[pic] Copyright © 2011by University of Phoenix. All rights reserved. School of Business Course Syllabus ACC/290 Principles of Accounting I Course Start Date: 06/20/2013 Course End Date: 07/25/2013 Miami Learning Center 11410 NW 20 Street Miami‚ FL 33172 (305) 428-4910 Thursday Evenings – 6 PM to 10 PM June 20‚ 2013 June 27‚ 2013 July 11‚ 2013 July 18‚ 2013 July
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The Role of Conservatism in Financial Reporting Table of Contents Introduction 3 Applications of Conservatism in Accounting 4 Advantages associated with Conservatism 7 Disadvantages associated with Conservatism 11 Recommendations and conclusions 14 References 17 Introduction This report investigates the application of conservatism in accounting and its role in financial reporting. We also examine and compare the advantages and disadvantages associated with conservatism and provide our opinion
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Principles of Accounting I – Final Exam Study Guide 2012 Remember to check out ACCNerd.com for the latest updates! 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence‚ in what order must the four basic financial statements be prepared? A. Balance sheet‚ income statement‚ statement of cash flows‚ and capital statement B. Income statement
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Regulatory Environment of Financial Reporting Nicholas Vujnich Accounting 561 September 25th‚ 2014 Chelsea Bjorkman Regulatory Environment of Financial Reporting Over the last 100 years‚ there have been significant changes to the regulatory environment that shaped financial reporting requirements. The Securities Act of 1933‚ The Securities Exchange Act of 1934‚ and the Sarbanes-Oxley Act of 2002 are the most notable laws enacted to ensure transparency and accuracy in reporting. Each new law subsequently
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on this information‚ the profession of accounting has created several agencies to establish‚ monitor and maintain ethical codes of standards. Because of the widespread applicability of the information contained in the accounting process‚ honest reporting is critical. History has proven repeatedly that the temptation exists to manipulate figures for personal gains and corporate malfeasance. This paper will identify agencies that regulate accounting practices and briefly discuss the basic concepts
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Fraudulent Financial Reporting Schemes Abstract Routine examinations‚ audits‚ or internal control procedures‚ do not reveal most accounting fraud. Only 20% is revealed by way of auditing‚ however whistle blowing accounts for most revealed accounting fraud. Financial statement fraud will usually occur in such schemes as: fictitious revenues‚ timing differences‚ concealed liabilities & expense‚ improper asset valuation‚ or asset/revenue overstatements (just to name a few)‚ (Frempong‚ 2012)
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Question 3: Frieda‚ an accounting student‚ states: “Strategy analysis seems to be an unnecessary detour in doing financial statement analysis. Why can’t we just get straight to the accounting issues? “Explain to Frieda why she might be wrong. Without strategy analysis‚ it is impossible to identify what drive profits and what are key risks. Moreover‚ assessing firm’s current performance and doing realistic forecasts of future performance are also directly linked with firm’s strategy. Three important
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Answers Fundamentals Level – Skills Module‚ Paper F7 (INT) Financial Reporting (International) 1 (a) December 2008 Answers Pedantic Consolidated income statement for the year ended 30 September 2008 $’000 98‚000 (72‚000) ––––––– 26‚000 (3‚000) (7‚600) (500) ––––––– 14‚900 (5‚400) ––––––– 9‚500 ––––––– Revenue (85‚000 + (42‚000 x 6/12) – 8‚000 intra-group sales) Cost of sales (w (i)) Gross profit Distribution costs (2‚000 + (2‚000 x 6/12)) Administrative expenses
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Reporting Contingencies and the Financial Statement When faced with a lawsuit you have to know whether or not to consider contingencies. According to Schroeder‚ Clark‚ and Cathey (2005) a contingency is a future event that could possibly have an impact on the firm. There are four different ways a contingency should come to view and they are income tax disputes‚ notes receivable discounted‚ accommodation endorsements‚ and what this company is dealing with a pending lawsuit. When a gain is possible
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Lecture 1 – Corporate Financial Reporting and Revision LECTURE OUTLINE Outline the nature and characteristics of companies Describe the sources of corporate financial reporting in Australia Identify which entities need to prepare financial reports that comply with accounting standards Account for share issues and dividends Account for asset revaluations and asset impairment Nature of Companies Type of organization established under the cooperation’s act 2001 Legal capacity and powers
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