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11 Cards in this Set
- Front
- Back
Qualified Audit Opinion
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Indicates that either the financial statements do not follow GAAP or the auditors were not able to complete the tests needed to determine whether the financial statements follow GAAP.
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Asset Turnover Ratio
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Indicates how well assets are being used to generate revenues.
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Sarbanes-Oxley Act
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A set of regulations passed by Congress in 2002 in an attempt to improve financial reporting and restore investor confidence.
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Net Profit Margin Ratio
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Indicates how well expenses are controlled, by dividing net income by revenue.
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Time-Series Analysis
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Compares a company's results for one period to its own results over a series of time periods.
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Debt-to-Assets Ratio
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Measures the proportion of total assets financed by debt, computed as total liabilities divided by total assets.
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International Financial Reporting Standards
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The rules used internationally to calculate and report information in the financial statements.
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Comparative Financial Statements
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Statements that report numbers for two or more time periods.
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Material Misstatements
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Amounts that are large enough to influence a user's decision.
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Unqualified Audit Opinion
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Auditors' statements that the financial statements are fair presentations in all material respects in conformity with GAAP.
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Single-Step Income Statement
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Reports net income by subtracting a single group of expenses from a single group of revenues.
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