Financial Statements Paper Angela Carson Acc/280 Principles of Accounting Stephen Willden October 4, 2010 The purpose of accounting is to help users of financial information to understand how a company or individual is functioning in the economy. Accounting takes the financial information of an organization and it identifies records and communicates its economics to the interested parties. There are four basic financial statements. The income statement shows the revenues, expenses and income
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Accounting Statements Write a four paragraph answer, citing the text, pretending that your current (or previous) job is its own company. Prepare a simple version of each of the 4 typical financial statements (see page 17) for this pretend company. Although it is not necessary to display statements, state what each of the statements tells you about your job (pretend company). Respond to at least two of your fellow students’ postings. | | This section shows how financial statements are prepared
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matter the size of a business, the uses of financial statements are in need. The four basic financial statements include income statement, retained earnings statement, balance sheet, and statement of cash flows (Kimmel, Weygandt, & Kieso, 2009). They are key tools in seeing and understanding the past, present, and future condition of an organization. Income statements provide a description of how profitable the business is. Retained earnings statement reports what income the stockholders/investors
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RUNNING HEAD: FINANCIAL STATEMENTS PAPER Financial Statements Paper ACC 290 Financial Statements Paper In this paper the four basic financial statements will be defined. Each of the four financial statements has its purpose for use. As part of the paper the description of the purpose of the four basic financial statements is acquired. The discussion of the financial statements would be useful to internal and external users is performed as well in this
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Interrelationship of Financial Statements There are four basic financial statements produced that provide important information on the financial stability of an organization. These four statements are the income statement, statement of owner’s equity, balance sheet, and the statement of cash flow. Each statement works independently, but each of the four statements is connected directly or indirectly. The net income statement is prepared in order to prepare the owner’s equity statement. After the owner’s
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information is provided in the introductory section? We believe there are four sections provided in the introduction. They are: * The letter of transmittal (page i-ii) * The mission statement (page iii) * The list of principal officials (page iv) * The organization chart (page v) B) What information is provided in the financial section? There are four major sections are provided in the financial section. The financial section involves the independent auditor’s report (which audited by
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Principles of Accounting 1 Topic Learning Outcomes 2.1 2.2 2.3 2.4 2.5 Discuss the nature and purpose of accounting. Explain the five basic financial elements of a business. Explain the underlying concepts of recognising and measuring the financial elements. List the four basic financial statements used in business decision making. List the basic tools for analysing financial statements. BUS5AFS: Topic 2 – Principles of Accounting 2 La Trobe Business School Prescribed reading Hill, G. and Martin, T.
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External Auditing Midterm Exam Page 1: Question: 1. The objective of the ordinary audit of financial statements is the expression of an opinion on: | | the fairness of the financial statements | | CORRECT | | | the accuracy of the financial statements | | | | | the accuracy of the annual report | | | | | the balance sheet and income statement | | | 2. The auditor's best defense when material misstatements are not uncovered is
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report include the financial statements, the managements discussion and analysis, notes to the financial statements, and a auditors report. Financial statements consists of four different statements. The income statements reports a company success or failure for a given time period. A balance sheet reports assets and claims at a specific point in time. The retained earnings statements show the net income retained in the business. These statements are concluded by the statements of cash flows which
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Coca-Cola Company - Charnette 9. What is its standard industrial classification (SIC) code? A standard industrial classification (SIC) code is a numerical system for classifying industries with a four-digit code. It was established in the US in 1937. In 1997, the SIC system was replaced by a system called North American Industry Classification System (NAICS code). Certain agencies like the Securities and Exchange Commission (SEC) still use the SIC codes. The purposes of these systems are to collect
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