The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
What is the role of the courts and the Internal Revenue Service in interpreting and applying the sources of tax law? Format your paper consistent with APA guidelines. Discussion Questions DQ 1 What
Question : (TCO 2) What are the key provisions of the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002? Question 3. Question : (TCO 5) Give an example of a non-cash financing and investing activity and explain when and how it would be reported in the financial statements. Question 4. Question : (TCO 3) What is the purpose of the closing process?
Financial Statement Analysis ACC205 Principles of Accounting l December 1, 2014 Financial Statement Analysis This paper will attempt to analyze the financial statements of the public company, Kroger Company. As with any financial statement analysis, this author will analyze the past and present financial standings and trends of the company to try to estimate the future financial health of the Kroger Company. The writer will prepare and evaluate several accounting tools, in regard to financial records for Kroger Company in an attempt to give an educated recommendation to possible future shareholders, investors or lending organizations. We will learn about the positives and negatives of the financial health of the Kroger Company.
January 23, 2014 1. Prepared a defensible strategy for the client by using the six (6) steps in the tax research process. Propose how each of the steps provides support for the client’s position. 1. Determine the facts: I will have the IRS examiner run an audit report for my client showing the additional tax, penalties, and interest that he/she is proposing.
Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows. All of which are reviewed as well to provide a complete understanding of accounting in today’s society. Accounting consists of identifying, recording, and communicating the economic events of an organization to interested users (Jerry J. Weygandt, 2008, p. 4). The purpose of accounting is to keep track of all financial events in the company for the internal users or management to make sound decisions regarding the business and also for external users such as investors
A good _________ enables an accounting manager as well as auditors to follow the path of the data recorded in transactions form the initial source. 14. A control activity of an internal control system that focuses on structuring work assignments among employees so that one employee's work activities serve as a check on those of another employee is called ______________. 15. What kind of analysis should be performed when considering if an internal control procedure should be implemented?
Accounting: Tools for business decision making (3rd ed.). Hoboken, NJ: John Wiley & Sons. Week One: Financial Reporting and Analysis | | Details | Due | Points | Objectives | 1.1 Differentiate between financial statements.1.2 Evaluate financial statements of nongovernment organizations. 1.3 Recognize the major aspects of the regulatory environment. | | | Readings | Read Ch.
This document will discuss the purpose of pro forma financial statements. It will then illustrate how to prepare pro forma statements. Finally, it will identify some of the limitations involved in preparing and using pro forma statements. PURPOSE OF PRO FORMA FINANCIAL STATEMENTS Pro forma financial statements show the financial impact of achieving management’s forecasted level of sales and the projected costs associated with achieving those sales. Quantifying the impact of those projections enables management, the board of directors, and current and prospective shareholders and lenders to: 1.
This essay will discuss the four elements of financial management, generally accepted accounting principles, and general financial ethical standards. The four elements of financial management include: planning, controlling, organizing and directing, and decision