Financial Statements

The two main part of a budget are income and expenses.

statement of retained earnings

a system that recognizes revenue and expenses on a cash basis, not an accrual basis

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I am very sorry about your parent's passing. Usually the bank statements are sent to the Executor (male) or Executrix (female) that was named in the Will. It's obvious that one or more of you were Power of Attorney over your parent while she/he was living so yes, you should have done simple bookkeeping as to what is spent on your parent's medical care, hospital stay, possibly the cost of staying in a nursing home, etc. It really isn't the law, but just good business sense so there isn't any second-guessing amongst Heirs in the Will. My mother passed away 2 years ago. When she was in the nursing home my brother was Power of Attorney. His duties were to pay all the bills such as medical expenses, etc. He had the right to sell her condo and the money from the sale went into her account. I was an Heir and I had the right to ask to see the transactions of ALL that went on while my mother was still living. I didn't of course because I trusted my brother. Sometimes when there is a disbute in the family, the lawyer, before dispursing the money can show exactly where the money went. Probate also usually takes care of all your problems. An Executor/Executrix HAS TO ACCOUNT for all monies spent while that person was living right down to the funeral costs. Probate makes sure that all creditors (including personal/property taxes) are paid in full and what is left in the Estate (Residue) is disbursed amongst the Heirs. Marcy

No. A freight bill only shows that the equipment was shipped. A signed delivery receipt would be needed. The equipment could have been lost or damaged and therefore not, or no longer, an asset.

If you multiply sales times profit margin, you get Gross Profit. Then you have to subtract Total Expenses to arrive at Net Income Before Taxes, then subtract Taxes to arrive at Net Income.

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A MANAGEMENT REPRESENTATION LETTER is signed the management of the company being audited. An AUDIT ENGAGEMENT LETTER is signed by both an offical from the auditing firm and the management of the company being audited. (Nt exactly sure which one you wanted.)

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A certified statement is any type of document that has been prepared and has already been signed off on by an accountant or whoever is in charge. This could be signed by a business owner, your boss, or the manager.

In accountancy, to dispose of assets means to sell or otherwise get rid of property. Tangible assets are assets you can see and touch, such as houses, cars, and land.

Yes, there is a need to change the GAAP because corporations can easily circumvent the standards. The federal government must be involved so that they can enforce the changes.

Revenue mobilisation means to receive or collect money from internal and external source of government

Economic analysis, in contrast to financial analysis, defines the real resource flows induced by an investment rather than the investment's monetary effects. (JP Gittinger 1982 Economic Analysis of Agricultural Projects)

Financial analysis thus relates to the performance of a project from the viewpoint of a stakeholder - eg, a farmer or institution, and looks at investment, maintenance and operation costs and cash revenues after taxes, duties etc.

Economic analysis defines the impact of the project on the regional or national economy. It does not consider transfers between economic actors, such as taxes, duties etc. It values traded outputs/costs at their economic level (often defined by their world price net of import or export costs). Non-traded outputs/costs (ie, where price is not determined by "the market") can be valued on the basis of "willingness to pay" or shadow price.

Both economic and financial analysis should look at the with project situation compared to the without project (and not before and after) - ie, they take account of changes that would have occurred in the absence of the project investment.

The margin should be around 10%.

This question has a different answer depending on whether or not you have filed for a divorce, what state you live in and if you are subject to community property laws, and if you have property outside the US. In general, you may gather information before you file for divorce. Certainly for assets that are jointly owned, just make some phone calls. You have every right to ask questions. You may find the file in your home with copies of tax returns and make copies of these returns to store for yourself. Other items you may not consider will include things like jewelry, credit card statements, and vehicle registration. After filing for divorce, your attorney can file a request for information and the court will require your spouse to answer. Usually, the number of questions is limited and often some information is required without asking specific questions. If you have a real indication that you are not voluntarily getting all information about finances, tell your attorney. Be as specific as possible.

Not only does a company invest in its own subsidiary, it typically owns all of the stock of its "wholly owned" subsidiaries.

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Banks are used by individuals the world over, but there are a few notable disadvantages that have been made public. Banks have been known to charge "foreign" debit charges when using non branch ATM's, overdraft fees that can add up for each item overdrawn, and monthly maintenance fees. The best thing to do is research the bank before opening an account with them to weigh out the best option.

Depends on your job. Remember the employees make the company and the company is nothing without them. You should try not to lose any employee and fight for them to retain their job regardless of your administrative position for they look up to you. Even though they don't always show it. Profit should come from recycling. Pick up the scraps off the floor before your maintenance team sweeps them to the garbage. Everything saved will soon be needed. The above techniques could be applied to any job.

Coopers & Lybrand, one of the country's oldest accounting firms, provides a wide range of professional financial and consulting services to hundreds of well-known organizations and financial institutions in over 120 countries.

DEPRECIATION IN NEITHER A SOURCE NOR APPLICATIONS OF FUNDS.IT IS MERE ADDED BACK IN PROFIT WHILE PREPARING STATMENT OF APPLICATIONS & SOURCES OF FUNDS.

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