Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet‚ income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits‚ credits‚ transaction journal entries‚ adjusting
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decision that test this code. One of the elements that many believe distinguishes a profession from other occupations is acceptance by it members of a responsibility for the interest of those it serves. . Accounting ethics is a field of professional ethics which pertains specifically to accounting. For the public to rely on the information provided there must be a level of confidence in the knowledge and behavior of accountants. The nature of the accountants’ work puts them in a special position of
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the society. In this report‚ it will use Legitimacy theory to explain BP’s response to this event. Legitimacy theory can be treated as a explanation for voluntary corporate disclosures in annual report. As (Dowling&Pfeffer‚ 1975) says a corporation must act in congruence with norms and society value. First of all‚ Legitimacy theory is based on the concept of substantive rationality and replies upon the notion of a social contract. This theory asserts that organizations seek to ensure that they
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Case 1.1 Industry and Strategy Analysis a. Apply Porter’s five forces framework to the specialty coffee retail industry. 1. Rivalry among Existing Firms. Direct rivalry among existing firms is often the first order of competition in an industry. Starbucks competes with a broad scope of coffee beverage retailers‚ including fast-food chains‚ doughnut chains‚ and convenience stores associated with many gas stations. Also‚ there are a number of companies that were growing chains of retail coffee
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Financial accounting is one kind of accounting different from the management accounting in the accounting system. As management accounting is for “internal” whereas financial accounting is for “external”. The following is a detailed explanation and analysis of the major objective and role of financial accounting. The purpose of financial accounting is to measure the performance of the entity and therefore provides the financial information to different stakeholders. Stakeholders will have their
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Dr. Sunny Sun‚ Poly U.‚ Only for use in AF2108 Financial Accounting‚ Second Semester 2010/2011. AMY LAU JUN HAN HAIER: MANAGEMENT CONTROL ON A TACTICAL LEVEL The Haier Group started out as a refrigerator manufacturer in China in 1984 with imported refrigerator production technology from the German Liberhaier company. In the following two decades‚ Haier grew to become one of the world’s leading white goods home appliance manufacturers and was constantly regarded as an aspiring‚ fast growth
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Introduction to Financial Accounting ACCT6331 –Prior Year Suggested Time: 90 minutes 1. When the amount of expenses recognized for the purpose of financial reporting exceeds the expenses recognized for the purpose of tax reporting‚ a company will have deferred tax assets. Please indicate if the above statement is true or false. a. true b. false 2. BJ Services is an oil and gas service firm. The company does not issue any preferred stocks or convertible securities.
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Date: _____________ 1.|An account is a part of the financial information system and is described by all except which one of the following?| A)|An account has a debit and credit side.| B)|An account is a source document.| C)|An account consists of three parts.| D)|An account has a title.| 2.|Which statement about an account is true?| A)|In its simplest form‚ an account consists of two parts.| B)|An account is an individual accounting record of increases and decreases in specific asset
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the Study Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded‚ classified‚ summarized‚ interpreted‚ and communicated; for public companies‚ this information is generally publicly-accessible (Financial Accounting Info‚ 2006). Accounting attempts to create accurate financial reports that are useful to managers‚ regulators and other stakeholders such as shareholders‚ creditors or owners (Financial Accounting
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Accounting and financial statement • Business going concern- dobry interes = IT WILL CONTINUE INTO THE FUTURE Current market value of its fixed assets is irrelevant‚ they’re not for sale. Fixed assets-środki trwałe. • NET BOOK VALUE->>Historical cost accounting = assets at original purchase price –accumulated depreciation charges. WARTOŚĆ KSIĘGOWA NETTO historyczna kalkulacja kosztów = aktywa w oryginalnej cenie zakupu-zgromadzone odpisy amortyzacyjne
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