SFAC 6 ELEMENTS OF FINANCIAL STATEMENTS ASSETS. Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. LIABILITIES. Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. EQUITY. Residual interest in the assets of an entity that remains after deducting its liabilities
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understand the purpose behind the presentation of financial statements‚ we must figure out why they are important. A company’s financial statements provide various financial information that investors and creditors use to evaluate a company’s financial performance. Financial statements are also important to a company’s managers because by publishing financial statements‚ management can communicate with interested outside parties. A company’s financial conditions are of a major concern to investors and
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papers and investment in joint ventures shares were 55% and 2% respectively. Investment portfolio was flexibly structured to enhance profitability while ensuring liquidity reserves and strengthening VietinBank’s leading role and position in the financial market. Foreign Currency Trading: As of year end 2014‚ foreign currency trading turnover on interbank market was USD 49.8 billion‚ enjoyed a total market share of 12-14% . 2014 turnover from primary market reached USD 22.5 billion‚ up by 12% compared
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Financial Statement By Mary Baumann XACC/290 July 27‚ 2014 Jameson Monteiro Financial Statement The four main financial statement are the balance sheet‚ the income statement‚ the cash flow statements‚ and the statements of shareholder’s equity. Each statement can be used to give an insight to a company’s financial activities‚ and can provide valuable information on said company. The balance sheet provides detailed information on a company’s assets‚ liabilities‚ and their shareholder’s
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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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done in cash. Opal claims on having strong control policies and procedures in place to monitor the employees handling the cash and to safeguard the cash. However‚ the proper implementation of those policies had been questioned by the previous auditor. Further‚ Opal is planning to expand to Albany and Mandurah. It is applying for a loan from the bank to get funding for the expansion. Before granting the loan‚ the bank requires Opal to provide them with the audited financial statement. 2. Neon
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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 Differentiation Paper ACC/HC561 Financial Statement Differentiation Paper Financial statements are what companies use to give management‚ creditors‚ and investors information about the financial stability of their organization. This is one way for the company to measure and quantify their financial performance. Throughout the paper the discussion will be based on the four types of financial statements and who would benefit from them. The Four types of Financial
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n ht t lo rvds ait f evcs to the public in general. Indeed banking may be regarded as an indispensable part of the economy of every country. The significance of banking has increased all over the world with the rise in income levels and growth in the volume of financial transactions. In this lesson‚ we shall study about the nature and socpe of banking ad is atvte. n t ciiis 32.2 Objectives After studying this lesson‚ you will be able to — l describe the terms bank and banking;
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Motel 6 Financial Statement Marketing plan for Motel 6 Executive summary This is to bring to your attention that Motel 6 is flying higher than before and it is venturing more. This is after a turnaround in our fortunes. You can remember in 1990 when the chain based in Dallas was sinking after its acquisition by Accor S.A. of France from Kohlberg Kravis Roberts & Company‚ the leveraged buyout firm‚ for $2.3 billion. Again in 1993‚ we lost $40 million. However‚ we are standing tall today for turnaround
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