References: Horngren‚ Charles T.‚ Sundem‚ Gary L.‚ Elliott‚ John A.‚ Philbrick‚ Donna R.‚ 2006‚ Introduction to Financial Accounting‚ 9th edition‚ Pearson Prentice Hall‚ Upper Saddle‚ New Jersey. -----------------------------------------------
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Final Paper Matthew Duncan ACC205: Principles of Accounting 1 LaKeitha Givens June 13‚ 2011 Final Paper What makes a large organization like Wal-Mart financially successful? One could say it is the result of outstanding personnel or perhaps a strong determination to succeed. These factors certainly contribute. However the key to financial success in organizations lies in good accounting. Since early civilization began‚ accounting has been an important part of our financial
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controls and procedures for financial reporting in accordance with the Sarbanes-Oxley Act of 2002 (SOX) (Harrison‚ Jr.‚ Horngren‚ & (Bill)Thomas‚ 2013). It is the responsibility of your managers to ensure that there are reliable and active controls in place‚ and auditors from outside the company must assess and state the soundness of the company’s internal controls. (Harrison‚ Jr.‚ Horngren‚ & (Bill)Thomas‚ 2013) The purpose of this act is to reduce potential corporate fraud by mandating specific procedures
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References: Horngren‚ C. T. (2008). Introduction to Management Accounting (14th ed.). Retrieved from The University of Phoenix eBook Collection database..
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PRESENTATION FOR COMPANY X BY: Jae Kierstin Carreira 1 PART B1 Identify what the correct net cash flow for the second year would be if all expenses were as described but there was no depreciation costs. Here is what we know already: Year two Net Cash Flow with depreciation Expected annual sales of new product Expected annual costs of new product cash expenses depreciation expenses Income before taxes Income tax at marginal rate Net income Net annual cash flow for years shown 3‚170‚000 2‚400
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company’s document reporting the outcome of the business. Managers‚ investors‚ and the public can look to the company’s financial statements to assess a company’s current position‚ past performance‚ and predictions of future performance (Horngren‚ Sundem‚ Stratton‚ Burgstahler‚ & Schatzberg‚ 2008). The individual financial statement assists investors in coming to a conclusion concerning the company. It is imperative that investors not only evaluate the financial statements on an individual
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budget focuses on the results of the operating budget and other plans such as capital budgets and debt repayments will have on cash and the budgeted balance sheet (Horngren‚ Sundem‚ Stratton‚ Burgstaler‚ & Schatzberg‚ 2008). Operating Budget Financial Budget Sales Forecasting Risk Assessments According to Horngren‚ et. al. (2008) the sales budget is defined as the basis for the master budget‚ whereas the sales forecast is defined as‚ “a prediction of sales under a given set
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income was found by subtracting expenses from income. $660‚000 - $100‚000 = $560‚000‚ which is the amount made from ticket sales. Next we had to get the Net Present Value (NPV)‚ which is the “sum of the present values of all expected cash flows (Horngren‚ Sundem‚ Stratton‚ Burgstahler‚ and Schatzberg‚ 2008)‚” of the before tax net cash inflow. We took the net income and multiplied it by the NPV factor‚ which is 6.6231. $560‚000 * 6.6231 = $3‚708‚936. Then we compared it to the investment‚ of
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chooses to incorporate should be one that most effectively matches expenses with the revenues produced. The method that most select is that of straight-line depreciation‚ which "spreads the depreciable value evenly over the useful life of an asset." (Horngren‚ Sundem‚ Elliott‚ & Philbrick 2006‚ p.342) Depreciation schedules reflect how much depreciation will be allocated for each year of the assets useful life. In order to calculate depreciation expense we take the cost of the acquisition minus the
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2009‚ Evolution of management accounting‚ Business Standard‚ vol 87‚ 25. Burns‚ J and Scapens R 2002‚ Conceptualizing management accounting change: an institutional framework‚ Management Accounting Research‚ Volume 11‚ Issue 1‚ March 2000‚ 3-25. Horngren‚ CT 1989‚ Cost and management accounting: Yesterday‚ and today‚ Journal of Management Accounting Research‚ no. 1‚ pp. 21-32. Ittner‚ CD and Larcker DF 2001‚ Assessing empirical research in managerial accounting: A value-based management perspective
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