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    Wed, 28 Oct 2009 01 PM:41:36
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    ʡ ( ɡ) Users . Amita Etzioni :

    Our society is an organizational society. We are borne in Organizations, educated by organization, and most of us spend much of our lives working for organization. We spend much of our leisure time paying, playing, and praying in organization. Most of us will die in an organization ,and when the time comes for burial, the largest organization of all-the state- must grant official permission.
    In contrast to earlier societies, modern society has placed a high moral value on rationality, effectiveness, and efficiency. Modern civilization depends largely on organizations as the most rational and efficient form of social grouping known. By coordinating a large number of human actions, the organization creates a powerful social tool. It combines its personnel with its resources, weaving together leaders, experts, workers , machines, and raw materials. At the same time it continually evaluates how well it is performing and tries to adjust itself accordingly in order to achieves its goals All this allows organizations to serve the various needs of society and its citizens more efficiently than smaller and more natural human groupings, such as families, friendship groups, and communities .
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    Basic Financial Statements

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    : ? Who Uses Accounting Data
    :
    : Internal users
    : External Users
    1- Owners
    2- Management
    3- Creditors
    4- Tax Authorities
    5- Employees
    6- Judicial Authorities
    7- Control Authorities
    8- Customers
    9- Financial Authorities
    10- Governmental Authorities

    Financial statements assertions
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    Rights and Obligations :
    Occurrence: .
    Completeness :: .
    Valuation : .
    Measurement: .
    : Presentation and disclosure: .


    . ɡ Interim Financial statements
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    ( ) :
    1 ( )
    ( Balance Sheet or Statement of Financial Position )
    2 ( )
    ( Income Statement or ( Statement of Earning )

    3 (Statement of Cash Flows )

    4: ( Statement of Stockholders Equity)
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    A= L+ OE . ǡ Users . :
    1- . Rates of return
    2- .
    3- ڡ Risk Asses enterprise risk
    4- .
    Generally, the greater the financial flexibility the lower the risk of enterprise failure.
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    Balance Sheet(1(

    Includes:
    A picture in time (with hints about the future)
    Assets = what you own
    Liabilities = what you owe
    Stockholders Equity = your investment in your company
    Assets = Liabilities + Stockholders Equity
    This is the key accounting equation and should always be analyzed.
    If the two sides do not equal something IS WRONG.

    Assets
    Current Assets: These are short-term(1 year), highly liquid assets). I.E.: Cash, Inventory, and Accounts Receivable.
    Fixed Assets: Machines, Computers, Buildings, Land, etc. (I.E. Capital).
    Intangible Assets: Copyrights, Patents, Intellectual Property, and Goodwill
    Liabilities
    Current Liabilities: One year maturity. Includes dividends payable, accounts payable (what the company owes to suppliers for buying raw materials or retail products on credit), interest payments on long-term debt, and taxes payable.
    Long Term Liabilities: Includes leases, bond repayments and other items due in more than one year.
    Stockholders Equity
    Stockholders Equity: This is the initial amount of money invested in the company plus any retained earnings over the years. The retained earnings portion is much larger than initial investments. Also called net worth.
    Retained Earnings: This is simply what earnings were reinvested in the company.

    What To Look For
    One thing to understand about a balance sheet is that most ratios are calculated from the balance sheet.
    For example, because Current Assets pays for Current Liabilities we should look for a company whose current assets are greater than their current liabilities. This reflects a companies ability to pay off short term debt and tells us how liquid the company is. This is called current ratio. It also can signify if a company is reinvesting in itself through debt or through liquidity

    Strong Signals
    Current Assets > Current Liabilities
    Current Ratio that signifies a companies ability to pay off short term debt and its abilities to reinvest in itself.
    Long Term Debt < Net Worth
    This signals to the investor that other companies or investors do not have significant leverage on the company incurred by debt.



    A Simple Example







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    Income Statement
    These are fairly self-explanatory.
    Parts:
    Revenues and Breakdown
    The Income Statement tells the investor exactly where the revenues and costs come from.
    Operating Costs and Breakdown
    Net Income and NI applicable to Common Shares
    The key to look for is sustained revenue growth. Then look at all other numbers tied to this.
    What is it?
    Summary of revenues and expenses, and showing the net profit or loss in a specified accounting period . A summary of what happened during this period.
    Also called "profit and loss statement" or "statement of revenue and expense".
    What story is it telling you?
    Most analyzed statement key to profitability
    Components
    Revenue COGS = Gross Profit
    Gross Profit Expenses = Operating Income
    Expenses:
    - Selling, General & Administrative
    - Research and Development

    Components Cont
    Additional Expenses & Income
    Income Tax
    Interest Expense and Interest Income

    Net Income = Operating Income Additional Expenses

    Income Statement Presentation
    The presentation of nonrecurring items on the income statement is as follows:
    Income from continuing operations before income taxes
    - income taxes = Income from continuing operations
    + Discontinued operations, net of tax
    = Income before extraordinary items
    + Extraordinary items, net of tax
    = Income before cumulative effect of an accounting change
    +/- Cumulative effect of an accounting change, net of tax
    = Net income

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    XYZ



    2006 2005

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    XYZ



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    Stockholders Equity
    Stockholders Equity: This is the initial amount of money invested in the company plus any retained earnings over the years. The retained earnings portion is much larger than initial investments. Also called net worth.
    Retained Earnings: This is simply what earnings were reinvested in the company.


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    Preferred Shares
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    Common Shares ( at par )
    ( )
    Additional paid in capital
    Retained earnings
    ( ) Treasury Shares
    ( ) Valuation allowance (marketable equity securities )
    . Cumulative translation ( Foreign Operations)

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    31/12/2006

    2006 2995










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    Cash Flow Statement
    - Where did the cash come from?
    - Where did the cash go?
    It is broken down into:
    Operating Activities (selling products, lending, borrowing)
    This sheet includes Income and where the income comes from. It indicates
    Investing Activities (assets, capital)
    Financing Activities (issuing stocks, debt, cash dividends paid)
    When looking at the Cash Flow statement it is good that net cash raises from year to year, but the important detail to pay attention to is how net cash raises. If net cash raises and cash flow from sales is constant but the company has been financing themselves with debt, this is a bad sign.

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    XYZ


    31/12/2006
    7

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    31/12/2006
    2006 2005


















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    XYZ




    31/12/2006
    31/12/2006
    31/12/2006
    31/12/2006




























    :
    1- Unqualified Opinion
    2- Qualified Opinion
    3- Adverse Opinion
    4-


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    SAS 1 (AU 110) states
    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 fairly in all material respects, financial positions, results of operations, and its cash flow in conformity with generally accepted accounting principles .




    Audit process
    : ( ) ֡
    Anderson and Zinder
    Certified Accountants
    Independent Auditors Report
    To the Stockholders
    General Ring Corporation
    We have audited the accompanying balance sheet of General Ring Corporation as of December 31,2005, and the relater statements of income, retained earninds, and cash flows for the years then ended. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our studies
    We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standars require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements .An audit includes examining, on a test basis, evidence supporting the amounts the amounts and disclousures in the financial statements. An audit also includes assessing the accounting principles used ans significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
    In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of General Ring Corporation as of December 31, 2005, and the results of its operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of Amerrica.
    Anderson and Zinder
    February 15, 2006


    ( ) 31/ 2005 . ɡ .
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    ǡ ɡ ɡ 31 2005 .


    15 2005




    Goal Parts of the report Standard Unqualified Audit Report
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    To convey to users that the audit was unbiased in all aspects 1- Reports title Independents Auditors Report
    Houso & Co. CPA's
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    To indicate that the auditor is independent of the company and the board of directors 2- Audit report address To the Stockholders
    General Ring corporation
    : ɡ
    1- CPA has done the an audit
    2- It lists the financial statements that have audited
    3- The statements are the responsibility of management 3- Introductory Paragraph (factual statement ) We have audited the accompanying consolidated balance sheet of XUZ as of December 31,2005, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit

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    XYZ ( 31/12/2005 . . .
    1- The Audit is designed to obtain reasonable assurance about whether the statements are free of material misstatements
    2- An audit cannot be expected to completely eliminate the possibility that a material misstatements will exist in the financial statement
    3- An audit provides a high level of assurance ,but it is not guarantee . 4- Scope Paragraph We conducted our audits in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
    An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion
    : :


    . .: . ..
    1- The opinion paragraph is stated as an opinion rather than as a statement of absolute fact or a guarantee .
    2- The opinion based on professional judgment.
    3- Our opinion indicates that there may be some information risk associated with the financial statements ,even though the statements have been audited. 5- Opinion paragraph In our opinion, the financial statements referred to above present fairly, in all material respects, the financial positions of XYZ as of December 31/2005, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in Palestine .
    XYZ 31/12/2005 .
    The firms name is used because the entire CPA firm has the legal and professional responsibility to insure that the quality of the audit meets professional standards 6- Name of CPA Houso Establishment/ Tulkarm/ Palestine
    It indicates the last day of the auditors responsibility for the review of significant events that occurred after the date of the financial statements. Audit report date Tulkarm-Palestin
    February 15/2005


    2- ( ) Qualified Opinion
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    3- Adverse Opinion
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    - We were engaged to audit We have audited
    - Omit
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    - Omitted

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    XYZ 31/ /2005 . .
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    XYZ



    2006 2005





































    XYZ

    31/12/2006



    42485
    28250
    165824
    163974 1850 /
    23000
    489713 /
    9780
    16250
    773454

    87500 áȡ

    125000 /
    975800 /
    634600 341200
    759600
    100000 /
    1720554



    50000
    197532
    500
    62520
    9500 ɡ
    420
    320472

    500000 1/1/211 12% 20
    820472


    300000 ɡ ͡ 30000 10$
    400000 ɡ 500000 1$ ɡ 400000
    37500
    737500
    162582
    900000
    1720554





    XYZ

    XYZ






    6000
    15000
    60000
    40000
    4000
    125000

    90000
    10000
    80000
    30000
    235000


    20000
    4000
    11000
    35000

    60000
    95000

    140000 xyz
    235000



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    1- 1-3 $
    2- Conglomerate's
    3- 20000$ 5000$
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    ::
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    = + + + + .
    = + +

    = 6000+15000+60000+40000+4000

    11000 + 4000+20000
    =125000/ 35000 =3.571

    2- 1:2 . 1 ߡ . .
    The greater the liquidity, the lower the risk of enterprise failure .

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    = 125000-35000=90000

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    1- Contingencies ɡ . ɡ Footnote .
    2- Segment data users .
    3- ɡ ( ) Historical cost 85000$.
    4- Accounting Polices .
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    6- comparability ͡ Comparative basis
    7- Commitments) )
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    8- Extraordinary items ..


    ϡ ݡ Management Assertions.


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    Ethical Situation for an accountant and auditor
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    26/5/2010

  2. #2

    Sat, 09 Oct 2010 11 AM:21:38
    45
    1
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  3. #3

    Tue, 01 Jan 2008 08 PM:16:55
    63
    130
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    :

    ... ... .

: 1 (0 1 )

  1. : 21
    : Wed, 24 Oct 2012, 12 PM:29:34
  2. : 2
    : Thu, 11 Oct 2012, 04 PM:27:48
  3. : 8
    : Mon, 20 Feb 2012, 09 PM:39:53
  4. PROJECT
    : 2
    : Sat, 04 Dec 2010, 10 AM:58:47
  5. Mohamed Sharkawy
    : 0
    : Mon, 04 Oct 2010, 05 AM:28:03