DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only $50 000 for expenses?” How would you respond to the
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________________________________ Financial Statement Analysis Financial statement analysis (or financial analysis) the process of understanding the risk and profitability of a firm (business‚ sub-business or project) through analysis of reported financial information‚ by using different accounting tools and techniques. Financial Statement Analysis Tools Financial statements are usually the final output of companies accounting operations. These statements contain information relating to the revenues
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Writing Guidelines Statements of Purpose From the OWU Writing Center in the Sagan Academic Resource Center The OWU Writing Center Corns 316 ▪ (740-368-3925) ▪ http://writing.owu.edu ▪ open Monday-Friday‚ 9:00 a.m. to 5:00 p.m. Ohio Wesleyan University Writing Center © 2011 Writing Guidelines for Statements of Purpose Contents Writing Your Statement of Purpose ................................................................................................ 1 I. Audience and Institutions
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Chapter 2 Introduction to Financial Statement Analysis 2-1. What are the four main financial statements? What checks are there on the accuracy of these statements? The four financial statements are: the balance sheet‚ the income statement‚ the statement of cash flows‚ and the statement of changes in shareholders’ equity. Financial are required to be audited by a neutral third party‚ who checks and ensures that the financial statements are prepared according to GAAP or accounting standards
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) CCC4 Cookie Creations is gearing up for the winter holiday season. During the month of December 2011‚ the following transactions occur. Continuing Cookie Chronicle 219 Dec. 1 5 8 9 15 16 19 23 23 23 28 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties. Natalie teaches the class that was booked on November 25. The balance out- standing is received. Cookie Creations receives a check for the amount due from the neighborhood school
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TITLE PAGE ROLE OF FINANCIAL STATEMENT IN INVESTMENT DECISION MAKING. (A CASE STUDY OF FIRST BANK OF NIGERIAN PLC) BY AMEDU‚ MERCY A. ACC/2008/502 A RESEARCH PROJECT SUBMITED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE BACHELOR OF SCIENCE (B. SC) DEGREE IN ACCOUNTANCY. FACULTY OF MANAGEMENT AND SOCIAL SCIENCES‚ DEPARTMENT OF ACCOUNTANCY‚ CARITAS UNIVERSITY AMORJI NIKE ENUGU [ AUGUST‚ 2012 CERTIFICATION It is hereby certified that the research work
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Definition & Meaning: The combined financial statements of a parent company and its subsidiaries. Definition of ’Consolidated Financial Statements’: Consolidated financial statements are the combined financial statements of a company and all of its subsidiaries‚ divisions‚ or suborganizations. Explanation: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries‚ they enable you to gauge the overall health of an entire group
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The government is going to take you inside the doors of what was once the one of largest telecommunication companies in the world‚ WorldCom and tell the story of how an 11$ billion dollar accounting fraud led to one of the largest bankruptcy filings in history. In the two years before WorldCom declared bankruptcy‚ one man at the helm of the company told lie after lie about the true financial condition of WorldCom‚ lies that artificially inflated his own stock holdings and lies that deprived the
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Balance sheet | Mar ’ 12 | Mar ’ 11 | Mar ’ 10 | Mar ’ 09 | Mar ’ 08 | Sources of funds | Owner’s fund | Equity share capital | 254.63 | 254.40 | 231.98 | 218.98 | 218.98 | Share application money | 3.41 | - | 7.57 | 21.32 | 21.32 | Preference share capital | - | - | - | 19.80 | 33.00 | Reserves & surplus | 1‚762.15 | 1‚236.00 | 1‚107.31 | 919.82 | 1‚172.53 | Loan funds | Secured loans | 1‚560.73 | 1‚763.23 | 1‚728.73 | 1‚920.90 | 1‚774.94 | Unsecured loans | 42.57 | 48
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BasRunning head: BASIC FINANCIAL STATEMENTS Basic Financial Statements Robert A. Weir Basic Financial Statements There are four financial statements that business’ use to reference the financial data of a company. These statements are the balance sheet‚ the income sheet‚ the statement of retained earning and the statement of cash flows. These four statements show a variety of information that pertains to the financial situation of a company during a specific
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