Transcript: Fixed Assets Current Assets Fixed Assets Current Liability Long Term Liability Balance Sheet Shows a snapshot of the businesses financial position at a particular date. Once published, it is out of date immediately Liability Assets Something the business owes over a long period of time and takes longer than a year to pay back. Note. Current Assets Video If a current liability is greater than the current assets then the business is in danger or being unable to pay their debts. This may result in them having to sell fixed assets to survive but by doing this the company may not be able to function properly as these are the productive assets. Current Liabilities Video Something the business owns over s short period of time. Usually one year(bank, cash, stock, debtors) Long Term Liability Something that the business owes Something that the business owns over a long period of time (building, machinery etc.) - more than 12 months An asset is something that the business owns Something that the business owes over a short period of time and must be paid back within a year. for example: Debts to other companies (creditors) Bank overdraft Higher Business Management - Financial Statements Current Assets Current Liability Assets Liabilities Fixed Assets Video
Transcript: Assets Creditors claims to the assets of a business. A plan specifying how many will be issued or spent particular period Share of ownership in a business. Balance Sheet A report of the balances in all asset liability and owners equity accounts at the end of an accounting period. Property or other items of value owned by a business. Budget Stocks/Bonds Liability
Transcript: UNQUALIFIED OPINION The auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion, and the auditor concludes that the possible effects on the financial statements of undetected misstatements, if any, could be both material and pervasive. PWC'S AUDIT REPORT Having the ability to permeate. An error is pervasive if it is material to more than one of the primary financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of Teop’s to Go Travel Corporation as of May 2014 and the results of its financial performance and its cash flows for the first quarter in accordance with Philippine Financial Reporting Standards. DISCLAIMER OF OPINION UNQUALIFIED OPINION The auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are material but not pervasive, to the financial statements. The auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion, but the auditor concludes that the possible effects on the financial statements of undetected misstatement, if any, could be material but not pervasive. Balance Sheet The auditor, having obtained sufficient appropriate evidence, concludes that misstatements, individually or in the aggregate, are both material and pervasive to the financial statements. ISLA LIPANA & CO. ADVERSE OPINION Income Statement Auditor's Report Conclusion QUALIFIED OPINION PWC'S OPINION MATERIALITY PERVASIVENESS Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements (IASB Framework). Auditor's opinion of a financial statement, given without any reservations. Such an opinion basically states that the auditor feels the company followed all accounting rules appropriately and that the financial reports are an accurate representation of the company's financial condition. Opposite of qualified opinion. The objective of the ordinary audit of financial statements by the independent auditor is the expression of an opinion on the fairness with which they present, in all material respects, financial position, results of operations, and its cash flows in conformity with generally accepted accounting principles. The auditor's report is the medium through which he expresses his opinion or, if circumstances require, disclaims an opinion. In either case, he states whether his audit has been made in accordance with generally accepted auditing standards. Statement of Cash Flow
Transcript: inventory Assets Wealth in form of money. An estimate of income and expenditure for a set period of time. A state of being responsible for something. balance sheet A statement of the assets, liabilites, and capital of a business. A useful of valuable thing , person, or quality. Liability Budget Capital Stocks/Bonds A complete list of items such as property.
Transcript: Balance Sheet When Do I Need a balance sheet? quiz What is a balance sheet? When do i need a balance sheet? A business will generally need a balance sheet when applying for loans or grants, submitting taxes, or seeking investors. Definition a financial statement that reports assets,liabilities and owner's equity on a specific date
Transcript: 9 Steps for putting together a Balance Sheet 7. Add up the Equity 8. List your Retained Earnigs 9. Check that the two lists balance Cash Marketable Securites Accounts Receivable Inventory Current Assets Fixed Assets Accounts Payable (trade credit) Notes Payable (short-term loans) Accruals (wages and taxes) 1. Split the Assets Current Liabilities Long-term Liabilities 6. List any preferred stock 3. Depreciate the Fixed Assets 2. Rank the Current Assets 5. Break down Current Liabilities 4. Split the Liabilties Thank you for your attention!
Transcript: Liabilities Current liabilities Salaries payable or taxes payable. Long Term Liabilities Notes payable or bonds payable. Jesus Jose Garcia Alvarez Economic benefits by a particular entity as a result of past events (Christopher 6) Balance Sheet. Stockholders' equity Stockholders' equity Net Income: It is the total of profits in the company Retained earnings: They are undistributed earnings Assets Current assets Cash or inventory. Property, Plant and Equipment Land, building and equipment. Intangible assets Copyrights or trademarks. It is the ownership interest (Nevius 2). What is financial accounting: Balance Sheet It is a financial statement which provides financial information about assets, liabilities and shockholders' equity. Assets It is a process which helps in the preparation of financial statements in the a company. What are the financial statements: Economic sacrifices by a particular entity (Tapis 3) the balance sheet, the income statement , the statement of cash flow and the statements shockhorlders' equity. Christopher, Roman. "Transfer Taxes: 5 Questions to Ask Clients with International Ties" Journal of Accountancy. Jul. 2015. Web. 27 Jan. 2016. Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield. "Intermediate Accounting". 2 vols. 15th ed. Indiana: Courier Kendallville, 2013. Print. Jerry J. Weygandt Paul D. Kimmel, and Donald E. Kieso. "Principles of Accounting". 11 ed. Indiana: Courier Kendallville, 2013. Print. Nevius, Alistair. "President´s budget proposes many tax changes". Journal of Accountancy. Feb. 2016. Web. 25 Feb. 2016. Paul D. Kimmel, Jerry J. Weygandt and Donald E. Kieso. "Accounting". 5 ed. Indiana: Courier Kendallville, 2013. Print. Tapis, Gregory. "Why are not a CPA." Journal of Accountancy. Feb. 2016. Web. 17 Feb. 2016. Liabilities
Transcript: obligation Bank Account Example Current Assets Let's do some exercises! depositor Formal Definition: Helpful Definition: businesscasestudies.co.uk Long-term Liabilities Liabilities are the financial obligations a company owes to outside parties. EQUITY LIABILITIES bank Due at least one year from the date of the balance sheet - A standardized formal statement of financial position - Summarizes assets, liabilities, and fund balance at the end of a reporting period - Necessary for audits, tax-exempt returns (990), and determining surplus or deficit of the organization - Assets=Liabilities + Owner Equity *THIS IS A SUCCESSFULLY BALANCED BUDGET* Me Herbert F. Johnson Museum of Art Expenditures 2010-11 are used up in generating daily revenues for the business. Examples are: goods waiting to be sold, or raw materials waiting to be turned into goods. deposited money to LIABILITIES Current Liabilities Fixed Assets liability They are ranked by liquidity (how easily they can be spent.) Cash is the most liquid, while fixed assets are less. Anything that would normally be liquidated within one year is considered a current asset. asset generate wealth for a business over time such as buildings, machinery and equipment. International Accounting Standards Board (IASB) Due within one year Definition The balance sheet starts with what the company has- its assets. ASSETS A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits What is a Balance Sheet? Anything the company has left after meeting the liabilities is net worth, shown as owner's equity. Owner's equity may also be referred to as the residual of assets minus liabilities Also known as... Capital!
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