What are Corporate Financial Statements (Report and Accounts) good for and what do they not tell you? Introduction Accounting unlike finance is generally related to standard and rules ‚ its main goals are to record ‚ report and audit the accounting records of an organization. The science of accounting is precise and structured and touches such subjects as journal entries ‚ invoicing ‚ taxes ‚ quarterly or annual financial reports . It is structured ‚ precise and relatively easy calculated with
Premium Balance sheet Asset Generally Accepted Accounting Principles
are two of the four key qualitative characteristics of financial accounting information. The others being understandability and comparability. Relevance requires that the financial accounting information should be such that the users need it and it is expected to affect their decisions. Reliability requires that the information should be accurate and true and fair. Relevance and reliability are both critical for the quality of the financial information‚ but both are related such that an emphasis
Premium Balance sheet Financial statements Income statement
Financial Statement Companies use several tools such as a balance sheet to make sound business decisions. A balance sheet is a quantitative summary of a company ’s financial condition at a specific point in time‚ including assets‚ liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns‚ and the second part shows all the financing methods (such as liabilities and shareholders ’ equity) Also‚ called statement of condition.
Premium Generally Accepted Accounting Principles Income statement Balance sheet
CHAPTER-I FINANCIAL STATEMENTS LEARNING OBJECTIVES After studying this chapter‚ you will be able to: • Explain the meaning of financial statements of a company; • Describe the form and content of balance sheet of a company; • Prepare the Balance Sheet of a company as per Schedule VI Part I of the Companies Act 1956. • Know the major headings under which the various assets and liabilities can be shown. • Explain the meaning‚ objectives and limitations of analysis using accounting
Premium Balance sheet Asset Generally Accepted Accounting Principles
Financial statements are essential accounting tools which include balance sheets‚ cash flow statements‚ and income statements that provide information on a company ’s past and present financial history. Information on financial statements can be used by any number of public and private entities to determine if an organization ’s financial status is healthy. Burger King and McDonald ’s are two organizations that use financial statements in conducting business. Further‚ this paper will discuss the
Premium Burger King Hamburger Fast food restaurant
Enron: The Fall from Grace/ The World’s Biggest Fraud Outline A. Enron’s History B. Overview of Enron’s Operations 1. Wholesale Services 2. Energy Services 3. Global Services C. Enron’s Timeline D. Enron’s Role in The Energy Crisis in California E. The Fall of Enron F. Why Enron Fell from Grace? G. The Crash of Enron 1. Key Management at Enron 2. Enron’s Auditor 3. Credit Rating Agencies 4. Investment Banks 5. Links with The Government (Bush Administration) 6. The Link of Enron with The British
Premium Enron
Financial Statements Robert Greene Phoenix University Principles of Accounting I 290 Dr. Zeneo Williams June 18‚ 2013 Financial Statements To understand finances‚ the ability to decipher the data available must be attained. One of the tools used to do this is through financial statements. There are four prevalent statements used to achieve this. They are the balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. These statements are
Premium Income statement Generally Accepted Accounting Principles Balance sheet
and values. Random House Webster’s College Dictionary notes that ethics are “the rules of conduct recognized in respect to a particular class of human actions or governing a particular group‚ culture‚ etc.” An individual ’s ethics generally define what that individual believes to be right and wrong. Professional ethics are typically expressed by a code of conduct adopted by an organization that represents a profession. Professions adopt such codes to encourage moral conduct among their members
Premium Audit Financial audit Auditing
accordance with the statements on standards for accounting differ significantly with those of audit financial statements in compliance with the general accepted auditing standards. During a review the accountants will perform analytical procedures and will obtain their information from asking the management a variety of questions rather than obtaining an understanding of the internal control structures and obtaining evidential matter throughout inspection‚ observation or confirmation as an audit process requires
Premium Auditing Financial audit Audit
Introduction | 2 | Financial statements | 3 | types of financial statement | 4 | relationship between financial statement | 5 | financial statement in practice | 6 | | | | | Introduction Financial Statement In the name of Allah most gracious most merciful. In this essay I will take about financial statement. Trying to write everything I knew about it‚ starting with the types of financial statement‚ relationship between financial statement and financial statement in practice. I will
Premium Income statement Financial statements Saudi Arabia