3101AFE TUTORIAL 2 - Semester 2 2013 Deegan Topics 2 and 3: The financial reporting environment and Regulation of financial accounting 2.1 What expectations do accounting standard-setters have about the accounting knowledge of financial statement readers? Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have
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Financial Statement Review What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors? Walmarts net income for the current fiscal year is $27‚801 million. Last year net income increased from the following years 2012 net income of $26‚558 million. Walmart has had an continuous increase in net income from the year 2009. Year Net Income Percentage 2009 22‚767 100 2010 24‚002 105 2011
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ACCT5907 INTERNATIONAL FINANCIAL STATEMENT ANALYSIS Mid-semester Test 2 2012 Sem 1 (Solutions to Analysis Questions (section B) and comments) General comments (1) Both the analysis questions were taken from the lecture examples‚ additional exercise‚ workbook exercises and practice test. Students who had worked through these materials were competent in handling the mid-term test. Students who believe that they did not perform as well as they had expected should going through the lecture materials
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Company Background Apple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) designs‚ manufactures and markets mobile communication and media devices‚ personal computers‚ and portable digital music players‚ and sells a variety of related software‚ services‚ peripherals‚ networking solutions‚ and third-party digital content and applications. The Company’s products and services include iPhone ® ‚ iPad ® ‚ Mac ® ‚ iPod ® ‚ Apple TV ® ‚ a portfolio of consumer and professional
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Financial Statements Paper ACC/290 Income statements chronicle the gains or deficiencies of a company’s operations over a period of time‚ by reporting all revenues and expenses. These statements are processed each month‚ and at the end of the fiscal year. Income statements include definite expenses and revenues. Sometimes these statements are also known as P&L statements or profit and loss. The second statement is known as a retained earnings statement. This is for displaying
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parties that may ultimately rely on the client’s financial statements? Should auditors insist that audit engagement letters identify the third parties to whom the client intends to distribute the audited financial statements? Would this practice eliminate auditors’ legal liability to nonprivity parties not mentioned in engagement letters? During an audit it is the auditors responsibility to give their opinion on a company’s financial statements to its shareholders. However‚ the main purpose of
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Chapter 1 An Overview of Financial Management and The Financial Environment ANSWERS TO END-OF-CHAPTER QUESTIONS 1-1 a. A proprietorship‚ or sole proprietorship‚ is a business owned by one individual. A partnership exists when two or more persons associate to conduct a business. In contrast‚ a corporation is a legal entity created by a state. The corporation is separate and distinct from its owners and managers. b. In a limited partnership‚ limited partners’ liabilities‚ investment returns and control
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Financial Statements are described as the language of business. These statements tell the condition and performance of a business historically‚ currently and prospectively. The main objective is to provide information about financial position‚ financial performance and cash flows of an entity used in making economic decisions. ELEMENTS OF FINANCIAL STATEMENTS Financial Statements portray the financial effects of transactions and other events by grouping them into broad classes according to their
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Financial Statement Review Tamara Harrell‚ Samara Holmes‚ Brittany Naron‚ Jennifer Turner HCS/405 May 25‚ 2015 Louis Eubank How did the audited and unaudited financial statements differ? The audited and unaudited financial statements differ in many ways. One way was the unaudited balance sheet did not provide the specific date when the balance sheet was prepared while the audited balance sheet stated the date clearly at the top of the page. Another way they differ was if you look
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Outline What Is Literature Review? Why Do Literature Review? The Steps of Literature Review Tips for Literature Review Last but not the least 2010-10-13 Japanese winner of Nobel prize in Chemistry 2 What Is Literature Review? “... a literature review uses as its database reports of primary or original scholarship‚ and does not report new primary scholarship itself. The primary reports used in the literature may be verbal‚ but in the vast majority of cases reports are written
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