Financial Statement Restatement Paper

  • Financial Statement Restatement

    Financial Statement Restatement When a company makes an error in accounting, the lasting effects can have a great impact on how the external and internal users of this information perceive the organization. The following is an analysis of the effects of inaccuracies in a Bank accounting for its allowance for loan losses. First National Community Bancorp Inc. (FNCB) in Dunmore, Pa., restated financial results for 2009 and two quarters in 2010 after an internal audit uncovered inaccuracies in

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  • Financial Statements Paper

    Financial Statements Paper Thomas Hastings ACC/290 April,11,2012 Rolland Roup Financial Statements Paper In the accounting world there are four different financial statements. These financial statements provide a very wide amount of information which is very valuable information to internal and external users in many different types of companies. These four financial statements are the balance sheet, income statement, retained earnings and statement of cash flow. These four financial statements

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  • Financial Statement Differentiation Paper

    ACC - 561 Financial Statement Differentiation Paper Financial statements provide crucial information to management, investors, and creditors. These statements include four documented forms cash flow statement, balance sheet, retained earnings, and income statement. The information contained in the reports provides a detailed picture to the condition of any business. A business evaluation containing all four documents is essential to form an accurate forecast in past and future objectives

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  • Financial Statements Paper

    Financial Statements Paper The 4 fundamental monetary reports are the balance sheet, income Statement, retained earnings statement, as well as statement of cash flow (Kimmel, Weygandt, Kieso, 2011). The balance sheet is used to show an idea of what a business has (Kimmel, Weygandt, Kieso, 2011). The balance sheet reports the quantity of assets and claims to assets for a time period (Kimmel, Weygandt, Kieso, 2011). Assets are products the business has that might be used if required to get money

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  • Financial Statement Paper Part I

    Financial Statements Paper 2 Financial Statements Paper Part I Keeping accurate financial statements for a company should be the number one goal of the company's financial team. Falsifying financial information can lead to misrepresentation of the company's financial status can lead to bad financial decisions and possible disaster of the business. There are three important financial statements for a business that provide management and shareholders

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  • Financial Statements Paper

    Financial Statements ACC290 November 5, 2012 Lori McKinney Financial Statements Whether a company is a small, mom-and-pop organization or a multi-billion dollar corporation, financial statements are an integral part of the company’s financial operations. There are four basic financial statements, each of them related. Changes on one statement will affect the other but no single statement will tell the complete story of how the company is performing financially. Because of this, it is important

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  • Financial Statement Differentiation Paper

    Financial Statement Differentiation Paper Nancy Negron ACC/561 Accounting April 15th, 2013 Tom Myers Financial Statement Differentiation Paper In accordance with the United States Securities and Exchange Commission (SEC) the financial statements are as easy to read as a nutrition label (US Securities and Exchange Commission, 2007). There are basic financial statements such as the income statement, which show how much revenue a company acquired during a specific period, the bottom line of

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  • Financial Statements Differentiation Paper

    Financial Statements Differentiation Paper There are four different types of financial statements discussed in week which are comprehensive income statements, balance sheets, reconciliation statement and cash flow statement. There is significant differences between the financial statements and will define them. Also will discuss what individual financial statements would interest investors, creditors, and management. Financial statements help us comprehend the past and forthcoming financial

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  • Financial Restatement

    Running head: STEIN MART INC. RESTATEMENT The Effect of Restatement of Financial Statement for Stein Mart Inc. University of Phoenix Abstract Based on the recommendation from the Audit Committee, Stein Mart Inc. recently decided to restate their financial statements for three years, 2009, 2010 and 2011 due to errors in terms of the value of their inventory and determining the cost of their lease holdings. They stated that in addition to

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  • Groupon Financial Restatements

    Groupon’s Financial Restatements Jessica Pegg ACC 537 May 12, 2013 Jeffrey Collins Groupon has experienced some problems the buzz started around the anticipation of the company going public. Legalities surrounding expiration dates of coupons (Tribune Staff and News Services, 2012) and suspicions arising from use of an accounting method described as “Adjusted Consolidated Segment Operating Income” (Groupon, 2012), are just two problems facing the relatively new company

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  • Financial Statement Paper

    Financial Statements Paper Twanda Anderson ACC / 280 Principles of Accounting Michael Ford August 15, 2011   Financial Statements Paper Many people assumed that accounting is just adding and subtracting numbers but financial accounting has several important parts for a business to be profitable. In the accounting process there are significant parts and these parts provide excellent information about the company’s finances that identify, record, and communicate its finances. The

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  • Acc561 Financial Statements Paper

    Financial Statement Differentiation Joshua Tabaka University of Phoenix ACC/561 WH12MBA06 March 20, 2013 Instructor: Norris Dorsey Workshop 1 Financial Statement Differentiation There are four major types of financial statements and they include the balance sheet, income statement, statement of equity and statement of cash flows. The balance sheet shows the assets, liabilities and equity balances as of a given point in time. It will typically show the short-term and long-term

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  • Financial Statement Restatement Paper

    Restatement of the Company Zynga is a social gaming company. Many of their games are seen on social media networks such as Facebook, or Google+. On August 11, 2011, Zynga restated their first quarter revenue to reflect an accounting error in their initial IPO (initial public offering) registration. Their second quarter revenue report was increased by 3% over what was reported in first quarter. The error was due to a previous policy estimate (Primack, August, 2011). Accounting Principles Involved

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  • Financial Statement Differentiation Paper

    Financial Statement Differentiation Paper Set Jardine Acc 561 Financial Statement Differentiation Paper Financial statements are prepared by every public company according to the generally accepted accounting principles adapted by the United States to ensure accounting accuracy within the investment community. These accounting standards are used to prepare the balance statement, the income statement, the shareholders’ equity statement, and the cash flow statement. This paper will discuss

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  • Financial Statement Renstatement Paper

    Running head: FINANCIAL STATEMENT RESTATEMENT Financial Statement Restatement Paper Financial Statement Restatement Paper Companies must often restate their financial statements to address certain issues that have occurred within the company including changes in accounting principles, changes in accounting estimates, changes in the reporting entity, and errors in their financial statements. “The FASB classifies changes in these categories because each category involves different methods of

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  • Financial Statement Paper

    Financial Statements Paper ACC/290 – Principles of Accounting I May 14, 2010 Adael Acosta Assessment • Individual Assigment: Financial Statements Paper Write a 700- to 1,050-word paper in which you do the following: o Identify the four basic financial statements. o Describe the purpose of each of the four financial statements. o Discuss how the financial statements would be useful to internal users, such as to managers and employees. o Discuss how the financial statements would be

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  • Financial Statement Paper

    Financial Statements Paper Brittany Williams University of Phoenix Principles of Accounting I ACC/290 Kelvin Chang November 26, 2013 Financial Statements Paper In the accounting world, there are four basic financial statements that are normally prepared by profit-making organizations. These are balance sheet, income statement, statement of retained earnings, and statement of cash flows. Each of these statements serves a very important purpose in keeping track of the finances for a company

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  • Financial Statement Restatment Paper

    Financial Statement Restatement Paper ***** ****** ACC/537 January 13, 2014 Financial Statement Restatement Paper MicroStrategy, Inc. went public in June 2008. It is a software company that had been identified as, “a successful, growing company with positive net income” (Krishnan & Mintz, 2007). Like many managers, the managers at MicroStrategy, Inc. wanted to make a quick profit by using aggressive accounting techniques that artificially boosted revenues, inflated earnings, and raised

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  • Financial Statements Paper

    preferred are thru statements. There are four financial statements and they are: income statements, retained earnings statement, balance sheet, and statement of cash flows. Each of these four has their own purposes to help the individual or a company in keep track of their financial records as well as their earnings and losses. For an individual some of these statements are usually sent to them via their bank or credit union and they can also be requested if need be. Income statements are reports that

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  • Financial Statement Restatement Paper

    Financial Statement Restatement Paper Abstract Restatement of the financials for a company can affect a company tremendously, when it comes to the validity of the company’s financial success. A study was conducted on the company IEC and its financials. For the fiscal year of 2012, the company announced their restatement of their financials. The aftermath of the announcement are discussed. Also, the financial standing, prior to the restatement, is examined. The effects the error had on

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  • Financial Statements Paper - Part I

    Financial Statements Paper - Part I Bridgette Toutant ACC/497 March 31, 2014 Ken Goranson Financial Statements Paper - Part I A financial statement offers users, such as management, board of directors, and potential investors, information related to the company’s activities and it gives them the ability to make decisions in relation to the company. A certain amount of urgency should exist when providing this useful information because the financial statements are considered to be a

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  • Financial Statement Restatement Paper

    Financial Statement Restatement Paper Justina Kabanuk University of Phoenix ACC/537 Financial Accounting Steven Hall July 5, 2010 Financial Statement Restatement Paper Financial statement users depend on accurate financial statements from

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  • Financial Statements Paper

    accounting system in place that reports at all times where all the company’s money is invested. These financial numbers are important not only to internal users but external users, as well. There are four different financial statements that are at the heart of financial accounting. The four fundamental monetary reports are the balance sheet, income statement, retained earnings statement, and the statement of cash flows. The balance sheet reports assets and claims to assets at a specific point in time

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  • Financial Restatement

    Financial Statement Restatement Financial Accounting/ ACC537 Myrtle Clark Sheila Haskins April 14, 2014 In this paper I will discuss the restatement of Diamond Food Inc.’s financial statements. The errors in accounting principles involved and what effect it had on financial statements. How changes affected the stockholders. In February 2012, Diamond Foods Inc., issued a statement that they have to restate the financial statements for 2010 and 2011. Diamond Foods Inc., was forced by the

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  • Financial Statement Paper

    Financial Statement Paper xxxxxx ACC/290 January 29, 2013 Dr. Norris Dorsey Financial Statement Paper This week’s individual assignment is to identify the four basic financial statement reports used in basic accounting principles and concepts. It also is to describe the purpose of these four reports and how they would be of use to both managers and employees as an internal component. It is also to describe the external use to investors and creditors. The four monetary financial statements

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  • Financial Statements Paper

    Financial Statements Paper University of Phoenix Principles of Accounting 280 David Fewkes September 13, 2010 Financial Statements Paper Accounting consists of three basic activities-it identifies, records, and communicates the economic events of an organization to interested users (Weygandt, p. 4). Managers and Chief Executive Officer’s use financial statements to promote sustainability and track financial decline. These statements are also used by auditors, creditors, and the Securities

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  • Financial Statements Paper Part 1

    Financial Statements Paper Part 1 ACC 497 July 14, 2014 Financial Statements Paper Part 1 In Financial Statements Paper Part 1 I will discuss The Home Depot’s annual report, to include the consolidated statement of earnings, the balance sheet, and the statement of cash flows. I will discuss some details of each sheet, the importance of the contents, business decisions associated with each sheet, and the benefits gained from the information contained in the sheets. The Consolidated Statement

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  • Financial Restatement Paper

    Financial Statement Restatement Paper – Citizens First Bancorp, Inc. In 2009 Citizens First Bancorp, Inc. was forced to restate their earnings in the first and second quarters. The first quarter was revised due to “an accounting error on a $7.5 million impairment of its deferred tax valuation allowance” (Barba, R. October 20, 2009). The second quarter revision was a regulatory action by the Federal Deposit Insurance Corporation, which involved allegations of “inappropriate behavior at the company

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  • Financial Statement Paper

    Financial Statements Clementine McIntosh ACC/280 University of Phoenix Professor James Hill March 23, 2011 Financial Statements Introduction “The Onscreen Financial Statement converts data into useful and actionable business information. Managers can identify and assess vulnerable areas for one or all of their stores. It helps them to keep pace with daily business activities and mitigate negative month-end impacts.” (Collins, 2011). “In business, accounting and financial statements are

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  • Financial Statement Differentiation Paper

    Financial Statement Differentiation Paper Name ACC/561 Date Instructor Financial Statement Differentiation Paper Financial statements arrange financial information into statements that prove to be the financial accounting backbone. The income statement, statement of cash flows, retained earnings statement, and balance sheet arrange the expenses, liabilities, revenues, and assets of a company into formats that provide a clear view of different areas of interest. These areas are of interest

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  • Financial Statements Paper

    Financial Statements Paper Fantasia Friend ACC/280 April 27, 2011 University Of Phoenix Accounting is the technique through which a person creates a report of business dealings and makes records regarding the fiscal infrastructure of the organization. Three key activities of accounting, determining, documenting, and communicating economic activities, assist bestow the health of this company to external and internal people. The main goal is to determine and document activities which have

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  • Acc 290 Financial Statements Paper

    Financial Statements Paper ACC290 January 2, 2013 David Aloyan The main goal of most businesses is to gain profit and have less spending costs all together. If a business is not making money, the owner of that business really has no reason to keep that business open. It is both a waste of time and a waste of money if there is no profit to be made. Many businesses deal with money all the time but how do they really know how much profit was made at a certain point of the year or a certain

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  • Financial Statement Paper

    Financial Statement Paper The basics of accounting are not rocket science. If you can follow the directions of a recipe, then you can learn the basics of accounting. This paper will help you gain a basic understanding of financial statements. Identify the four financial statements Financial statements show you where a company’s money came from, where it went, and where it is now. There are four main financial statements. They are: balance sheets; income statements; cash flow statements; and statements

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  • Financial Statements Paper

    In the following paper, it is discussed how accounting is a strong part of a company. Through research, this paper states the many parts of accounting such as the four basic financial statements and the purpose of accounting. Business is restricted to processes and reports to make decision making with accurate information through the accounting practices of bookkeepers. Through analysis, the following paper, describes a small glimpse of the accounting process and how they relate to each other. Purpose

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  • Financial Statement Paper

    Financial Statement Paper Kaitlin Williams University of Phoenix ACC/280-Principles of Accounting Carol Demuth Jun 22, 2011 Financial Statement Paper Businesses today need to run quickly, efficiently, and have smaller margin for error than ever before. To keep up with the fast paced world around them, companies must assure things run as smoothly as possible to have a chance at competing with their competitors. One of the biggest details that have to be correct is the company’s accounting

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  • Financial Statement Restatement Paper

    Financial Statement Restatement Paper ACC537 April 13, 2015 Financial Statement Restatement Paper Most companies in the world use accounting principles to help them manage their cash flows that occur on a daily basis. It would be impossible for large companies to function without having an accounting department that measures all the data and ensures the company is profitable. Every transaction that occurs in the company needs to be recorded in an appropriate account to reflect everything that

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  • Financial Statement Analysis Paper

    Financial Statement Analysis Paper Example 1: Dell Computer Dell Inc. Current Year Prior Year 3 Years Ago $ Income Statement Revenue Cost of Goods Sold Gross Profit Percent $ Percent $ Percent 61,494 49,128 12,366 100.0% 79.9% 20.1% 52,902 42,789 10,113 100.0% 80.9% 19.1% 61,101 49,375 11,726 100.0% 80.8% 19.2% R&D Selling General & Administrative Non Recurring Others 661 1.1% 624 1.2% 663 1.1% 7,302 0 0

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  • Financial Statements Paper Part I

    Financial Statements Paper Part I Student ACC 497 8.17.2015 Professor Financial Statement Paper Part I: Home Depot For employees, creditors, and investors, financial statements are essential. They provide insight and information regarding a company’s overall performance. The Securities and Exchange Commission (SEC) requires that all publicly traded companies release their financial statements on a regular basis – quarterly and annually. The annual report consists of three main reports:

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  • Financial Statements Paper Part Ii

    Financial Statements Paper Part II Financial Statements Paper Part II Analyzing the company’s condition one has to utilize different tools such as those presented in the appendices, which shows that the company may have difficulty funding its proposed expansion program. Although management has outlined the available financing sources such as cash flows from operations, available cash on hand, and availability of credit facilities, these sources of financing

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  • Financial Statement Paper Part I

    RUNNING HEAD: FINANCIAL STATEMENTS PAPER PART I Financial Statement Part I Paper Sonya Spencer – King University of Phoenix September 20, 2010 Introduction to Financial Statements The intention of this paper is to explain the essential structure of a financial statement and its sole purpose.  While identifying the viewers, purpose and nature of the financial statements, stockholders and investors can make logical decisions that

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  • Financial Statements Paper

    Financial Statements Paper Accounting information consists several areas of interest for users looking to interact with a business. These areas include assets, liabilities, expenses and revenues. The information reflecting these areas of interest is used to populate financial statements. The backbone of financial accounting is made up of four basic financial statements. These four financial statements are a balance sheet, an income statement, a retained earnings statement, and a statement

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  • Financial Statement Differentiation Paper

    Financial Statement Differentiation Paper Jason Raines ACC/561 January 9, 2012 Cathleen Davis Financial Statement Differentiation Paper There are four basic financial statements that help business keep track of what is coming and going on a daily basis. “They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity” (Beginner’s, 2007). Each one of these statements has it own unique way of showing where the company’s money

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  • Financial Statement Paper

    Financial Statements Paper April T. Worriax ACC/280 February 30, 2011 Michelle Turk CPA Accounting Accounting is one key element to any business or company. Accounting consists of four basic financial statements that a business or company will use. The four financial statements are very helpful to managers, supervisors, investors, creditors, and employees.

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  • Financial Statement Paper

    Financial Statement Paper April 14, 2011 Devina Stocking ACC/280 Salil Sharma Financial Statement Accounting is an essential part of the business world today. Accounting “identifies, records, and communicates the economic events of an organization to interested users” (Weygandt p. 4). Accounting shows organizations what is happening financially within the organizations. Accounting shows where the cash is going and where cash is coming from. Accountants analyze and interpret the financial

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  • Financial Restatement Paper

    Financial Restatement Paper Financial Restatement Paper University of Phoenix ACC/537 After the introduction of the Sarbanes Oxley Act lots of companies have had to submit financial restatements in their financials. This paper is to examine the financial restatements that have been done by Kodiak Energy Inc. over the past several years due to incorrect reporting on the value of their stocks. Kodiak Energy entered into an agreement

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  • Financial Statement Paper

    Financial Statements paper . ACC/290 September 22, 2011 Financial Statements paper Accounting is an action needed by companies in business. Without accounting and the knowledge of the inner workings of financial statements, a business is doomed to failure. In accounting there are four basic financial statements used for an array of reasons. The first financial statement in accounting is the balance sheet. The balance sheet is used to represent an illustration at a point of what a business

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  • Financial Statements Paper

    Financial Statements Paper Brandy Nixon ACC/290 11/15/2011 Annette Anigwe Financial Statements Paper There are four basic financial statements that are used to record various transactions of the day-to-day through the year-to-year activities in a company. There is the income statement, the retained earnings statement, the balance sheet, and the statement of cash flows. There is a specific use for each one of these statements, and they all work together to show what is going on within a company

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  • Financial Statements Paper Part I

    what the income statement includes, what it says about Home Depot, why it is important, and what decisions can be made from the financial statement. The same can be answered about both the balance sheet and the statement of cash flows as well. Each financial statement is important and useful in its own way and all of the three financial statements are beneficial for management within Home Depot. According to “Beginners’ Guide to Financial Statements” (2007), “an income statement is a report that

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  • Restatements Paper Financial Accounting

    Groupon Inc. was forced to restate their revenue numbers on the financial statements before being able to offer an Initial Public Offer (IPO) in 2011. Groupon is a company that offers daily deals for local services of their customers. These deals can be bought one day and then used at a future date of the customer’s choosing. These offers are comprised of a set portion for the business owner and a markup commission value for Groupon. Previously Groupon would book the entire value of the sale

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  • Financial Statement Paper

    Financial Statement Paper Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement Paper In any business or organization that is established there has to financial records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with Internal Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will attempt to explain the four basic financial statements, describe their purpose, and the usefulness

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