A budget is a way to divide income among spending and saving options. Budgets are usually based on the priorities of your goals‚ which should be assisted with a well developed budget. 2. Explain short-term and long-term goals. Give an example of each. Short term-Goals to achieve within a year or so‚ such as repairing your car. Long term – Goals that you want to achieve over more than a year‚ paying off school loans. 3. How can you estimate your income and spending for the near future
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conducted the statutory audit of the financial statements of Karim Limited‚ a listed company‚ for the year ended 30 June 2012 under the Companies Ordinance‚ 1984. The job incharge has drafted the following audit report: Auditors’ Report to the Members We have audited the annexed balance sheet of Karim Limited (the Company) as at 30 June 2012‚ and the related Income and Expenditure Account‚ Statement of Comprehensive Income‚ Cash Flow Statement and Statement of Changes in Equity together with the notes
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upgrades over the next two years. Use the following financial statement effects template (FSET) to illustrate the financial statement impacts for Apple of the customer’s iPhone purchase on the date of the initial purchase and at the end of each of the two years following the initial purchase under generally accepted accounting principles (GAAP). | Assets | = | Liabilities | + | Owners’ Equity | | Revenues | Expenses | Net Income | January 1‚ 2010: | | | | | | | | | | | | | |
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In the last ten years‚ one of the things that has been changing the way the World works is technology. From the invention of new hybrid vehicles to small things like 3D cell phones and TVs‚ many companies have been competing in a huge market to release the best product with the best features for customer satisfaction. Among these organizations we can find “LG”‚ “General Electric”‚ “Samsung”‚ and “Sony”; the last one is one of the biggest manufacturer of electronic equipment in the world and a good
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auditing‚ however whistle blowing accounts for most revealed accounting fraud. Financial statement fraud will usually occur in such schemes as: fictitious revenues‚ timing differences‚ concealed liabilities & expense‚ improper asset valuation‚ or asset/revenue overstatements (just to name a few)‚ (Frempong‚ 2012). It is essential one be educated and thoroughly understand the different types of financial statement fraud schemes and the accompanying accounting transactions in order to better identify
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a wide range of small kitchen appliances including deep fryers‚ griddles‚ toasters‚ ovens etc. Blaine had just fewer than 10% of the $2.3 billion U.S. market for small kitchen appliances. During the year ended December 31‚ 2006‚ Blaine earned net income of $53.6 million on revenue of $342
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Debit or Credit Memos Excessive Late Charges Unreasonable Expenses or Reimbursements Strange Financial Statement Relationships Revenues with Inventory Receivables Cash Flows Payables Cost Per Unit Revenues with Revenues with Inventory with Volume with Financial Statement Fraud A Preview Volume with Scrap Inventory with Warehousing Costs Strange Financial Statement Relationships One change in one account‚ taken in
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Sirius XM Radio Financial Statement Analysis In the previous project assigned to me‚ I completed a SWOT analysis of Sirius XM Radio where it was noted that the Sirius XM is firmly at the top of its industry. For the purposes of this project‚ I went through the financial statements of Sirius XM as well as computed several key financial ratios to indicate Sirius XM’s profitability‚ growth‚ performance‚ and efficiency amongst other things. I then compared these ratios to the industry averages as well
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The backbones of business reporting are the financial statements. They are formal records of the financial activities of a business. There are three basic financial statements:(1) Profit & loss account(2) Balance sheet(3) Cash flow statementThe profit & loss account:The profit and loss account (also referred to as the income statement) shows the results of the flow of activity and transactions and is designed to report the profit performance of a business for a specific period of time. The profit
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1/20/2013 MACC 594: LECTURE NOTES‚ MODULE I: INTRODUCTION TO ANALYSIS AND REVIEW OF BASIC CONCEPTS PART I. A. REVIEW OF FINANCIAL STATEMENTS ANALYZING THE BALANCE SHEET • The balance sheet lists the firm’s assets‚ liabilities and equity accounts and their balances at the end of the period. • What does the balance sheet reveal about a firm? • Size of the company (total assets or net assets) • Major assets owned and proportion of current vs. noncurrent assets: - Is the mix of assets consistent
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