By John A. Tracy

ISBN-10: 1118482220

ISBN-13: 9781118482223

Learn the fundamentals of sensible accounting
Featuring the newest info on accounting equipment and criteria, this consultant indicates you ways to prevent accounting fraud, reduce confusion, maximize earnings, and make experience of accounting fundamentals. You'll quick know the way to regulate stock, file source of revenue and charges for public or deepest businesses, evaluation revenue margins, research enterprise strengths and weaknesses, and deal with budgets for a greater backside line.
With 25 percentage new content material together with up-to-date details on small and big enterprise reporting criteria, overseas accounting criteria, and fighting monetary reporting fraud, Accounting For Dummies is still a great source for these learning accounting. * The separate accounting and monetary reporting criteria for private/small companies as opposed to public/large companies (Little GAAP vs. substantial GAAP)
* The internationalization of accounting standards
* the increase in restatements of formerly issued monetary reviews through public agencies, and the way revisions of formerly mentioned profits influence investors
* The expanding specialize in fighting monetary reporting fraud and the increased position and accountability of the CPA auditor
* Accounting issues of inventory options
* The "unaccounted for" fee of worker pensions and retirement future health care bills, in either the personal and public sectors
* elevated assurance of small enterprise accounting* up-to-date assets and websites

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As a result, the primary directional risk in the audit of net fixed assets is overstatement. In other words, if management wants to boost the bottom line, it will overstate this balance. During planning, the engagement team discusses the risks in this audit area, including how management could intentionally alter the financial results. The auditors identify numerous techniques that the company could use to inflate its bottom line. qxd 5/30/03 12:06 PM Page 51 The Risk of “Cooking the Books” ◆ Capitalizing items that should be expensed (a trick most famously used by WorldCom) ◆ Failing to depreciate new equipment or facilities that were placed in service ◆ Changing the residual values of equipment (and taking the difference into income) ◆ Extending useful lives to lower depreciation expense ◆ Selling fixed assets and recording the proceeds as “other income” (while not removing the assets from the books) After developing this list, the engagement team must determine how concerned it is about these particular risks.

In each example, management made a business decision with the primary purpose of influencing financial results. The General Electric Corporation has been famous (or notorious, depending on your viewpoint) for its ability to generate consistent earnings. Although the company has not yet been accused of cooking its books, it appears that General Electric routinely cooked transactions to achieve its financial goals. ” One reporter even suggested that if we took a charge to close a business in one quarter and took a gain to sell another business in the following quarter, our earnings would not have been consistent.

4. Id. 5. Jack Welch, Jack Straight from the Gut (New York: Warner Books, 2002), 113. 6. AccountingWeb. id=90356, 7. ” Accounting Today, October 26, 1998, p. 61. 8. Mark Stevens, The Big Six (New York: Simon & Schuster, 1991), p. 31. 9. Jeff D. Opdyke, “Aspiring Midas Enmeshes Auditors in Gold Chain,” Wall Street Journal, March 1, 2002, sect. C. 10. Charles W. Mulford and Eugene E. Comiskey, The Financial Numbers Game: Detecting Creative Accounting Practices (Hoboken, NJ: John Wiley & Sons, 2002).

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Accounting For Dummies by John A. Tracy


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