"Financial accounting produces information for external parties such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies" (Horngren‚ Sundem‚ & Stratton‚ 2005‚ p. 5). "Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers & acquisitions‚ benefits/ERISA planning and long-term financial projections"(Accounting: Job Options‚ 2000). These reports are used by owners of a business‚ or by people who
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The Sicilian Mafia‚ or Cosa Nostra is a criminal syndicate that emerged in the mid-nineteenth century in Sicily‚ Italy. It is a loose association of criminal groups that share a common organizational structure and code of conduct. The origins lie in the upheaval of Sicily’s transition out of feudalism in 1812 and its later annexation by mainland Italy in 1860. Under feudalism‚ the nobility owned most of the land and enforced law and order through their private armies. After 1812‚ the feudal barons
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goods‚ which consist of tangible and visible commodities or products‚ (2) services‚ which consist of intangible commodities that are produced‚ transferred‚ and consumed at the same time‚ (3) income (which is sometimes classified in “services”)‚ (4) financial claims on and liabilities to‚ the rest of the world‚ including changes in a country’s reserve assets held by the central monetary authorities. The International Monetary Fund‚ which strives for international comparability‚ defines the balance of
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Accounting Analysis | RealD Inc vs. IMAX Corp. | | EXECUTIVE SUMMARY RealD Inc is a leading global licensor of 3D technologies while IMAX Corp specializes motion picture technologies and presentations. While the two markets may seem mutually exclusive‚ they are not‚ and with indications of both parties having intentions to foray into broader market segments‚ the competition between both parties could not be more intense than it is now. Even though it may seem that IMAX is performing
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Abstract Since July 2007‚ leading economist believe that this has been the worst financial crisis since the great depression. This essay outlines various viewpoints and influences in respect to the paradigm. Firstly it defines‚ Global Financial Crisis (GFC) and the impact it has had on International Accounting Standards in regards to implementation and use of their accounting regulations. It also examines The Fair Value Measurement in accordance to the effect it has on the GFC and how the interpretation
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Study: Prudential Financial Inc.: Stockholders’ Equity and Balance Sheet Leverage 1. Compare the stockholders’ equity section of the balance sheet with the statement of stockholders’ equity. Describe in general terms how they relate. The Balance Sheet equity is a snapshot of the balances at book value of the funds contributed by the owners to finance operations‚ whereas the statement of stockholders’ equity shows a summary of the transactions which took place during a financial period‚ ie shows
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Does Fair Value Accounting for Non-Financial Assets Pass the Market Test? Hans B. Christensen and Valeri V. Nikolaev The University of Chicago Booth School of Business 5807 South Woodlawn Avenue Chicago‚ IL 60637 Abstract: The choice between fair value and historical cost accounting is the subject of longstanding controversy among accounting academics and regulators. Nevertheless‚ the market based evidence on this subject is very limited. We study the choice of fair value versus historical
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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The balance sheet‚ income statement and cash flow statement are closely related. Basically‚ a balance sheet describes a company’s assets‚ liabilities and stockholder’s equity in a specific period of time. An income statement mainly shows the net profits or loss of a company. The purpose of the income statement is to show stockholders and investors whether the company earned or lost money. A cash flow statement explains cash inflows and outflows. Each financial statement reveals a part of a company’s
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Enc 1101 Why do women cheat? “FORTY PERCENT of women cheat” (Francis‚ 2007‚ P.58). That’s a very bold and general statement to be said about women. Cheating in today’s modern time as common as stealing. These days more and more women are found to be guilty of cheating. Infidelity in relationships is increasing day by day. Every day we read on newspapers about several crimes which have resulted from such relationships. With increasing live in relationships and extra
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