Key Terms and Concepts. Balance sheet: Statement of financial position that shows Total Assets 5 Total Liabilities 1 Owners’ Equity. The balance sheet usually classifies Total Assets as (1) current assets, (2) investments, (3) property, plant, and equipment, or (4) intangible assets. The balance sheet accounts composing Total Liabilities usually appear under the headings Current Liabilities and Long-Term Liabilities. Income statement: The statement of revenues, expenses, gains, and losses for
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paper I will answer the following questions about My Friend’s Bookstore Plan: 1. Describe what would happen to the cash position and cash flow of My Friends’ Bookstore if the owners decided to open another store. 2. Is My Friends’ Bookstore a good candidate for franchising? Explain and defend your answer. 3. Describe what the owners would have to do to prepare to franchise their business. 4. The three partners own the bookstore equally. What are some of the difficulties they
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Generic Feedback to BMAN 73071 Introduction For the most part the accounting assignment was well done. Marks were well spread across the distinction, merit and pass grades, and just less than 10% of people obtained marks at 80% or above. Unfortunately there were also some fails. The feedback below is intended to help you understand where marks were won and lost. Please ask if you have problems once you have read the feedback below. Admin Issue The feedback sheet is designed for essay based
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it is used to regulate, proscribe and provide. (Reference: http://en.wikipedia.org/wiki/Legislation accessed on 23/01/2015) Companies Act 1985 contains important documents. The important financial statements are Directors’ report, auditors’ report, and duty to prepare operating and financial review, approval and signing of operating and financial review. This statement has to be signed by the board of directors, as well as behalf of the board of directors. Partnership Act 1890 is another document
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[pic] Financial Statement Analysis For Small Businesses A Resource Guide Provided By Virginia Small Business Development Center Network (Revised for the VSBDC by Henry Reeves 3/22/2011) Contents |Topic |Page | |Introduction |3
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financial records of our company, we are expected to understand basic accounting principles which teach us of to read financial statements and evaluate those results (p.3). Why are we expected to understand financial statements and the resulting information? Decisions. Being in business requires a lot of decision making almost every day. Some of these decisions rely on financial information. Financial Reports: What are they and Who do they Benefit Financial statements are the accounting system
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adjusting entries. 5 Prepare adjusting entries for deferrals. 6 Prepare adjusting entries for accruals. 7 Describe the nature and purpose of an adjusted trial balance. The Navigator ✓ The Navigator Scan Study Objectives Read Feature Story Read Preview Work Demonstration Problem Review Summary of Study Objectives Answer Self-Study Questions Complete Assignments ■ ■ ■ Read text and answer Before You Go On p. 97 ■ p. 104 ■ p. 109 ■ p. 114 ■ ■ ■ ■ ■ ✓ Feature Story WHAT WAS YOUR PROFIT? The
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Accounting: Basic Accounting Concepts: (The Income Statement) This chapter introduces the idea of income as used in financial accounting, and describes the income statement. Course of discussion outline: The last six basic concepts namely the following: 6. Time period 7. Conservatism 8. Realization 9. Matching 10. Consistency 11. Materiality The nature of income Now let us first differentiate the balance sheet and income statement, balance sheet described were which reports the financial
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widely accepted that accounting information should be useful to the users of financial Statements. (a) Explain who the users of financial statements are, and explain whether you believe that different user groups have different information needs. Accounting is the process of recording, classifying, summarizing, reporting business transactions and interpreting their effects on the affairs of a company. It serves as the language of the business, to communicate the affairs with the users
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entity. Business managers need accounting information to make sound leadership decisions. Investors hope for profits that may eventually lead to distributions from the business (e.g., “dividends”). Creditors are always concerned about the entity’s ability to repay its obligations. Governmental units need information to tax and regulate. Analysts use accounting data to form opinions on which they base investment recommendations. Employees want to work for successful companies to further their individual
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