Chapter 01 - Financial Statements and Business Decisions Chapter 01 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosures for external decision makers. Managerial accounting involves the preparation
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cost accounting, financial accounting, and information system functions is the: A. treasurer. B. director. C. controller. D. chairman of the board. E. chief executive officer. 2. The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the: A. treasurer. B. director. C. controller. D. chairman of the board. E. chief operations officer. 3. The process of planning and managing a firm's long-term investments
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Individual Research Project: Oracle Corporation - Business Structure and Valuation. Executive Summary This research project summarizes the business of Oracle Corporation (Oracle), the company’s key competitive advantage factors and the valuation of the company. In this summary, the corporate structure of Oracle, the company’s business and competitive advantage and the valuation of the company are discussed. Oracle is involved in the business
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company and utilizing the financial information drawn from this company’s 10-K and Earnings Release, this case introduces students to the strengths and weaknesses of GAAP and non-GAAP earnings measures, and why the Street might be more interested in cash and recurring earnings in attempting to predict movements in stock price. It also provides the instructor with an opportunity to discuss the dangers of allowing firms to emphasize earnings in their press releases that are not defined by an external
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managers, unions, and government agencies * financial statements – (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners’ or stockholders’ equity * president’s letter or supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, management’s forecasts, and social or environmental impact statements * Managerial accounting – process of identifying, measuring
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make decisions Financial Reporting * Regulated by the Securities and Exchange Commission (SEC) * SEC does not make the actual rules but has final say * Rules developed by the Financial Accounting Standards Board (FASB) * Identifies areas that need to be fixed * Studies potential solutions * Circulates proposed rules for feedback * Recommends accounting procedures but SEC decides adoption * If adopted becomes part of Generally Accepted
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study the ungraded homework as well because there are more questions to practice, more different kinds of problems to solve, different essay questions and more challenging question to practice. In chapter 1, we learned the differences between GAAP (General Accepted Accounting Principal) and IASB (International Accounting Standard Board). GAAP is the principal that America is using and IASB is the standard that Europe and some other countries are using. AICPA is America Institute of Certified Public
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Letter of Submission To The dean Faculty of Business studies Department of Business Administration Premier University, Chittagong Subject: Submission of the term paper Sir, It gives me immense pleasure to submit my term paper on “Application of Accounting Standard” of “Bank Asia limited” which was assigned to me as a fulfillment of the degree “Bachelor of Business Administration”. I tried to extend the report to a successful one. In this case I used my knowledge gaining
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an input document. Machine readable format. Improves accuracy by eliminating the potential for input errors when entering data. Paper based, sent from organization to customer, same doc is returned by customer to organization. * General ledger * General journal * Special journals * Subsidiary ledgers Legacy systems * Existing system, often based on old technology. Advantages are that legacy systems: * Customized to specific needs. * Support unique business
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Resource: University of Phoenix Material: Guillermo’s Furniture Store Scenario Write no more than a 700-word paper explaining the finance concepts found in the readings and how they relate to the context of the scenario. Format your paper consistent with APA guidelines. When someone takes an action, that action eliminates other possible actions. Informally, people often refer to an unused opportunity as an opportunity cost. More precisely, an opportunity cost is the difference between
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