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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“hostile takeover”. In assessing Dollar General’s performance‚ we first must conduct an internal comparison‚ in which the Statement of Income shows both production and period cost had increased greatly which resulted in lower income; meanwhile‚ Ratio Analysis also points out relatively lower growth in revenues and profit margin. For external comparison‚ the Income Statement Comparison chart proves (Although DG still lead in net sales) its growth in sales dropped 43.3%‚ while its peers had significant
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Prepared: JML 3/3/2013 March 5‚ 2012 Dear Mr. Lancaster: This letter will confirm our understanding of the arrangement for our audit of the financial statements of Apollo Shoes‚ Inc. for the year ending December 31‚ 2011. We will audit the Company’s balance sheet at December 31‚ 2033‚ and the related statements of income‚ comprehensive income‚ stockholders’ equity‚ and cash flows for the year then ended‚ for the purpose of expressing an opinion on them. We will also audit whether Apollo Shoes
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1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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definition of comprehensive income. Comprehensive Income The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income comprises both of the following: * a. All components of net income * b. All components of other comprehensive income. (ASC 220-10-20-2)
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