Bibliography: (Balance sheet of ICICI bank as on March 31‚2007) (Rs
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statements Use of a work sheet summarizes needed data in one place 2 Accounting Cycle Journalize Transaction During the period Post to Accounts Adjust Accounts End of the period Prepare Financial Statements Close Accounts 3 Work Sheet Internal summary device NOT: A journal A ledger A financial statement Computerized spreadsheets work well 4 Work Sheet Steps Enter account titles and their unadjusted balances in the Trial Balance columns Total the amounts 5 Work Sheet Steps Enter the adjusting
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accelerate the depreciation of assets to a current year’s return to gain a higher tax break. The use of this tool is usually implemented in times of economic turmoil to stimulate the economy. Inventory is one of the most prominent items on the balance sheet. The inventory position shows how methodical management is with stockholder assets and how certain they are in the businesses’ forthcoming sales. In the majority of circumstances the inventory would be summarized at its expense; nevertheless
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statements are reports that allow interested parties to evaluate the profitability and solvency of a business. These reports include the Balance Sheet‚ Income Statement‚ Retained Earnings Statement‚ and Statement of Cash Flow. These four financial statements are the final product of the accountant’s analysis of the transactions of a business. The balance sheet provides detailed information about a company’s assets‚ liabilities and shareholders’ equity. Assets are things that a company owns that
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Financial Statement Analysis Methods: Horizontal vs. Vertical Analysis Introduction Financial statement information is used by both external and internal users‚ including investors‚ creditors‚ managers‚ and executives. These users must analyze the information in order to make business decisions‚ so understanding financial statements is of great importance. Several methods of performing financial statement analysis exist. This article discusses two of these methods: horizontal analysis and vertical
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Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question 2 | Differences of income statement and balance sheets | 10 | | | Tabulation of income statement and balance sheets | 11 | | | Use in decision making | 11 | | | Five users and differentiation of the information needs | 12 | 4 | References | 13-14 | 5 | Bibliography | 15 | Executive Summary The introduction to
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term. They help in understanding the past performance of the company and making future predictions about the company. It thus helps us to look beyond the profit figures. There are 3 basic financial statements. They are:- Income Statement Balance Sheet & Cash Flow Statement Purpose of financial statements "The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise that is useful to a wide range
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E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. 2. Timberland. 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. 4. Lease prepayment (6 months’ rent paid in advance). 5. Cost of equipment obtained. 6. Cost of searching for applications of new research findings. 7. Costs incurred in the formation
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reporting” 07 Discuss the above statement giving the objectives of financial statement and the contents of the various components of the financial statements. (b) From the following trial balance of Mr. A prepare a Trading‚ Profit & 07 Loss Account and Balance Sheet for the year ended on 31st March‚ 2004. Trial Balance as on 31-03-04 (Rs. In ‘000) Dr. Cr. Purchases 21‚750 Discount allowed 1‚300 Wages 6‚500 Sales 30‚000 Salaries 2‚000 Travelling Expenses 400 Commission 425 Carriage inwards 275 Administration
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three you will prepare an unadjusted trial balance. The unadjusted trial balance is prepared to determine whether any errors have been made in posting the debits and credits to the ledger. The unadjusted trial balance does not provide complete proof of the accuracy of the ledger. It indicates only that the debits and credits are equal. This process is very valuable because errors often affect the equality of debit and credits. If the two balances of a trial are not THE ACCONTING CYCLE
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