THE FINANCIAL AUDIT – THE GUARANTOR OF THE TRUE AND FAIR VIEW SUPPLIED BY THE FINANCIAL STATEMENTS Boa-Avram Florin Babe-Bolyai University‚ Cluj-Napoca‚ Faculty of Economical Science and Business Administration‚ St. Teodor Mihali‚ No. 58-60‚ 400591‚ Romania‚ botaavramflorin@yahoo.com‚ Tel: 0740-886491 Mati Dumitru Babe-Bolyai University‚ Cluj-Napoca‚ Faculty of Economical Science and Business Administration‚ St. Teodor Mihali‚ No. 58-60‚ 400591‚ Romania‚ dmatis@econ.ubbcluj.ro‚ Tel:
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Profit Determination Prepared by John Hoggett and Clare Innes Measurement of Profit • Cash basis • Cash income received - Cash expenses paid – Revenues recorded when received – Expenses recorded when paid • Accrual basis • Profit = Income (incl. Revenues) - Expenses – Revenue is recognised when the anticipated inflow of economic benefit can be reliably measured – Expenses when the consumption of benefits can be reliably measured 2 Adjusting Entries • The need for adjusting entries-
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Altamirano 1 Victor J. Altamirano Professor Powers Business and its Publics 25 February 2012 Subsidizing Profits In contemporary United States policy‚ the conception of free market principles result in negative externalities for the public as well as market inefficiencies. To address these issues‚ the government has developed methods to sway commercial enterprise and its services through taxes and subsidies. Taxes are used to discourage certain transactions and production operations
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Both not for profit and for profit companies have many similarity and differences. A lot of companies start with the intent of making a profit. These companies also pay taxes and are called profit or for profit companies (Rodwell‚ & Teo‚ 2013). Other companies‚ while they can make a profit begin with the intent of helping others. These companies are not for profit or non-profit organizations. Nonprofit organizations are not allowed to make a profit‚ and do not pay taxes‚ but they might generate
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European Union Lot 12: Hotels and restaurants Executive summary Submitted to the European Commission; Employment‚ Social Affairs and Equal Opportunities DG April 2009 Executive Summary Main economic and employment trends The Hotels and restaurants sector is a highly labour intensive service sector employing nearly nine million persons across the EU. A large part of the sector is closely linked to the dynamics of the tourism economy; in terms of turnover the Hotels and restaurants sector
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AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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Audit Office Size‚ Audit Quality and Audit Pricing By Jong-Hag Choi‚ Chansog (Francis) Kim‚ Jeong-Bon Kim‚ and Yoonseok Zang Forthcoming at Auditing: A Journal of Practice and Theory ________________ *Jong-Hag Choi is an Associate Professor at Seoul National University (acchoi@snu.ac.kr). Chansog Kim is an Associate Professor at City University of Hong Kong (acckim@cityu.edu.hk). Jeong-Bon Kim is a Chair Professor at City University of Hong Kong (achead@cityu.edu.hk). Yoonseok Zang is an
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A charity for profit entity exists‚ and its role is to serve a charitable mission‚ but they are legally for profit. Profit charities basically focus on revenue and runs like a company. Their aim is generating profit for their company. Because it is a charity for profit‚ they have to pay taxes for the profit they made‚ while a nonprofit charity will not be taxed. Charites for profit can be categorized into two different sections. Firstly‚ the benefit corporation charities. They can maximize their
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PROFIT MAXIMIZATION: REALITY OR A THEORETICAL OBJECTIVE? Research Compiled for The Paper Store‚ Inc. by Amy Sorter 3/2009 For More Information on This Paper‚ Please Visit www.paperwriters.com/aftersale.htm Introduction Though many people equate economics with finance and accounting‚ it ’s actually a social science‚ a study of behavior and how rational people behave when it comes to allocation of resources. Within the study of that social science are many theories in which economists attempt
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permission of the copyright holder. Backgrounder Sample Case for Video Storyboarding Exercise GR Hotels Corporation (GR) Backgrounder Company History (1991 to 2007) GR Hotels Corporation (GR) is a privately-owned corporation that operates two large mid-scale hotels‚ one in Montreal and one in Toronto. The corporation was founded by the Gemron family in the late 1980s. The company’s first hotel was built near
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