Financial Statements Paper ACC/280 YOUR NAME University of Phoenix INSTRUCTOR NAME DATE Financial Statements Paper Accounting provides an exceptional contribution to the success of any small or large company. More specifically, accounting assists company owners in their management decisions by providing valuable financial information. Financial accounting is regulated by rules and concepts recognized as “generally accepted accounting principles” (GAAP). The GAAP requires four financial statements which include: the balance sheet, income statement, statement of cash flow, and statement of owner's equity. In this paper, the purpose of accounting and the four financial statements and how they correlate with each other will be discussed.
Recording also will classify and summarize economic events. The bookkeeping function is included in the recording of economic events. Accounting reports are then communicated to interested internal and external users by means of financial statements. Internal interested users are individuals inside the company who plan, organize and run the business. These users can be comprised of finance directors, marketing managers, human resources, or management.
The operational audit studies the specific parts of an organization with the purpose of measuring its performance. Performances are measured in terms of effectiveness and efficiency such as auditing shipping and receiving or the sales departments. The benefit of these types of audits can positively affect the profitability of the organization. The financial audits, which we are doing, consist of auditing financial statements. 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).
What elements comprise the FASB’s conceptual framework? The FASB’s conceptual framework consists of the following four items: 1. Objectives of financial reporting. 2. Qualitative characteristics of accounting information.
HCS 405 (Health Care Financial Accounting) All Assignments and D Purchase here http://chosecourses.com/hcs-405-health-care-financial-accounting-all-assignments-and-d Product Description WEEK 1 Discussion Questions 1 and 2 HCS 405 week 2 Individual Assignment - Reporting Practices and Ethics Paper • Resource: Grading criteria located in Week Two on your student website. • Find two or three articles that address financial reporting practices and ethical standards in health care finance, including the following topics: o Generally accepted accounting principles o Corporate compliance, ethics, or fraud and abuse • Write a 700- to 1,050-word paper on the financial management of health care organizations,
Financial Statements ACC280 Name March 11, 2010 Instructor Financial Statements Accounting is used to track an organization’s funds as well as organize the financial data for users to analyze. Financial statements are the key to understanding an organizations financial well-being. It presents the organization’s historical and potential financial performance that will assist the organization in making informed decisions. The four basic financial statements are in an organization’s annual report. Each of the four statements provides important organizational financial data for any user internal or external to analyze.
RES 320 Week 5 Team Research Paper and Presentation Find and summarize 8 to 10 articles that are pertinent to the research topic selected. Show how these secondary sources relate to the research topic. Part 2 Address the role that might be played by qualitative research, quantitative research, secondary data, and survey research. Once decisions are reached about the approach and techniques to be used, the Learning Team should: Work on a sampling plan for the project. • Consider the population in which you are interested.
b. Comparability. c. Reliability. d. Consistency. 34. What is meant by comparability when discussing financial accounting information?
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
Financial ratios should be analyzed by a professional accountant. In order to keep a record of the company’s financial health, ratio analysis is used as a tool. Ratio analysis determines and interprets how efficiently a company is working in terms of its finances. Ratio analysis presents a simple and comprehensible understanding of the accounting variables. It is an effective tool for understanding a business’s success in terms of financial undertaking and