Commision 1.To examine ‚ audit ‚ and settle accounts. 2.To act as central accounting office of the government. 3.To define the scope of its audit and examination. 4.To promulgate accounting and auditing rules and regulations. 5.To submit an annual financial report and recommend measures. 6.To perform other duties and functions. CONCEPT OF EXAMINATION‚ AUDITING‚ AND SETTLEMENT OF ACCOUNTS 1. Examine 2. To Audit is to adjust. 3. To settle means to establish‚ to free from uncertainty. 4. An account
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the past century‚ governments set several accounting standards. Countries follow different standard 、accounting systems and also regulations. In the U.S.‚ Generally Accepted Accounting Principles are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly traded and privately held companies‚ non-profit organizations‚ and governments. But in the recent years‚ Accounting and financial reporting has been undergoing some changes. This
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some other products‚ such as desktops and laptops. However‚ the fiercest competitive product is smartphone because both of them own their own advantages. We can figure out their emphasis and strategy they use respectively through analyzing their annual report especially the cost of goods sold and gross margin. From the income statement and balance sheet‚ the cost of goods sold in 2012 is $118‚224‚730 million for Samsung and $87‚846 million for Apple. The Gross profit percent is 37.02% and 43.9%
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will need to download the Benetton Group’s 2004 Annual Report at www.benetton.com/investos . Once at this website‚ click on the link to ward the top of the page called “Site Map” and then scroll down to the heading called “Financial Reports” and click of the year 2004 .You do not need to print this document to answer the questions. Required: 1. How do the formats of the income statements shown on pages 33 and 50 of Benetton’s annual report differ from one another (disregard everything
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vital elements for investors and other interested parties who would like detailed information about a particular firm. This information gives a vivid picture of an organizations performance as well as their future financial goals. Many organizations report this information to establish trust and confidence with their current and potential stockholders and stakeholders. Financial reporting is an important and vital part of good corporate governance (Gaa‚ 2009). Without full disclosure‚ interested parties
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publicly traded company after they are disclosed in the company’s annual financial statement notes? Issue Aaron Jones‚ CPA‚ is auditing the current year’s financial statements of Low Company‚ a publicly traded company. Aaron notices some major fluctuations in Low’s fourth quarter of the previous year’s financial statement balances. He is aware that security holders of publicly traded company stock that does not separately report fourth quarter results often “impute” such results by subtracting
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Williams Corporation‚ having recently issued a $20‚169‚000‚ 15-year bond issue‚ is committed to make annual sinking fund deposits of $607‚500. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the end of 15 years be sufficient to retire the bonds? Serena Williams Corporation‚ having recently issued a $20‚169‚000‚ 15-year bond issue‚ is committed to make annual sinking fund deposits of $607‚500. The deposits are made on the last day of each year and yield
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TABLE OF CONTENTS CONTENT PAGE NUMBER INTRODUCTION 3-4 EXTERNAL USERS 4-5 FEEDBACK VALUES CHARACTERISTICS 6-7 FORECAST VALUES CHARACTERISTICS 7-9 SUMMARY 9-10 REFERENCES 11 Introduction Bursa Malaysia was in the beginning started as the Singapore Stockbrokers’ Association back in the year 1930. For Malaysia‚ it is the first official securities business organization
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our economy well but significant parts are outmoded or have become redundant‚ and they are enshrined in law that is often unnecessarily complicated and inaccessible. Therefore‚ in July 2001 the Company Law Review Steering Group published a Final Report called "Modern Company Law for a Competitive Economy" which aim was to provide a legal framework for all companies which reflect the needs of the modern economy and to ensure that framework can be kept up-to-date in the future. A White Paper‚ "Modernising
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Q: “Auditing begins where accounting ends. State points of difference between accounting and auditing? “Auditing begins where accounting ends” Accounting is a process of maintaining business records. Joint stock companies are required by law to maintain proper record of business transactions. Maintaining books of accounts and preparing financial statement is a prime responsibility of directors. The shareholders are ambitious to see that their investment is safe. It is therefore imperative
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