liability because a proprietorship has unlimited liability and a corporation has limited liability. When a proprietorship is sued‚ their personal assets are at risk if they lose‚ but if a corporation gets sued‚ their personal assets are not at risk. As a CPA‚ I would recommend the corporation business form to my client because if a corporation gets sued‚ their personal assets are not at risk. 2. What is the training of a CPA and what is their purpose? Explain in your own words. The training of
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Owners • Owners are typically the most interested user of financial statements. Not only do owners have an interest in profits‚ but also in the amount of money they retain for personal income. This information comes from the income statement. Owners want to know how much capital the business consumed in order to generate sales revenue. Lenders • Lenders have an interest in both a company’s profit and cash flow. These users may have given loans to the business. Companies with an inability to repay
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a) Five Users of Company Financial Statements There are various internal and external users of company financial statements. Internal users include employees‚ directors and shareholders‚ while external users include the government‚ the public‚ suppliers and creditors. 1. Investors Both current and potential shareholders/investors are the providers of capital in a company. They are interested in information that will help them determine whether to invest in the company. They are comparing different
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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 of users in making economic decisions (IASB Framework). Financial Statements provide useful information to a wide range of users: Managers require Financial Statements to manage the affairs of the company by assessing its financial performance and position and taking important business
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Financial Statements Fraud Table of Contents Introduction ........................................................................................................ 1 Definition ............................................................................................................. 1 Purpose of Financial Statements Fraud ..................................................... 1 Financial Statement Fraud Schemes
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c a l i f o r n i a Berkeley Why is the personal statement so important? As a vital part of your application‚ the personal statement—consisting of responses to two prompts—is reviewed by both the Admissions and the Scholarship Offices. At Berkeley we use the Personal Statement to: • discover and evaluate distinctions among applicants whose academic records are often very similar; • gain insight into your level of academic‚ personal and extracurricular achievement; • provide us with information
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PERSONAL STATEMENT John F. Kennedy pertinently remarked- “Too often we enjoy the comfort of opinion without the discomfort of thought.” I understand this statement as one that holds to be true‚ given the current scenario‚ the world over. As someone who gradually learnt to formulate her thoughts and render an opinion on subjects of growing concern‚ I drew inspiration to be well informed from the extensive role that the media had to play in bringing forth such concerns.Choosing Humanities as my
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PERSONAL STATEMENT I am very keen to gain expertise in mathematics and finance‚ and have recently been studying at Queen Mary’s College London for a B.Sc. in Mathematics‚ which I was unable to complete. This was due to family crisis that has since been resolved. However‚ this setback has not deterred me; I am still very much driven‚ if anything I am even more determined to succeed. Growing up in a developing country has made me very aware of the need for economic reform‚ and of how important
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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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Medtronic ’s Ratings Earning Power I would rank Medtronic ’s earning power at a 9 on a scale of 1 (very weak) to 10 (very strong). Medtronic has successfully demonstrated their ability to grow and provide substantial return to their owners. Medtronic ’s net earnings have steadily increased from $984.0 million in 2002‚ to $1599.8 million in 2003‚ to $1959.3 million in 2004. Their total assets have increased 13.7% from $12‚405.5 million in 2003 to $14‚110.8 million in 2004. These measures show
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