Introduction‚ Review of Accounting Process & Financial Statements Part I • Generally Accepted Accounting Principles (US GAAP) Generally Accepted Accounting Principles or U.S. GAAP refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally know as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements (Wikipedia‚ n.d.). Although
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Auditing: A Journal of Practice & Theory Vol. 30‚ No. 2 May 2011 pp. 19–50 American Accounting Association DOI: 10.2308/ajpt-50009 Financial Statement Fraud Detection: An Analysis of Statistical and Machine Learning Algorithms Johan Perols SUMMARY: This study compares the performance of six popular statistical and machine learning models in detecting financial statement fraud under different assumptions of misclassification costs and ratios of fraud firms to nonfraud firms. The results show
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income would be overstated because it is not burdened by a depreciation charge‚ average total assets would remain understated‚ and ROA would be overstated. b. This error does not affect cash flows‚ but it does affect classification within the statement of cash flows. Expensing results in an operating cash ouflow in year one. Capitalization results in an investing cash outflow. 7.2 Self-Constructed Assets. The company should capitalize the full costs of construction‚ including direct labor
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Financial Statement Analysis Chandra Sekhar Mishra VGSOM‚ IIT Kharagpur Outline Financial Statements and their Content ●Why Financial Statement Analysis (FSA)? ●Tools for FSA ● Financial Statements ● Balance Sheet ● ● Statement of financial position Statement of Assets and Liabilities ● ● ● ● Income Statement ● Statement of financial performance ● ● Assets: What a business owns Liabilities: What a business owes to non-owners Equities: What a business owes to owners Revenues and Expenses
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Objective of financial statements[edit] Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position‚ financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it.[1] To meet this objective
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FINANCIAL RATIOS AND THE STATE OF HEALTH OF NIGERIAN BANKS Onyeiwu Charles University of Lagos‚ Lagos State‚ Nigeria Email: chasonyeiwu@yahoo.com Tel: 2348023206015. And Aliemeke Goodluck Guarranty Trust Bank Plc‚ Nigeria Email:goodluck.aliemeke@gtbank.com Abstract
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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 accounting period
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ASSESSMENT OF FINANCIAL STATEMENTS Assessment of Financial Statements Judith A Vicks FIN7014-8: Managing Financial Institutions Dr. Ekanayake: Northcentral University June 23‚ 2013 ASSESSMENT OF FINANCIAL STATEMENTS Abstract It is important to understand the differences in how earnings and liabilities are generated or reported for different financial institutions. This paper will describe key points regarding the balance sheets of different financial institutions. Commercial
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TASK 1: Financial statements are used by both internal and external users to make economic decisions. The information within the financial statement aims to provide information about the financial position‚ performance and any changes in financial position of an enterprise. Financial statements should be understandable‚ relevant‚ reliable and comparable. Reported assets‚ liabilities‚ equity‚ income and expenses are directly related to an organization ’s financial position. AstraZeneca
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Financial Statements Paper There are for basic financial statements in accounting. Each one of these statements has their one nook within a company either negative or positive. The four are; the balance sheet‚ the income statement‚ the statement of retained earnings‚ and the statement of cash flows. I will discuss the how each is useful to both external and internal users. In the conclusion of this paper you will also understand the importance of each of these as well
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