Financial Statements for Internal Reporting Purposes vs. Financial Statements for External Reporting Purposes It is common in most companies to maintain two set of financial statements; one being used/presented for internal reporting purposes and another for reporting externally. Internal reports are used primarily to aid management in the decision making process throughout the course of the business. These are subject to internal audit to make sure that all information reported are fair and correct
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Why Were Cornell Notes Invented? The Cornell note taking system‚ developed by former Cornell University professor Walter Pauk in 1949‚ features three areas. It features a three-part system used for condensing and organizing notes‚ whether in the classroom or out in the field. One area is for note taking‚ the second is for review notes‚ and the last one is for summarizing. Cornell notes was invented to benefit students in the classroom and help them formulate a way in which they can understand
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the Russian people with an identity crisis. Were they still European if they were governed by an Asian people? After having been dominated for more than a century the Russian people began to take back their former lands. After the fall of the Mongolian empire’s reign in Russia‚ Ivan the Terrible became Russia’s first “Tsar‚” and the “Russian Tsardom” was born. Ivan and later Tsars would push east instead of west towards Europe. In addition‚ there were also major cultural differences between Western
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Executive MBA Financial Reporting Course Book 2012-13 ACC40380 Financial Reporting (Midweek Blackrock) ACC40390 Financial Reporting (Weekend Blackrock) ACC40400 Financial Reporting (City) Course Outline Aims of course In the current economic climate as the credibility and reliability of financial reporting comes under sustained scrutiny an appreciation and understanding of the financial reporting process has become increasingly
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Regulators‚ in most cases‚ are not liked by organisations and professionals concerned. The latter rather detest the regulatory bodies with enough biting power. So‚ it is quite natural on the part of the accounting professionals to oppose the formation of the Financial Reporting Council (FRC) through an act of parliament. The Institute of Chartered Accountants‚ Bangladesh (ICAB) has been opposing tooth and nail the move to set up the FRC on the plea that the institute remains an effective oversight
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What makes ASE certification so important? To start off to be ASE certified is like being a Medical Doctor. ASE Certifications are presented to technicians in order to be identified as a skillful and competent individual. You wouldn’t want to go to the Doctors and have surgery performed on you knowing that the surgeon isn’t qualified highly enough would you? This is a thought some may be thinking when pertaining to their vehicles. If your vehicle is causing you issues and further concerns‚ wouldn’t
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Why Customer Retention Is So Important Good customer retention is vital to any organization because a slight reduction (5%) in the customer defection rate has a disproportionately positive effect on profitability (depending on the cost of acquisition‚ ranging between 25 and 80 %!). Companies with high retention also grow faster. However‚ customers can only be retained if they are loyal and motivated to resist competition. When customers are merely satisfied with the service they receive they may
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place. I am regularly blown away by the sheer competence displayed – the breadth of vocabulary‚ the grasp of idiom‚ the appreciation of (let’s face it‚ difficult) British humour – but‚ and it’s a big but‚ I can’t help wonder WHY such a strange‚ hybrid language should have become so popular. Is it the spelling? Definitely not! Is it the simple‚ easy-to-learn grammar? Again‚ I think not. Is it the way we leap lightly from one register (e.g. informal) to another (e.g. very formal) and back again? Non‚ je
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Q 2.5 ■ The external auditor is the person appointed by the local government under the Local Government Act 1995 to undertake an audit of the accounts and financial report for each financial year. ■ The internal auditor is the person appointed by the local government to undertake an audit of the adequacy and effectiveness of the internal control structure and may include financial controls‚ legislative compliance‚ information systems‚ employment practices and risk management. The primary role
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prices. This essay will examine the factors that play a significant role contributing to the increasing prices. Why are gas prices so high? One of the top reasons for the increase in prices is the supply and demand for oil. Crude oil accounts for 55% of the price of gasoline‚ whereas taxes and distribution control the remaining 45% (Amadeo‚ 2011). Typically‚ taxes and distribution are steady‚ so that the daily adjustment in the price of gasoline correctly reflects oil price fluctuations. However‚ occasionally
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