Ch 8: Financial Reporting and Management Reporting System GL master ledger: the principal file in the GLS database. Based on chart of accounts. FRS draws upon GL master to produce the firm’s financial statements General ledger history file and journal voucher history file- prior period info Responsibility center file: contains revenues‚ expenditures‚ and other resource utilization data for each responsibility center in the organization (used for responsibility reports) Budget master file: contains
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Adley – Week1 DQ1 Follow up Reply Financial reporting fraud cases typically involve “fictitious revenues‚ overstatement if assets‚ capitalized expenditures‚ misappropriation of assets‚ premature revenues‚ and understatement of expenses and liabilities‚ “according to Lawyers Connect (n.d). As a result‚ such intentional misstatements are fraudulent and illegal‚ and most likely material. Manipulation of accounting equation‚ Assets = Liabilities + Stockholder’s Equity (Rich‚ et al.‚ 2012‚ p. 9)‚ characteristically
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“Despite much criticism‚ TNCs are actually a force for good in the globalised world.” Using examples; to what extent do you agree with this view? (40 marks) A Transnational Corporation (TNC) is a company which operates in more than one country. We refer to the country in which the company was started as the ‘home country’‚ and any other country that it is operating in as a ‘host country’. Globalisation can be described as the movement of people‚ money‚ resources‚ ideas‚ or culture across international
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Transnational Crime Transnational crime is crime that exceeds our borders. Transnational crime is very common and especially in the US because we are a wealthy country. Transnational crime covers a broad range of crime. It includes human trafficking‚ drug smuggling‚ theft and selling of vehicles overseas‚ gun smuggling‚ abuse and misuse of migrant workers and so many others (Finckenauer‚ 2000). The United States has organized crime groups. Currently around the borders of Mexico we are hearing
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Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the significance
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1 Name five approaches to psychology There are five approaches to psychology‚ Cognitive Psychology Cognition is the term used to describe a range of mental activities associated with thinking. Cognitive processes include reasoning‚ problem solving‚ paying attention and remembering. Social Psychology Social Psychology studies the way we interpret events that are going on around us and how we interact with one another. Physiological Psychology Physiological Psychology is the study of
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What is transnational strategy? A coordinated approach to internationalization in which the firm strives to be more responsive to local needs while retaining suffcient central control of operations to ensure efficiency and learning. Further‚ the transnational strategy combines the major strengths of both multi-domestic and global strategies while minimizing their disadvantages. Transnational strategy implies a flexible approach : standardize where feasible; adapt where appropriate. How the
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a nation or state has expanded across borders either intentionally or unintentionally. Now this nation or a state ’s independence to control events within its borders is challenged by international corporations‚ economic globalization‚ trade‚ transnational crime and the increase in global communications and developments in technology. Ways in
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410 Instructor’s Manual Financial Accounting and Reporting Twelfth edition Barry Elliott Jamie Elliott For further instructor material please visit: www.pearsoned.co.uk/elliott-elliott ISBN: 978-0-273-71271-8 ( Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and photocopy the manual as required. [pic] Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies
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The most influential and long lasting effect that SOX had on financial reporting was the creation of the PCAOB. One of the biggest issues before 2002 was that laws weren’t being enforced. With the creation of this private company it would ensure that all laws and guidelines set in place were effective. The PCAOB is different from other companies because unlike others before it they were allowed to imposed taxes on auditing companies and public companies which allowed them a different budget that
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