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Small Business Accounting
TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR TO 30TH JUNE 2012  $$sales  1349400return inwards  3000opening stock 75000 purchases 273600 return outwards 1800 closing stock 90000 cost of sales 256800 Gross profit  1089600discount received  1800gain on sale of fixtures  1800Interest on late payments.  480expenses   bad debts 13800 discount allowed 3600 utilities 6720 rent 82800 maintenance 49800 MV expenses 21600 General expense 18600 contractors payment 186000 Provision for depreciation building. ...
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Generally Accepted Accounting Principles
ACCOUNTING 403 CASE ASSIGNMENT 01 Generally Accepted Accounting Principles Few years ago, many organizations used different tools and techniques to prepare and evaluate their financial statements. Therefore some accounting firms made certain standard rules and procedures to make accounting practice universal. GAAP are certain standard rules that are being used by all types of organizations to present their financial statements in standard form. These principles help the investors and creditors to ...
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WEEK 6 DQ 2
Number Financial Controls in an Organization The finance management of an organization is among the most important aspects of the organization. For any business institution to ensure that it keeps a correct and accurate track of their financial assets, it is important to have different financial controls. They are tools used by an organization to track the finances of the organization so as to ensure that there are maximum returns on the investments of the organization (Griffin, 413).Financial statements ...
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SFAS 116 & 117 Executive Summary Paper
Running head: SFAS 116 and SFAS 117 SFAS 116 and 117 Executive Summary - SFAS 116 and SFAS 117 The objective of the current report is to provide an insight into the background of two important accounting standards established by FASB in 1993. These accounting standards have major implication for entities that are registered as nonprofit organizations in the US. The accounting standards reviewed in this report are The Statement ...
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Financial Statement Differentiation
Financial ment Differentiation Financial ment differentiation Introduction Financial ments refer to records used in business in needs of recording their transactions and track their financial condition and performance. Keeping of financial records dates back to over 5000 years ago when merchants of the ancient Babylonian kingdom between rivers Tigris and Euphrates recorded sales, expenses, and inventory using cuneiform writing on clay tablets. Over the centuries, this improved to the current means ...
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Full Disclosure in Accounting
Full Disclosure in Accounting Explain the need for full disclosure in financial reporting. In the world of financial accounting, financial accounting entails the reporting of all significant information to investors so that they can undertake well-versed decisions (Kieso, Weygandt, & Warfield, 2013). In this regard, it is of paramount importance to report all relevant facts in financial statements even if it is an unquantifiable value or the rules of accounting do not dictate upon its disclosure. ...
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Midterm Assessment: Analysing T-accounts & Balance Sheet and Profit and Loss Account for a small US company
Running Head: Analyzing Financial ments of a small US company ANALYSING T-ACCOUNTS & BALANCE SHEET & PROFIT AND LOSS ACCOUNT FOR A SMALL US COMPANY Customer Inserts His / Her Name Customer Inserts Grade Course Customer Inserts Tutor’s Name Assignment Part 1 - Requirements The accounting entries for each of the events, which took place within a small distribution company, have been accounted for under various relevant T accounts in Exhibit 1.1 in attached Excel sheet. Assignment Part 2 - Requirements ...
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Small Business Accounting
Australian Accounting StandardsAn entity refers to a legal, fiduciary, or administrative arrangement, Organizations, and other structures that have the capacity that can deploy resources to achieve its objectives. Several alternative concepts of the reporting entity are implicit in the current legislation and regulation, which specify entities that need to prepare general-purpose financial reports. These reports are prepared to provide users within the formation about the reporting entity, which ...
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Lessons Learned From Litigation
Lessons Learned From Litigation An audit refers to the topmost financial ment service offered to by accounting firms. Over the years, accounting firms have been entrapped in various litigations citing unprofessionalism and overstepping established auditing standards. Consequently, the public, including investors, has become skeptical about the accounting profession. In the wake of major accounting and audit firm failures including Enron and Andersen case, the urgency of reviewing audit standards ...
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Essay
IntroductionInternational conceptual framework treats reliability and relevance as the main characteristics of accounting information where useful decisions are made from. The joint project by Financial Accounting Standards boards (FASB) and International Accounting Standards Board (IASB) revisited a conceptual framework that started in October 2004. The FASB’s draft of exposure, “Fair value measurements” of June 2004, has sparked debates on trade-offs between relevance and reliability with respect ...
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Audit Program, Materiality, and Rent Holiday
The paper "Audit Program, Materiality, and Rent Holiday" is a brilliant example of an essay on finance and accounting. Audit Program:The audit program is complete guidance regarding the evaluation process of businesses. It includes instructions on what and how much amount of data as evidence should be collected and analyzed. Further who will collect and analyze the data. Firstly all the accounting principles are understood and then audit strategy is formalized. It portrays an understanding and insights ...
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Financial Reporting
1.0 Compliance with Accounting StandardsEntities that have to comply with accounting standards are the public entities (PEs) and the non-business entities in the private sector. According to SAC 1, an entity is ‘any officially permitted, managerial, or fiduciary agreement, organizational arrangement or other party (including a person) containing the ability to organize limited resources so as to pull off set objectives’.2.0 Looking for Accounting Standards?Accounting standards applicable in the Australian ...
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AFM231 Financial Mathematics
Question One.In making a decision on which of the projects I will invest in, I will calculate the present value of the value of the cash flows then less the cost (Ross, 2006). However, in this case there is no need to less initial cost because the three projects have the same costs.Calculation of net present valueXPROJECT I- PERTHYEAR12345$$$$$CASH FLOWS300000500000500000600000600000PVIF 5%n 0.9524 0.9070 0.8638 0.8227 0.7835 present value 285,714.29 453,514.74 431,918.80 493,621.48 470,115.70 ...
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Not Enough Space, Pls Refer To The Attachment
2009 2008 2009 2008Note$'000 $'000 $'000 $'000Revenue 330,710 26,398 0 0Changes in inventories of finished goodsand work in progress526 625 0 0Raw materials and consumables used(19,968) (15,150) 0 0Royalty expenses (527) (1,244)0 0Employee benefits expense4 (4,771) (3,710) 0 0Occupancy expenses (556) (528) 0 0Event expenses (1,062) (1,297) 0 0Advertising expenses (393) (372)0 0Freight expenses (705) (494) 0 0Travel expenses (357) (315) 0 0Depreciation and amortisation expenses 4 (741)(538) (3) 0Professional ...
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CORPORATE REPORTING -TAXATION
CORPORATE REPORTING -TAXATIONThe reporting entity has been an entity that has been providing the financial statements as a source or information about finance and that would be given to external users. The reporting entity has been determining the activities that would be covered by the financial statements and that would include the operations also. The reporting entity for the financial statements has been prepared normally on the broader terms and that would be normally considered for the non-profit ...
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Global Accounting Standards
Executive summary Most business can never stay away from adopting the global accounting standards due to various advantages. The change to International Financial Reporting Standards (IFRS) from U.S. GAAP started early on 2005, with several states in the European Union adopting techniques to organize their financials in agreement with the new principles ((Deegan et al 2007 p.54). As from 2005, various states that were preparing to change to U.S. based Generally Accepted Accounting Principles (GAAP), ...
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Advanced Corporate Accounting
Advanced corporate accounting – Enron ScandalBy:Enron started profitably in 1985 as a merger of Houston Natural Gas and Internorth as the first national natural gas pipeline network. Enron wrongly entered into business combinations to shift the liabilities to its subsidiaries and to avoid payment of taxes. Financial danger gradually sipped in when Enron strategic management goal shifted from the regulated transportation of natural gas to unregulated energy trading markets. The discovery of the true ...
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Article summary / accounting
Article Analysis Article Analysis HISTORICAL DEVELOPMENT OF THE FINANCIAL REPORTING MODEL FOR AND LOCAL GOVERNMENTS IN THE USThe study focuses on how financial reporting model developed from the 1800s to 1999 for state and local governments in the United States. The model aimed at resolving some issues concerning the financial statements leading to issue of the Government Accounting Standard Board. For instance, it addressed the issue of bringing together or rather combining the financial statements ...
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A Comprehensive And Durable Conceptual Framework For Financial Reporting Is Unlikely To Be
CONCEPTUAL FRAMEWORK OF FINANCIAL REPORTINGINTRODUCTIONThe conceptual framework is a body of statement of interrelated objectives and generally accepted fundamentals of financial reporting. The framework tries to identify the goals and purposes of financial reporting and uses the concepts of theoretical principles that help to achieve these goals. (Foster and Johnson, 2001) These theoretical principles are actually used to develop the new accounting standards or evaluate the existing ones for their ...
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Six Flag
Financial ment Analysis a) LIFO method of accounting for inventory is re d into FIFO method as per the requirement of US GAAP. US GAAP requires the companies who use LIFO based accounting for inventories to show a disclosure for FIFO based accounting in the footnotes of financial statements (Investopedia, n.d.). The following is the formula which is used for restatement of LIFO into FIFO: FIFO inventory = LIFO inventory + LIFO reserve Cost of goods sold under LIFO based inventory is restated into ...
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