6.02C - Determining Working Capital-1
... Complete the Income Statement and Balance Sheet for the Sole Source Company. The
financial information is located in the 6.02 – Sole Source Financial Statements file. Once
both statements have been completed, fill in the blanks below.
... Responsible for the information in the financial statements
Chief Executive Officer (CEO): highest officer of the
Chief Financial Officer (CFO): highest officer associated
with the financial and accounting side of the business
Accounting Staff: prepare the details of t ...
... This training is available in Helsinki and Oulu, and can also be tailored tailored to specific companies or
The training is suitable for
... used to summarize and communicate
financial information about a company.
A company’s integrated accounting system
produces three major statements: the income
statement, the balance sheet, and the cash
flow statement, as well as a supporting
statement called the changes in owners’
REVIEW OF ILLUSTRATIVE FINANCIAL STATEMENTS IN
... • An entity must prepare general price-level adjustedfinancial
statements when its functional currency is hyperinflationary
• IFRS for SMEs provides indicators of hyperinflationbut not
an absolute rate. One indicator is where cumulative inflation
approaches or exceeds 100% over a 3 year period.
• In ...
... the accounting profession recognizes as a general guide for
financial reporting purposes.
Standard-setting bodies determine these guidelines:
section 2 Accounts - Barham Parish Council
... The sum of all current and deposit bank accounts,
cash holdings and short term investments held as at
31st March – to agree with bank reconciliation.
The original Asset and Investment Register value of
all fixed assets, plus other long term assets owned by
the council as at 31st March
The outstandin ...
... NB: Property, plant and equipment and capital and reserves require disclosure
notes to show details and movement in the period
... Whether the Public Investment Corporation holds any financial interest in certain
companies (name furnished) in the form of (a) equity, (b) debt or (c) any other form;
if not, why not; if so, what (i) was the initial value of the financial interest, (ii) was the
date of the transaction, (iii) is the ...
1. Accountants refer to an economic event as a a. purchase. b. sale
... The conceptual framework developed by the Financial Accounting Standards Board
a. was approved by a vote of all accountants.
b. are rules that all accountants must follow.
c. is viewed as providing a constitution for setting accounting standards for financial
d. is legally binding on all ...
... 6. Certified Public Accountant (CPA):
Lesson 1 PowerPoint
... the residual interest in the assets of an entity that remains after deducting its liabilities. Called
shareholders’ equity or stockholders’ equity for a corporation.
Increases in equity of a particular business enterprise resulting from transfers to it from other entities
of something of value to ob ...
會計學原理Principles of Accounts
... Why Accounting? (II)
• If you are an accounting clerk
• You need to know HOW to:
– Post the entries (入帳)
– Calculate Profit or Loss (盈利或
– Prepare the Balance Sheet (資產
– Make tax provision;
– Deal with financial problems for
the company, etc.
Test 1, Review Questions
... The opinion of an independent party is needed because a company may not be
objective with respect to its own financial statements.
It is a customary courtesy that all stockholders receive an independent report
on management's stewardship in managing the affairs of the business.
11. Which paragrap ...
The Impact Of Switching To International Financial Reporting
... either be a subsidiary or a branch of a company. The reason this decision would be important is that some foreign
countries tax branches differently than subsidiaries and vice versa. The final decision is the method of financing
used for foreign operations. Businesses can choose to either finance th ...
Managing Financial Aspects of a Business
... What is accrual basis of
accounting? What is cash basis? Effects of
transactions and other events are
recognised when they occur ( not when
cash or cash equivalents received or paid)
Statement of Owners` Equity
... Accounting procedures and practices must be adapted to
accommodate an international business environment.
The International Accounting Standards Committee (IASC) was
established in 1973 to promote worldwide consistency in financial
reporting practices. The IASC soon developed its first set of
Syllabus - Institute of Credit Management
... Purchase, sales, nominal and cash book as ledgers.
Cash transactions and treatment and recording of VAT.
Recording trade and cash/settlement discounts (no VAT re-calculation
Posting payments and receipts.
Use of sales ledger control account to ensure ledger accuracy (no preparation of
Some issues with rating of PI 25 – Quality and
Financial statements are produced annually for all
central government ministries, departments and
agencies. Information on receipts, payments and
bank account balances may not always be
complete, but the omissions are not significant.
International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC (the predecessor of IASB) and are still within use today go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards ""International Financial Reporting Standards"".In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.Criticisms of IFRS are (1) that they are not being adopted in the US (see GAAP), (2) a number of criticisms from France and (3) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe's hyperinflationary economy. The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 is currently (March 2014) being implemented in its original ineffective form in Venezuela and Belarus.