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GASB VS. FASB The Government Accounting Standards Board (GASB) established in 1984, is an independent organization that determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are…

Financial Statements Review Patton-Fuller Community Hospital completed and distributed financial statements to its stakeholders. It is the responsibility of the Chief Financial Officer (CFO) and management staff to review each report in order to make wise financial decisions for the future success of the institution. When reviewing these reports, it is imperative to understand three vital aspects. Firstly, when looking at the annual report, the CFO should understand the differences between…

By definition a dividend policy is “a company's approach to distributing profits back to its owners or stockholders” (Chegg.com, 2015). Whether or not a company chooses to pay dividends can say a lot about the value a firm and is an important fact to consider when assessing a company. If a firm does give dividends, the way in which they give them (amount and frequency of dividends) is also significant. Foot Locker’s current share price is €66.65. Their dividend yield (the value of a dividend…

The facts of Halpert v. Rosenthal are as follows: In early February, defendant (Rosenthal) and the plaintiff (Halpert) were in the process of a house sale. Defendant intended to purchase plaintiff’s house for $54,000 dollars. The house was inspected by the defendant who asked the plaintiff’s real estate agent if the home had termites. The real estate agent informed the defendant that there was not a termite problem in the home. Later, the defendant’s brother-in-law asked the plaintiff if there…

My name is Elizabeth Moss and I own Peyton Approved. Peyton Approved is an all-natural hypoallergenic dog treat business that supplies animals who have severe allergies and cannot eat regular dog treats, with another option. My sales from this business have steadily increased in the last year and Peyton Approved is ready to expand to a dog treat bakery shop. However, in order to do so Peyton Approved needs additional funding to make this dream a reality. Overview of the Company’s Accounting…

Weak Internal Control Internal controls are systems put in place by an organisation to ensure its efficient performance and delivery of its services to stakeholders. It also ensures that in situations where activities does not go as planned, the damage does not affect the productivity of the organisation by having contingency plans. Internal Control also has to do with reliable financial reporting and compliance with rules, policies and laws which are all ensured by the management of the…

Introduction Manufacturing companies, like Hampshire Company, rely on the costing data provided by various costing methods to determine financial successes and downfalls. “By tracking and categorizing this information according to a rigorous accounting system, corporate management can determine with a high degree of accuracy the cost per unit of production and other key performance indicators” (Kucera 2018). Therefore, Hampshire Company has requested that I calculate how traditional and…

possible projects. In other words, what would happen financially if the organization were to move forward with the proposed project? The figures presented by the pro forma financial statement are not always in compliance with the GAAP (Generally Accepted Accounting Practices). However, this is not a problem since the Securities and Exchange Commission (SEC) has implemented strict requirements concerning reporting of this type of financial information. According to Investopedia (n.d.), “The SEC…

Bank of America Corporation Porter Five Forces Analysis Strategic Management Essays, Term Papers & Presentations Porter Five Forces Analysis is a strategic management tool to analyze industry and understand underlying levers of profitability in a given industry. Bank of America Corporation managers can use Porter Five Forces to understand how the five competitive forces influence profitability and develop a strategy for enhancing Bank of America Corporation competitive advantage and long term…

therefore shrinking the profit margin available for the debt investors. This will send the debt investors into a higher rate of competition forcing them to only use the best, efficient, and most effective ways of collecting a debt which are the newly accepted abusive and harmful practices. Only the most abusive and harshest companies will be left because they were able to keep the greatest profit margin. At this point, our country would be more apprehensive about falling into debt because of the…