Financial Statements

LIFO - Last In First Out

Analyzing financial ratios

A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.

If you have excel, there are various schedules prepared for you. Assets life spans vary, property is normally 30 years, vehicles range 3-5, heavy equipment brand new is probably 7.... it depends on your specific assets and how old they are, their value, etc. Some schedules give you an outline to go by... I believe the Capital Assset Depreciation on MicroSoft excel's site comes with some examples. GOOD LUCK!!!

The most basic equation for cost of goods sold is as follows:

COGS = PS * CPP

where

PS = products sold

CPP = cost per product to produce

(assuming cost per product to produce does not change with time)

For example, if it costs me $10 to make a widget and I sold 25, the COGS is $250.

Many companies dealing in widgets; however, carry inventories of those widgets. The following equation incorporates inventory:

COGS = (BI - EI + PP) * CPP

where

EI = ending inventory

BI = beginning inventory

PP = products produced

CPP = cost per product to produce

(assuming cost per product to produce does not change with time)

For example, if we started the year with 50 widgets, ended the year with 40 widgets, produced 90 widgets and it still costs $10 to make a widget, the COGS is as follows:

COGS = (50 - 40 + 90) * $10 = we sold 100 widgets * $10 = $1,000

Present value of tax saving = 5 million * 0.34 / 1.1

Present value = 1700000 / 1.1

Present value = 1545455

Since the World War II, chart of accounts have played a vital role in the development of accounting in Poland.

A writer and professor at Cologne, named Eugen Schmalenbach (1873-1955), believed that chart of accounts are not mere carriers of balances but it contains significant information which can be prepared regularly and speedily to respond rapidly to the external and internal circumstances infleuncing the economic issues of an enterprise.

Schamalenbach used "price level accounting" or "uniform chart of accounts".

auditing

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Loan is on balance sheet

Don't know Don't care Go ask someone who actually wants to answer these kind of questions because I don't Go ask a scientist (that's if you can find one) Hope this answer helped

true

Cash flow from operating activity is the only activity which is calculated using two different methods that is direct method and indirect method while other two cash flows are calculated in same manner in both of methods.

Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.

1. 6 or more consecutive points increasing or decreasing

2. 8 or more consecutive points on one side of the center line

3. 4 out of 5 points beyond 1 sigma

4. 2 out of 3 points beyond 2 sigma

5. Any (1) point outside the control limits

advantages of conceptual framework in accounting

accounting equation assets = liabilities + capital

so if assets increases either liability or capital will increase

for this purpose

1. assets means both long term assets and short term assets

2. capital means owners equity

3. liability means outsliders liability

current assets; long-term investments; property, plant, and equipment; and intangible assets.

yes

Financial Statements could be of a individual or a company/business.
Personal Financial statement would give all the personal financial information of the individual, for ex. his years income, sources of his income, his expenses, things he spent on, etc.
A company's or business's financial statement would give you the complete idea of the company including the income of the company, the expenses, the amount of money spent on labor, gross profit of the company, net profit, etc.
Financial Statements are something that are used by any company requires to check your credit, for ex. you going to buy a car/house, etc.

Other or rent revenue is also revenue which is not from basic operations of business that's why this revenue is shown as other revenue in income statement.

these payments will be shown in cash flow from investing activities.

Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of