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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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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1 Qt.1 Several parties were responsible for Enron crisis‚ including independent auditor‚ key executive officers‚ internal auditors‚ SEC and FASB. The hypocrisy‚ dishonorable actions and unethical behavior of Kenney Lay‚ Jeffrey Skilling‚ Andrew Fastow led to bankruptcy. This and many other problems‚ such as loss in transactions involving the swaps stocks‚ SPE related issues and est.‚ finally contributed to crisis. As Enron executives‚ all of their concerns should have been focused on Enron’s
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Working with Financial Statements Accounting is the heart and soul of executing a successful business. Accounting is used to provide record for all items that are paid and received for a business over any period of time. Within the purpose of accounting lies the need to provide continuity and sustainability within a business‚ without it a business will not thrive. The information obtained is kept on record‚ in order to give insight to upper management on data concerning the daily revenue and expenses
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report has been assigned by the University of Western Sydney to analyse strategic review for Premier Investment Ltd that was introduced in 2011in relation to its wide cost efficiency program and long term gross margin expansion program. The comparison analysis of 2011 and 2012 for Premier will be performed to examine the success of strategic review. Finally‚ there will be an identification of any red flags that might be highlighted in ratios analysis from Premier recast financial statements. Executive
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Do Animals Have Any Rights? Should They Be Used For Research? April 18‚ 2013 Do Animals Have Any Rights? Should They Be Used For Research? If you walked in a childrens hospital and seen kids sick and on the verge of dying‚ will you kill ten rats to save those children? is it animal research or animal cruelty? There are over a million animals who die each year such as rats‚ monkeys‚ rabbits and so far because of experimentation‚ and for fashion but there are millions of
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Financial Crises and Firm Performance Financial crises • Financial crises could happen anywhere‚ although emerging markets tended to be more seriously afflicted in recent times • Companies operating in a region where a financial crisis had broken out could undergo corporate disasters as a result. • The following sections describe what happened during three major financial crises in the late 1990s and early 2000s‚ and how the business sectors of the regions were affected. • The best-known of
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USES OF FINANCIAL STATEMENTS The financing‚ investing‚ and operating activities of a company are recorded by accounting systems in the form of detailed transactions. To effectively communicate a company’s activities to decision-makers‚ these detailed transactions are summarized and reported in a set of standardized reports called financial statements. The role of financial statements is to provide information that will help investors‚ creditors‚ and others make judgments and predictions that serve
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examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C. 2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits of
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should have considered and the procedure(s) the firm should have carried out in determining whether it should accept the appointment as auditors to Gramjon Limited. The most general definition of an audit is an evaluation of a person‚ organization‚ system‚ process‚ project or product. Audits are performed to ascertain the validity and reliability of information‚ and also provide an assessment of a system ’s internal control. (Wikipedia‚ 2009) Auditors have to do a lot of research on a firm before
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