QUESTIONS FOR MID-TERM EXAM 1. All the users of interested parties (users of information) have equal possibility/rights/power to get company’s financial information. Do you agree with this statement (give you arguments)? How financial statements are useful to the various interested parties (users of information)? Financial accounting’s aim is to allow all the users of interested parties to understand firm’s situations in global and synthetic way. The financial statement produce information
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General Accounting Department to reduce hundreds of millions of dollars in line cost expenses and increase capital asset accounts by the same amount through fraudulent adjustments and entries in WorldCom’s general ledger to mask WorldCom’s true performance. These entries were made after the close of the quarter and lacked any business justification or supporting documentation. Sullivan explained to Ebbers that to meet Wall Street expectations the Company would have to engage in accounting practices
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Accounting is founded on the basic equation that states a company’s Assets equal their total Liabilities plus their total Owner’s Equity . This equation is summarized as ALOE . This isthe basis of the Balance Sheet.Assets are the company’s furniture‚ fixtures and equipment‚ physical property‚ intellectual property and other resources. These properties include the physical land as well as the equipmentand building improvements on the property.A company’s liabilities
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Careers In Accounting Sheila Davis Professor Jacob Angima Accounting 100 November 27‚ 2014 Careers in Accounting A career option someone can pursue with an accounting education would be an Auditor. Auditors prepare and examines financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Auditors asses financial operations and work to help ensure the organizations run efficiently. http://www.bls.gov/ooh/business-and-financial /accountants-and
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ACCOUNTING CONCEPTS What are the Account Concepts? In order to maintain uniformity and consistency in preparing and maintaining books of accounts‚ Certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. “Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts
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Question 1 Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as
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career in baseball and football. Jackson’s biological father named A.D. Adams left him at a very young age and stopped by once a month to give the family twenty dollars (Hoffer). Jackson has a mother whose name is Florence Jackson (Jackson and Schaap 14). Jackson’s mother gave her everything for her kids working multiple jobs (49). Jackson never had a father figure in his life until he got to high school. Jackson blamed his biological father‚ A.D. Adams for all of the problems that Jackson had.
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Assignment 1: Review of Accounting Ethics The New Zealand Institute of Chartered Accounts (NZICA) represents over 33‚000 members in New Zealand and overseas. The organization audits private companies and public companies that are members of the organization (Graham‚ 1960). In October 2012‚ the organization was found to be practicing breaches of accounting with its members when an employee of the organization was found investing in different companies using client’s money. The loans were supposed
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Book Title: Flags of Our Fathers Author: James Bradley Why I chose this book: From the moment I set foot on the yellow footprints at MCRD‚ Parris Island I’ve heard Marines talk about the raising of the Flag at Iwo Jima. It inspired me to know more about the Marines who have served and fallen before me. In my eyes‚ this was one of the greatest moments in the Marine Corps history. These are a few reason why I chose to read this book‚ Flags of Our Fathers by James Bradley. Give a
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“Father Knows Best” and “The Cosby Show” Annotation Some of the main concepts portrayed in the article “Father Knows Best” and “The Cosby Show”: Nostalgia and the Sitcom Tradition” by June and Timothy Frazer‚ are in which some of our traditional ideals and concepts towards women in America haven’t changed much over time. This article goes to identify two racially different sitcoms relating in the sense where the mother or females in the household of the show are undermined in their authority and/or
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