 20,000 Share capital—ordinary 20,000 Original cost of equipment 105,500 Fair value of equipment 140,000 Retained earnings ? Instructions (a) Determine Bear Park’s net income for 2014. (b) Prepare a statement of financial position
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Homework Problems Problem #1 For December 31,2012, the balance sheet of Baxter Corporation is as follows: Current Assets Liabilities Cash $10,000 Accts. Payable $12,000 Accts Receivable 15,000 Notes Payable 20,000 Inventory 25,000 Bonds Payable 50,000 Prepaid Expenses 12,000 Fixed Assets Stockholders Equity Plant & Equip(gross) $250,000 Common Stock $75,000 Less Accum Deprec. 50,000 Paid in capital 25,000 Net Plant &
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registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No | Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No | Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections. | Indicate by check mark
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