NUMBER:910222-10-5063 H/P NUMBER:+6012-6657900 STUDENT ID:201053 NAME OF LECTURER:MR. LOH YONG CHIANG SUBMISSION DATE:2nd OCTOBER 2011 SEPTEMBER 2011 SEMESTER ASSIGNMENT QUESTION: Compare Cash Flow statement and Balance sheet. Describe the accounting process in preparing a balance sheet. How are balance sheet and Accounting equation related and what is T account? Describe the steps in analyzing financial statement and explain the followings Adjusting Entries Accrued Revenue & Expense Depreciation
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of the organization? Companies prepare balance sheets as a way of summarizing their financial positions at a given point in time. The other financial statements relate to the balance sheet and show how important aspects of a company’s financial position change over time. The balance sheet is a summary of an enterprises’ assets‚ liabilities and equity at a specific moment of time. To simplify this description even further we could say that the balance sheet shows an entity’s possessions‚ obligations
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are the income statement‚ balance sheet‚ retained earnings statement‚ and statement of cash flows. Income Statement An income statement is used best for tracking the operations of a business during a specific period of time (Kimmel‚ Weygandt‚ Kieso‚ 2009). The income statement provides information about a business’ revenues and expenses. The statement also shows a business’ net income or net loss by deducting expenses from the revenues. Balance Sheet The balance sheet shows a business’ assets
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Measuring Periodic Income Part A Balance Day Adjustments Learning Objectives a) state the meaning‚ types and purposes of balance day or date b) explain the meaning and purpose of balance day adjustments c) describe the relationships between going concern‚ accounting period and matching concept d) adjust and record prepaid expenses‚ expenses due‚ income accrued and income received in advance on balance day e) adjust and record bad debts‚ bad debts recovered‚ doubtful
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Chapter 1: Overview—The Financial Statements Chapter 1 introduces the four financial statements--Income Statement‚ Statement of Retained Earnings‚ Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed
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Case Preparation Questions (Note that questions sometimes continue on the next page) Use a spreadsheet program such as Excel for computations for all cases Riley Supply 1. Prepare one indirect cash flow statement (operating-investing-financing) for 2004-2005 and a second one for 2005-2006. Do not aggregate any accounts. 2. Calculate common-size income statement for each year. 3. Calculate all financial ratios (use “A Basis Set of Financial Ratios”) for each year. You will
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required. A brand new company will need to be able to provide a sales projection plan‚ the production plan‚ to be able to put together the pro forma income statement. A brand new company will not have a balance sheet from the year before‚ or will it have an income statement‚ a cash balance sheet or any other budget plan that could be used to be able to secure the operating capital and the loans that is from the bank. A new company that is starting up and that is forming they will need to know how
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Interpret the contents of a trading profit and loss account and balance sheet for a selected company. Wansbeck Motors Ltd is a limited company‚ there for have to submit their income statement and balance sheet to HM Revenue and Customs every year‚ for larger businesses this could be more often. The Income Statement (Trading Profit And Loss Account) I would also point out the fact that the “trading profit and loss account” is now called an income statement. The income statement was constructed
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form of financial recording to do as part of your job description. Spreadsheets‚ budgets‚ cash flow projections‚ business statistics‚ figures and the financial side of a business is not just meant for accountancy experts. Many are baffled by balance sheets‚ or confused by the financial statements of a business entity. This article therefore takes us through the basic terminology and knowledge to enable us understand and interpret effectively financial statements. For any thriving business‚ financial
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per section. 1. Should the information pertaining to actual claims incurred as of the balance sheet date that became available after the balance sheet date be considered in determining management’s best estimate of the medical benefits payable? If so‚ how does this information impact the amount recognized or disclosed? Yes‚ the information pertaining to actual claims incurred as of the balance sheet date must be considered in order to provide management with the best estimate for Medical
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