more formal definition of accounting: Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is reported to a variety of different types of interested parties. These include business managers, owners, creditors, governmental units, financial analysts, and even employees. In one way or another, these users of accounting information tend to be
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removed. (October 2010) Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Constant Item Purchasing Power Accounting · Cost of goods sold · Debits and credits · Double-entry system · Fair value accounting · FIFO & LIFO · GAAP / International Financial Reporting Standards · General ledger · Historical cost · Matching principle · Revenue recognition · Trial balance Fields of accounting Cost · Financial · Forensic · Fund · Management · Tax Financial
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to Financial Statements Pages 7 - 13 ACCOUNTANTS' REVIEW REPORT FINANCIAL STATEMENTS SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Page 14 Schedules of General and Administrative Expenses and Other (Income) Expense Page 15 Schedule of Contract Revenues, Costs and Profits Page 16 JONES, HENLE . SCHUNCK THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND
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Retained Earnings Statement of Cash Flows Notes to Financial Statements Page Page 3 4 Pages 5 - 6 Pages 7 - 13 SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Schedules of General and Administrative Expenses and Other (Income) Expense Schedule of Contract Revenues, Costs and Profits Page 14 Page Page 15 16 JONES, HENLE . SCHUNCK THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND
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organizations. Pension fund managers, as do stockholders and financial analysts, use accounting information reported by companies to assess the economic performance of those companies and form expectations of future performance. Production managers use accounting information to estimate the cost of products they produce and thus, the relatively profitability of producing more of some products and less of others. Executives use accounting information to budget economic resources among operating units. Stakeholder
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SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements Securities and Exchange Commission 17 CFR Part 211 [Release No. SAB 101] Staff Accounting Bulletin No. 101 Agency: Securities and Exchange Commission Action: Publication of Staff Accounting Bulletin Summary: This staff accounting bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing
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leading to improved profits. The Financial and Accounting department will require several upgrades to both hardware and software to ensure the transition is not only seamless, but also easily upgradable in the future as well. After examining all of Riordan’s subsystems, we have decided that updating of the Finance and Accounting subsystem is the best place to start. We will begin by upgrading the computer workstations and unifying the finance and accounting software used at the manufacturing plants
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time. 5. Marketing’s Cross-Functional Relationships: professional business marketers act as an integrator between various functional areas within the company. Functional areas include: manufacturing, research and development, customer service, accounting, logistics, procurement 6. Types of business goods and services: 7. Middle By Chapter 2 1. Types of commercial enterprises: manufacturers, construction companies, service firms (hotels), transportation companies, selected professional
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which the public accounting firm issues a written communication that expresses a conclusion about the reliability of a written assertion of another party. Audit of historical financial statements: A form of attestation services, the auditor issues a written report expressing an opinion about whether the F/S is in material conformity (一致) with accounting standards. e.g.: listed company must provide shareholders with annual financial statements that are audited by an independent accounting firm. Review
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resigned after confirmations of the fraud and Ernst & Whinney received an anonymous letter that contains several allegations of fraudulent information in ZZZZ Best’s financial statements and forwarded it to the SEC. Question 1: An audit for historical financial statements is an audit in which the certified public accountant determines whether financial statements present fairly, in all material respects, financial position, results of operations, and cash flows in accordance with GAAP. An audit
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