The Four Types of Financial Statements ACC/561 Version 4 December 22‚ 2012 Much success in today’s business world is tied in with numbers in the form of accounting and financial statements. Being able to understand and properly read these statements is a critical component in truly knowing a business and properly assessing its overall performance. In the accounting world there are four main financial statements that are universally understood and prepared for most publically traded companies
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Financial Statements ACC 290 March 4‚ 2013 Financial Statements come in four basic types; income statement‚ retained earnings‚ the statement of cash flow and the balance sheet. These statements are used both internally and externally to calculate the profitability and liabilities of a company. The financial statements of a company are the window for managers‚ investors‚ and creditors into the stability of a company. The details of a financial statement differ from the type of the
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examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C. 2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits of
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ASSESSEMENT Unit: Unit 2 – Managing Financial Resources and Decisions Learning Hours: 60 Hours. Self-learning hours: 90 hours. Course: HND Business Term: Lecturer: Mrs. Verifier: Learners Name Registration Number Learners Declaration: I certify that the work submitted for this unit is my own: Signed: Hand out Date: Submission Date: The Following Sections to be completed by the assessor: Center Name: Center Number: Please
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Financial Statement Restatement Paper A number of companies have faced restatements because of errors in their financial statements (Kieso‚ Weygandt‚ & Waterfield‚ 2007). Overstock.com is an online retailer offering closeout and discount brand and non-brand name merchandise. They also operate as part of their website an online auctions business- a marketplace for the buying and selling goods and services. In February 2006‚ the company restated financial reports from Q1 2002 to Q3 2005 due
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Carp are a family of fish native to Europe and Asia. The common carp has been in the US for over 100 years. The common carp is considered a nuisance fish‚ but it doesn’t seem to be doing too much harm to the lakes and rivers it lives in. The newest carp invaders‚ seem to be causing trouble in the Mississippi River and surrounding waters. Introduced to the U.S. in the 1970’s to control weed and parasite growth in aquatic farms‚ common carp eventually managed to get into the Mississippi River and
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FINANCIAL STATEMENTS AND CASH FLOW 1. Liquidity measures how quickly and easily an asset can be converted to cash without significant loss in value. It’s desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. However‚ since liquidity also has an opportunity cost associated with it - namely that higher returns can generally be found by investing the cash into productive assets - low liquidity levels are also desirable to the
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How far do sources C and E support the view of the Fenians as demonstrated in Source D? Sources C and E both support the view of Fenians demonstrated in Source D to an extent as they all show some sympathy for Ireland. However Source E has a slightly different view on Fenians as it is critical of the damage they may do to the Irish reputation as a whole. Therefore Sources C and E support Source D‚ while Source E supports it to a lesser extent due to the fact that it is a private message and will
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The Different Types and Affects of Schizophrenia Approximately 2.4 million Americans are affected with Schizophrenia. Currently one percent of that population develops Schizophrenia at some point in their lifetime (National Women’s Health Research Center) (web 3 June 2010) . Schizophrenia is when an individuals thinking‚ emotions‚ and behavior is impaired. If untreated‚ Schizophrenics will soon start to make a person withdraw from interactions with others and will eventually they will not be
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Mobile phones have changed how we negotiate our relationships with family‚ spouses and close friends. Increased levels of mobile phone subscriptions are linked with improvements in education‚ gender equality and political participation‚ particularly in developing countries. They are also associated with higher economic growth. These are among the findings of a research report by the Cologne Institute for Economic Research‚ which explores the ways in which mobile technologies influence economics
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