Financial statements Essay Examples

Generally Accepted Accounting Principles

The mutual set of accounting criteria used to develop medical centers financial statements are known as generally accepted accounting principles (GAAP). GAAP are a mixture of respected criteria created by Securities and Exchange Commission (SEC) and accountants. The SEC has authority granted by The Securities Act of 1933 and the Securities Exchange Act of 1934,… View Article

Effect of the Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 was designed to help prevent any fraudulent information being displayed on any company’s financial statement. The benefits of using falsified information would be that more people internally and externally will want to invest in the company. For example, a company financially is not doing well, but on paper shows that… View Article

Financial Statement

The first issue to discuss is the four different types of financial statements and the use of each that a business will use. The second issue to discuss is what financial statements that an investor will review. The third issue to discuss is what financial statements a creditor will review. The fourth will be what… View Article

How the Profit Measured and Is It More Important Than Cash

In the work I reveal to the concept of profit, discuss how the profit measured, analyse cash flow and conclude is it more important than cash or not. Essay includes such key concepts as revenue, expenses, profit, loss, a profit and loss account, balance sheet. According to Meckin (2007) ‘the objective of financial management in… View Article

Financial Performance Analysis

Financial statement analysis is the process of examining relationships among financial statement elements and making comparisons with relevant information. It is a tool in decision-making processes related to stocks, bonds, and other financial instruments. Analysis of financial statements provides valuable information for managerial decision. Financial analysis is commonly called analysis and interpretation offinancial statement. Analysis… View Article

Critically Assess the Uses and Limitations of Financial Statements

Critically assess the uses and limitations of financial statements The definition for a financial statement is a written report which quantitatively describes the financial health of a company. (www. investorwords. com) It consists of a balance sheet, income statements and a cash flow statement. This essay will critically asses the uses and limitations of each… View Article

Assessing the Quality of the Financial Statements

•Reading the Financial Statements and Creating a Data File Our experience, and that of our students, is that careful and thorough reading of the financial statements yields a great deal of information about the firm. The financial statements, the notes, and management’s discussion and analysis provide valuable insights into the business strategies, profitability, and risk… View Article

Testing a Model of Islamic Corporate Financial Report

1. Introduction Religion can exert a profound influence on individuals and societies. There has been a growing religious commitment during the past two decades which has led to more Muslim countries seeking to manage their economies in line with the precepts of Islam (Hassan, 1998). Central issue in Islamic accounting is weather the external financial… View Article

Adoption of IFRS in Financial Institution

The IASB describes its pronouncements under the label “International Financial Reporting Standards”, though it continues to recognise (accept as legitimate and adopted by them) the IAS issued by the defunct IASC. With the adoption of IFRS in Nigeria, a lot stands to be gained from the seemingly distressed global economy. With successful implementation of IFRS,… View Article

According to the American Institute of Certified Public Accountants

According to the American Institute of Certified Public Accountants (AICPA) website, it was founded in 1887. Accountancy was established as a distinguished profession with thorough educational requirements, high standards and a strict code of ethics. According to the Financial Accounting Standard Board (FASB), private non-profit organization responsible for developing and interpreting the (GAAP) in the… View Article

The major purposes of financial statements

The major purpose of financial statement is to provide an overview of the company’s overall performance of the company’s operations and also assess the company’s worth during the year. Financial statement not only assists the financial managers but also the outsiders like creditors, stockholders etc. After reviewing the financial statements of the company all the… View Article

A Primer on Sarbanes-Oxley

This paper identifies issues, activities and practices, in financial reporting by public companies that were sanctioned by the Sarbanes-Oxley legislation Act of 2002 (SOX). This act was passed with the intent to restore public confidence and increase transparency in financial reports of publicly held companies, due to the aftermath of the financial scandals that plagued… View Article

Accounting Materiality Case

After the release of the SFAC No. 8, your definition of materiality has been brought into question. In the past, your rule for determining materiality was based solely on quantitative data, where an event was only material if its impact was more than a given percentage of the income statement amounts. Using a quantitative measure… View Article

Uniform accounting standards produce

In the last decade, various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about… View Article

Accounting Regulation Essay

Over the years there has been a continual debate over the necessity of accounting regulations. Some people have many reasons favouring accounting regulations such as the belief that accounting conventions are needed in order to allocate and control the economic outcomes of resource allocation and information stipulation in the market. However, others have arguments against… View Article