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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
As far as management goes, you might need a statement of cash flows, and an assessment of inventories. You might want to also look at the balance sheet
Which is the richest state in India?
The richest state in India is Maharashtra.
It is one of India's most prosperous states, having a per-capita income is highest in country and GDP is almost double than any single state in country. It contributes to 40% of industrial production in india and 15% of GDP .. Its hub for IT , AUTOMOBILES, FINANCE,EDUCATION AND HELATHCARE.. Its GDP is double than other competing states in country
Why might cash discount be offered to customer?
This is most common in medical cases. Probably because cash is a guarantee of pay, rather than a check, or making payments where can both default. By offering a discount for cash, the institute can save its self a possible headache when then having to send the customer to a collection agency and pay fees.
How do you define depreciation?
de·pre·ci·a·tion
1. A decrease or loss in value, as because of age, wear, or market conditions.
2. Accounting. An allowance made for a loss in value of property.
3. Reduction in the purchasing value of money.
4. An instance of disparaging or belittlement.
Above retrieved from, Answers.com
Viper1
In economics what is a positive statement?
A positive statement tells what is currently understood about the way the world operates. A positive statement may be right or wrong, but we can test it by checking it against the facts. Ex- "Our planet is warming because of the amount of coal that we're burning."Bade, Robin & Michael Parkin. Foundations of Macroeconomics, 3rd Ed., Pearson Addison Wesley, 2007, p15
Is paying cash for a dividend an increase or a decrease to your assets?
stock dividends what impact on total assets
Asset pricing pinpoints what an item is worth. This is done in most major retail stores and will usually show in the difference in price between two of the seemingly the same items.
The total amount of capital contributed to an organization is reported in what financial statement?
Capital is shown in the balance sheet of the organization under liabilities and owner equity section.
What are temporairly restricted retained earnings?
Prior year earnings, retained in the entity, that will be available for unrestricted use whenever whatever restrictions expire.
Whats the difference between monthly income statements and for the month ended income statement?
its when you get your monthly income and then when the month comes that you use up all your money you don't have anymore to get a monthly income.
A technical audit is an audit performed at a company or manufacturer where the auditor, engineer or subject matter expert (SME) evaluates deficiencies or areas of improvement in a manufacturing process, system or proposal.
EXAMPLES:
A technical audit of a proposal would include an engineer or SME's evaluation of the work to be performed in that proposal. The SME would draw conclusions by evaluating the proposal and the work outlined in that proposal. The SME would identify deficiencies in the process or areas of improvement in that process that would increase efficiency, reduce hours or reduce the cost of that proposal.
A technical audit for a company performing research and development (R&D) the auditor or SME would evaluate the projects being performed and identify deficient areas in the projects or deficient projects themselves. Often times in R&D there is more work than manpower and projects can be prioritized or eliminated to increase production and reduce (or maintain) manpower.
A technical audit of a manufacturer would include an engineer or SME's evaluation of manufacturing processes or systems used at a manufacturer to manage the production line. The SME would identify losses or other areas of improvement in the production line that would increase efficiency and as a result reduce cost.
ICT and the accounting profession?
With a computer, one can receive a balance sheet, income statement or other accounting reports at a moment's notice. We also find that some day to day data entry can be turned over to relatively unskilled workers.
IX. DISADVANTAGES OF USING THE COMPUTER IN ACCOUNTINGWhen you use a computer, it is possible that data can be lost because of hardware or software damage. Since the computer has no judgment of its own, it does not pick up on errors as a human being does. There can be loss of data due to accidents like fire etc.. There can be loss of data or change of data due to fraud or embezzlement. There can be loss or unavailability of data due to loss of staff. Inaccurate data may be due to clerical error or mistakes in programming. Total security is economically unachievable and some failures must be expected. The right level of expenditure on security measures will minimize the sum of the cost of the measures and the expected loss. There will always be some risks that are best shared through insurance, rather than prevented or avoided.Much computer-related crime is opportunist: people who were not seeking any advantage had temptation thrust under their noses. Copies of computer printouts get mis-directed, or thrown in a waste paper basket in a public place. Magnetic tapes from bankrupt companies have been sold with data still on them. Often a programming error reveals a system flaw: someone who by chance reads a magnetic tape file that he should have been writing discovers interesting data on it.
Sabotage, vandalism, malicious damage, and arson tend to be even more destructive than the Acts of God they emulate. Political and industrial action, riots and civil commotions, may not be aimed specifically at the computer but they can be very effective in preventing its operation.
Fraud and embezzlement are usually achieved on a computer system by altering data or programs. There are numerous techniques, varying from additions and deletions to input data, through changing the standing information files, modifying the behavior of programs, to duplicating or suppressing output. Although most frauds that have been reported had gone on for some time, it could be that 'one shot' frauds have been more frequent but more often escape detection.
Eavesdropping and stealing information by tapping telecommunications lines requires the sort of technical skill which is very widely available (to the surprise of those without technical education). It is possible to emulate a legitimate user of a system, or discover his password through trickery or as the result of carelessness, and thus have access to the information he would have, such access can be very important for setting up more profitable operations, such as taking money out of little used bank accounts, or concealing changes made in files. There are other ways of trespassing, without using wire tapping. For example, the magnetically encoded cards often used as keys to systems can be copies and altered, giving the villain access to credit, cash or other valuable assets.
Wherever a computer is used to handle an organization's accounts, it can be used as a means of attacking the funds it controls. In most computerized bookkeeping systems, it is the computer which effectively causes credit transfer; so by establishing false accounts, or diverting some of the contents of the real ones, credit can reach a false beneficiary. The system can also be used to conceal a change in the cost, or the illegitimate acquisition or the destruction of tangible goods and services.
Information that is relevant to that particular topic, for example;
- A user wants to purchase a Dell computer but the employee at the computer shop gives the user a HP computer specification for another product.
This information that has been passed on is not relevant to that particular object or topic as it relates to another object.
What does Margin Balance mean?
A positive margin balance is the amount owed to you by the brokerage. A negative margin balance is the amount owed to the brokerage by you.
Do financial reporting and financial statement mean the same thing?
"Do the term financial reporting and financial statement mean the same thing?"
What is the purpose of an invoice?
what is a sales invoice?
A list of goods sent or services provided, stating the sum due for these; a bill.
Authorized capital is the capital to which an organization is authorised to use in the business and maximum amount that can be used for the working of organization.
the remainders of money after a companies revenue is deducted
What is the difference between an income statement and a balance sheet?
Income statement describes the current year performance while balance sheet describes the overall position of company right from the starting year of business to current year.
The Income Statement, also know as a Profit and Loss Statement, details the entity's income and expenses for a specific period of time. The last entry on the statement, or "bottom line," is the entity's net profit or loss for that period.
The Balance Sheet is a "snapshot" of the entity's financial condition at a specific point in time. The first section is Assets, or things the entity owns, which includes cash and investment accounts, fixed assets, and receivables, among others.
The next section of the Balance Sheet is Liabilities and Equity. Liabilities, or things the entity owes, may include such accounts as vendor payables, payroll taxes due, notes and mortgages. Equity is the book value of the entity, and equals Assets - Liabilities. What accounts are included depends on the business form of the entity. A sole proprietor has Owner Equity; partners have Partner Capital; corporations have Capital Stock and Retained Earnings.
What goes on a owners equity sheet?
I found this site and hope it answers your question. www.accountingcoach.com/online-accounting-course/05Xpg03.htm
What is the meaning for Waiver of Liability?
Waiver of Liability:
A written notice given to the aptient by the provider in advance of any service or supply furnished for which payment may be denied or reduced by Medicare as not reasonable and medically necessary. This notification serves as protection for both the provider and the patient. Also called the Written Advanced Notice.
