SEC Internet Exercise - Kmart Corporation The company that I have chosen to research is the Kmart Corporation. They operate in the retail-variety stores sector. Their main headquarters is located in Troy, Michigan with retail outlets primarily situa Continue Reading...
Sarbanes-Oxley Act of 2002 The accounting profession was entangled in the accounting and business scandals whirlwind that rocked the American economy in 2002. To recover investor confidence in financial data, the Sarbanes-Oxley Act designed a new Ov Continue Reading...
Wendy Wanderer Most states have an 'attractive nuisance' clause, which stipulates that homeowners must ensure that their property does not contain 'attractive nuisances' that can encourage children to engage in dangerous behaviors. But an attractive Continue Reading...
Ethics Cable provider Adelphia was one of the major accounting scandals of the early 2000s that led to the creation of the Sarbanes-Oxley Act. A key provision of the Act was to create a stronger ethical climate in the auditing profession, a conseque Continue Reading...
U.S. GAAP and IFRS There two general approaches to accounting in the world: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). In the United States, GAAP is the standard approach, and the standar Continue Reading...
Overstock.com ridiculously claimed that the collection of the entire amount of its under-billings (every single penny) "was not assured" and instead falsely claimed that a "gain contingency" existed rather than make a reasonable estimate of uncollec Continue Reading...
Internal Control In the United States, all corporations planning to go public have to maintain an adequate internal control system. LJB is a small company that does local distribution and wants to go public. The president has decided to get an indep Continue Reading...
" IFRS has an entirely different approach, focusing on objectives, and also encourages the use of "illustrative examples relating to specific events and transactions." The GAAP system is therefore significantly more robust. There are also difference Continue Reading...
Betty Vinson was horribly unjust, especially considering that she cooperated completely with federal prosecutors. Indeed, it is difficult to imagine how their case against WorldCom CEO Bernard Ebbers could have proceeded as well as it did without th Continue Reading...
Arthur Andersen Chapter four of our text explains the mandated requirements for legal compliance. The following requirements apply to the Arthur Andersen case. Certainly, accountants are very important in this mix because they are the watchmen for t Continue Reading...
Blowhard. However, the accountant has a responsibility to the law of the United States, to the ethical standards of the accounting profession, and to the present and future investors and shareholders of the company to create an accurate perception o Continue Reading...
globalization has been pushing many countries to create standards for accounting procedures that can be used around the globe. This is designed to improve transparency and the accuracy of financial information that is being provided (IFRS guidelines Continue Reading...
These blackouts were orchestrated as away to drive up the prices of energy. Tapes of conversations were released to the public and the employee's are on tape mocking the people of California after they were at the root cause of the problem for consu Continue Reading...
Bhp The company I am studying is BHP Billiton, the Australian mining company whose ADRs trade on the New York Stock Exchange under the symbol BHP. The following is an analysis of how its GAAP balance sheet would correspond to an economic balance she Continue Reading...
Earnings were strong for employees as well as shareholders. Many employees owned stock or were dependent upon a rising balance sheet to ensure that they received their bonus and salary. Additionally, as at HealthSouth, there can be kind of a 'groupt Continue Reading...
Each section of the cash flow statement tells a different part of the firm's story. For example, it may be understood by management that significant amounts of their profits went into new buildings and equipment. What the cash flow statement does i Continue Reading...
SOX provides explicit legislative directives for SEC regulation, altering this authority division, of what was once perceived as the states' exclusive jurisdiction. Rule 404 of the SEC The following Executive Summary reflects the Rule 404 of the S Continue Reading...
Behavior XY Company is considering adding a new product line to its current mix, which consists of products X and Y. There are two options that it faces, Product W. And Product Z. The purpose of this report is to examine these two alternatives in o Continue Reading...
Any threats to independence of the client can be determined on whether threats are created by past services from the client or business relationships before the audit engagement. Importance of Independence of Auditor and Client: During financial s Continue Reading...
Financial Statements The income statement and the balance sheet are some of the most commonly used financial statements, both at a personal and corporate level. In this text, I concern myself with how I can utilize the balance sheet in my day-to-da Continue Reading...
Operating indicators are typically not focused on financial measures but rather provide insight into practical issues. When the two are put together, this delivers value for the health services manager. 6. The market multiple approach to business v Continue Reading...
Kimberly-Clark began in the 19th century and began strong growth in the 1920s when it entered into a deal with the New York Times to build a pulp mill in northern Ontario. K-C covers a broad range of international markets with 53% of sales coming f Continue Reading...
Behavior There are some differences between the income statements when compiled under absorption costing and under contribution margin. In this instance, the basic income statement is compiled without knowing the costs that go into the absorption c Continue Reading...
Auditing in ERP System Environments Continuous auditing is viewed as providing vital benefits to organizations. They include minimizing errors in accounting, timely organizational communication and analysis, as well as increased audit effectiveness Continue Reading...
Breakeven Point Revenue (income ) and costs for twelve months January Revenue from sales (sales forecast) 843567 expenses Machines 340000 Labor (wage) 120000 Transport 2300 Sales People Compensation (wage rate) 1270 Advertising (media) 890 R Continue Reading...
Financial Analysis Compilation Report I (We) have compiled an accompanying Statement of Financial Performance and Statement of Financial Position as of (at) June 30, XXXX, in accordance with the Statements of Standards (Putra, 2012) and Review Serv Continue Reading...
Allocation During a recession, or any kind of economic downturn, IT budgets come under close scrutiny. Organizations want to make sure that they are making the most of their money and IT investments are often among the first to be examined for pote Continue Reading...
Billing schemes are cited as the most common and costly occupational frauds and defined as the issuance of payment to a non-existent vendor or to a company that is controlled by an employee. Preventing billing schemes requires that the employer be f Continue Reading...
Finance Comparing Nike vs. Adidas Finances What is the companies product or service? Nike -- Nike is in the sporting goods industry and produces shoes, clothes, and sporting goods. Adidas -- Adidas is in the sporting goods industry and provides " Continue Reading...
Southwest Airlines K Annual SEC Report Review What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years? There are many different items that the income statement Continue Reading...
" This project is considered to be the first major update to the Smith Guidance. It was felt that the update was required to shore up some of the deficiencies in the Smith Guidance that have emerged since it was published. There were characteristics Continue Reading...
EU's Current Anti-Fraud Strategy For some time now, the issue of fraud and corruption in public service has been an issue of concern. This has forced many organizations to establish strategies aimed at detecting and minimizing the occurrence of such Continue Reading...
Segmental Information In general, IFRS 8 Operating Segments place a requirement on specific classes of entities (particularly those entities that have publicly traded securities) to disclose information concerning their respective operating segments Continue Reading...
Management accountability to stakeholders first requires consideration of who those stakeholders are. When considering financial accountability, the primary defined stakeholders for annual reports are the shareholders or owners of the firm (Elliott a Continue Reading...
The value of audit is therefore noted to be derived wholly from its independence. Without the concept of independence, the auditors are noted to lack both credibility and opinion. The nature of relationship that exists between a client and an audito Continue Reading...
WENDY'S/ARBY'S GROUP Output (year ending Jan. 3, 2010) $3,198,348 Output (year ending Dec. 28, 2009) $1,662,291 Change in sales: $1,536,057 Cost info (in thousands) Cost Driver Rate (Change in cost/change in sales) Cost of sales $2,728,480 Continue Reading...
This can be seen below: Unused Directories can be deleted using the 'rmdir'. The subdirectory named 'Extra' can be deleted using 'rmdir Extra' as shown below Permissions can be granted on the command line using the 'chmod' command. r, w and x re Continue Reading...
IRS Technological Solutions Improvements in technology for a public organization: The IRS The IRS is a public agency that affects virtually every American's life. Even Americans who do not owe taxes must submit forms to the IRS, detailing their ec Continue Reading...
Apple Analysis of Nominal and Common Size Statements In terms of nominal figures, Apple's financial statements indicate that the company has experienced an exceptional run of success. In the past three years, the company's revenues have increased b Continue Reading...
US General Accounting Office & National State Auditors Association. "Management Planning Guide for Information Systems Security Auditing." Issued 10 December 2011. Retrieved from http://www.gao.gov/special.pubs/managementpln.pdf This source is Continue Reading...
