SEPTEMBER 8, 2014 This memorandum is aimed to highlight a few important strategies Makerbot needs to adapt that would help it in creating a revolution in the 3D desktop printing space which would result in an increase in the market share and total revenue which would subsequently make Makerbot an undisputed leader in the 3D Printing space and place themselves in a winning position. The company has to focus on their core strength and work towards targeting a larger customer base and affordable printing
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transactions are recorded - A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) Permanent accounts (or “real” accounts) * Asset, liability, and equity accounts * Appear on the balance sheet * Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) * Revenue, expense, and dividend accounts * Revenue and expenses are on the income statement; dividends are on the statement of
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Introduction “Asked what a business is, the typical business man will likely answer ‘An organization to make a profit.’ The typical economist is likely to give the same answer. This answer is not only false but irrelevant.”1 Companies that are known to experience lasting success are ones who stay true to their core values and purposes despite changes in the world. Most recently because of the recession many companies and industries were affected in some way. The airline industry was certainly
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Would the Revenue Overstatements Have Affected Total Net Income Over a Period of Several Years? The revenue overstatements would not have affected total net income over a period of several years as long as they continued indefinitely because it was not the amount of the sales but the timing of the sales that were being reported. By recording in the period that should have been closed in order to inflate the sales figures, the current period in which the sales belonged were understated by not being
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not laid off and who didn’t quit have been subjected to mandatory overtime hours, decreased benefits, and loss of company sponsored appreciation rewards. Over the past ten years Diamond Blade Warehouse suffered a significant decrease in annual revenues but has survived and remained in business by offering new products to its customers and by investing in a successful marketing strategy. DBW also transitioned from keeping inventory to utilizing a drop shipping method to lower costs. While these
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EXIT INTERVIEW QUESTIONS 1. Under the adjusted balance method, the book balance and the bank balance are brought to a correct cash balance that must appear on the balance sheet. The credit memos are always added to the book balance and the debit memos are always deducted from the book balance. Book Reconciling Items: Credit Memos – Items not representing deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as cash receipt. They increase the bank
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Identify an example of a perceived pressure that can motivate financial statement fraud. a. the ability to obfuscate the fraud behind complex transactions b. Failure to meet Wall Street's earnings expectations c. Rationalizing that all companies use aggressive accounting practices d. A weak board of directors Failure to meet Wall Street's earnings expectations Which of the following is an example of a perceived opportunity that can lead to financial statement fraud? a. Inability to
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physical inventory count to determine the cost of goods on hand. c. requires that detailed inventory records be kept. d. requires the use of a cost of goods sold account. ____ 4. In accordance with the revenue recognition principle, sales revenues are recorded when a. earned, which typically occurs when the goods are transferred
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its position. Whether or not Under Armour can take on Nike on overall revenue and profitability is unlikely, at least in the short term. Nike is just too global of a company, and is an established force within the athletic footwear and apparel market. In 2013 Nike made $16 Billion globally just in the athletic footwear market; this amount simply towers over Under Armour’s 2013 total revenues of $2.3 billion. Sales revenue growth percentages show that Under Armours sales are increasing at a faster
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What two approaches have accoutnatns devised for recongizing revenue? * Critical approach – one critical event that is fair is when revenue is recognized * Gradual approach – for long term contracts, recognizes revenue gradually over time What are the five criteria for recognizing revenue under the IFRS? 1) Significant risk and rewards of ownership have been transferred from the seller to the buyer a. Performance criteria b. Seller has done what it has to do to be
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