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By Don E. Garner

This publication is vital for college kids and practitioners in accounting, foreign company, finance, and economics. In an easy and readable sort, it makes a speciality of the altering accounting and auditing criteria in nationwide and international economies within the post-Enron/Arthur Andersen period. The authors make clear the explanations at the back of and effects of the accounting profession's failure in auditing and self-regulation, as so much enterprises put consulting gains sooner than public audit tasks. They exhibit how Sarbanes-Oxley ideas, whereas now not ideal, are significant participants to the profession's redemption, and feature enabled it to upward push to new heights of carrier and profit. The ebook bargains a close exam of accounting practitioners' earlier demanding situations and destiny clients. It presents a practical research of particular concerns dealing with accounting and auditing enterprises this present day, together with the growing to be challenge of independence; the necessity for one set of foreign accounting criteria and one set of auditing criteria; alterations dealing with the worldwide economy; and the impression of the web and communique platforms on accounting agencies.

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Extra resources for Accounting and the Global Economy After Sarbanes-Oxley

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18 3. Distinguish the roles of managers and auditors in the accounting communication process. p. 20 4. Appreciate the importance of ethics, reputation, and legal liability in accounting. p. , a fast-growing manufacturer of personal computer disk drives, for $33 million. The price Exeter paid was determined by considering the value of Maxidrive’s assets, its debts to others, its ability to sell goods for more than the cost to produce them, and its ability to generate the cash necessary to pay its current bills.

Interpreting Assets, Liabilities, and Stockholders’ Equity on the Balance Sheet FINANCIAL ANALYSIS Assessment of Maxidrive’s assets was important to its creditor, American Bank, and its prospective investor, Exeter, because assets provide a basis for judging whether the company has sufficient resources available to operate. Assets were also important because they could be sold for cash in the event that Maxidrive went out of business. Exeter Investors was interested in Maxidrive’s debts because of its concern about whether the company has sufficient sources of cash to pay its debts.

Note that retained earnings increased by the portion of income reinvested in the business ($3,300,000 – $1,000,000 = $2,300,000). 2 on Maxidrive’s balance sheet. Thus, the retained earnings statement indicates the relationship of the income statement to the balance sheet. Interpreting Retained Earnings FINANCIAL ANALYSIS Reinvestment of earnings, or retained earnings, is an important source of financing for Maxidrive, representing more than one-third of its financing. Creditors such as American Bank closely monitor a firm’s retained earnings statement because the firm’s policy on dividend payments to the stockholders affects its ability to repay its debts.

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