Essays on Financial Statements

Financial statements are an important source of information to multiple groups of people. These people may belong within the organization or they may be outsiders. The internal users of financial statement include managers, financial analysts, CFOs and accountants. Whereas external users may include government agencies, …

Financial Statements for Internal Reporting Purposes vs. Financial Statements for External Reporting Purposes It is common in most companies to maintain two set of financial statements; one being used/presented for internal reporting purposes and another for reporting externally. Internal reports are used primarily to aid …

For a business owner, their main goal is to make a profit, and become successful so they can have a long future. In order to do that, he or she will have assets that will outweigh their liabilities and expenses, to gain a profit in …

Krispy Kreme Doughnuts was formed in 1933 when Vernon Carver Rudolph bought a doughnut shop in Kentucky. By 1937 the business had branched into a wholesale operation, supplying local grocery stores. Today, the business is owned by Krispy Kreme franchises and there are approximately 449 …

CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDS Below are the financial statements that you are asked to prepare. 1. The income statement for each year will look like this: | Income statement| | | 2008| | 2009| | Sales| $247,259| | $301,392| | Cost …

Financial Statements are summaries of monetary data about an enterprise. The most common annual financial statements include the balance sheet, the income statement, the statement of changes of financial position and the statement of retained earnings. The statements are used by management, labor, investors, creditors …

Quiz Questions for Chapter 9 A truck was purchased for $25,000. It has a six-year life and a $4,000 salvage value. Using straight-line depreciation, what is the asset’s carrying value (book value) after 2 1/2 years? a. $8,750. b. $12,250. c. $14,583. d. $16,250. On …

A Framework for Business Analysis Using Financial Statements Question 1 Matti, who has just completed his first finance course, is unsure whether he should take a course in business analysis and valuation using financial statements since he believes that financial analysis adds little value, given …

THE PROBLEM OF THE BEE: PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATION’S 2005 FINANCIAL STATEMENTS A Paper Submitted In Partial Fulfillment of the Requirements for the Course ACT515M (Problems in Financial Reporting) MC REYNALD SIMBAJON BANDERLIPE II Candidate for the degree of MASTER OF …

Questions for report/discussion What are the characteristics of Fund flow statement and its uses? What do the financial forecast and sources and uses of funds statement of company tell us? Discuss about breakeven analysis. What does the breakeven chart of the company tell us? Fund …

Introduction In this report six different users of financial statements will be identified. Each user group will be described and the reasons why they use financial statements will be examined. Analysis and calculations of relevant and specific financial information will be performed to reflect the …

Movie Review: Journey to Justice “Journey to Justice” is a documentary about the issue of civil rights in Canada during the twentieth century. It focuses on the role of central people who took vital actions to end the issue of racial discrimination. The movie clearly …

A corporation represents a complex entity. It is an independent legal entity which operates under the leadership of an executive director or a group of executive directors. The Directors have full control of the company, but they generally do not have full ownership of the …

Introduction Anglo American Plc. is a publicly traded firm listed at the London and Johannesburg stock exchanges, and headquartered at the UK. It is one of the largest mining companies in the world with operations in North and South America, Australia, Japan, India, Brazil and …

Retained earnings is the profit generated by a company that are not distributed to stockholders (shareholders) as dividends but are either reinvested in the business or kept as a reserve for specific objectives (such as to pay off a debt or purchase a capital asset). …

It is extremely important that companies to maintain financial statements. These companies can be large, medium or large sized operating in either public or private sector. Once the transactions of a company are identified and recorded, the following four financial statements are prepared: Income statement …

Findings – Authors have found out that the adoption of fair value of financial assets has increased the disclosure requirements and It gives more value to financial statements. Results obtained from research revealed that earnings have decreased due to convergence to ALAS 39 and Management …

Introduction Revenue is a key element to the users of the financial statements, in assessing a company’s performance and prospects. However, revenue-recognition standards in U.S GAAP differ from those in IFRS, and both sets of requirements are considered to be in need of improvement. In …

The Awakening by Kate Chopin 1st half: Page 1-60 Plot Summary: Leonce Pontellier and Edna Pontellier take their children to Grand Isle to spend their summer vacation. While on that trip Edna learns how to swim which becomes a huge revelation to her, in a …

For accounting information to be useful for financial judgments decisions, it must have some characteristics. They include Relevancy; this is the capacity of the information generated to make a difference in decision-making. Timeliness; information should be relevant and should be produced during relevant time containing …

A non-profit organization uses the current ratio to evaluate some of its assets. These assets are both cash and other things that could be changed into cash, and they might be used if necessary to pay their costs of operating. A non-profit organization uses the …

Introduction Income statements are of crucial importance to users of financial statements, particularly investors. It is vital that revenues are properly recognized when preparing income statements to give a fair view of profitability of the associated company/firm. Thus investors are not misled while making decisions …

This paper will compare the financial aspects of McDonald’s and Wendy’s to each other, and the industry, from the personal investor perspective. We will look at certain ratios, financial statements, and company strategies. The results are based on a 5 year time span (2002-2006) and …

The following paper will talk about the income statement and what the income statement tells about the company including why this statement is important and what business decisions can be made using the income statement. Also, the paper will talk about the balance sheet and …

The disadvantages of line item budgeting, according to Martin (2001) line-item budgets say nothing about how much service a human service agency provides, the cost of that service, the number of outcomes the agency accomplished, or their attendant costs. Another disadvantage is it limits the …

The Wal-Mart case is intended for an introductory or main course on Financial Statement Analysis. It may also be useful within a Corporate Finance/Financial Management course. After a class on financial statements and liquidity, profitability and solvency ratios – and some brief examples discussed by …

As a newly hired Staff I there will be a responsibility to analyze the work papers for the organization’s clients. In this situation a client is not clear about why a Staff I is asking for information on adjusting lower of cost or market inventory …

To compare the advantages and limitations of different financial statements begins with first understanding what financial statements are and what different purposes they can be used for, as well as the differentiation between cash and accrual accounting. The cash and accrual methods of accounting are …

Financial Statements Accounting is a function by which users can understand the internal financial workings of a company. Use of public accounting dates as far back as the late nineteenth century (Hendrickson, 2007) and continues today under the set guidelines that accounting professionals refer to …

Notes to Consolidated Financial Statements Note 1 Business and Summary of Significant Accounting Principles (10 items) Description of Business The Open-Road Motorcycle Company is the largest online retailer of salvage title motorcycles. We are focused on bringing the customer the best value on entry level …