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" # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~  Oh+'0P  $0 L X d p|FINANCIAL ANALYSISINA Lynne PastorLYSynnynnElegant ReportSlpg5gMicrosoft Word 10.0@ @@а:aL@WߩL+G VT$m E&  ."System-r0 -@Garamond-  2   21 2   21@Garamond--&2 FINANCIAL ANALYSISzz^z 2 B 2- 2 4  21- @ !(+-'j@Garamond-2  95SS 2  -2<2  711SRS 2   2O'2 kFALLarcb2   20023RSSS 2   2O' 2 w  2P 2 Z  2P 2 =  2P2  LECTURE NOTES o{xuw{@u{a 2  2P-2   SESSION ONEa{aaN?{- 2  d  21 2  21 2 U  21 2  21 2   21 2 9  21 2   21 2 |  21 2   21 2   21-&2 Prof. L. A. Pastor4/5>1%!/ 2 .  20I@Garamond--                    2vo8՜.+,D՜.+, px  LC]_3A eFINANCIAL ANALYSISInterpretation5 Managers decisions affect financial statements I Financial Statements are designed to report performance consistentlyO External users need financial statements to evaluate management decisions 0Generally Accepted Accounting Principles (GAAP)K Guidelines and rules, that govern the preparation financial statements+ Accrual (vs. Cash) Basis of Accounting Promulgated by FASB Required by the SECFinancial Statements Balance Sheet Income Statement Statement of Cash Flows) Statement of Changes in Owner EquityBook vs. MarketAccrual vs. Cash GAAP Preferred Not for Taxes# Matches Revenues with ExpensesAccrual Basis Simultaneous M Cash flows and revenue and expense recognition (Same for Cash Basis) AccrualsM Revenues and expense recognition preceding cash in flow and out flow Deferrals< Cash flows precedes revenue and expense recognition ExamplesU John began working at XYZ Co. in December and got paid $5,000 on the first of Ja% the accrual basis of accounting?" the cash basis of accounting?ExampleU In December ABC Co. purchased and received $20,000 worth of XYZs services on 30% the accrual basis of accounting?" the cash basis of accounting?ExampleU If John was the only cost related to the services received by ABC in December wh% the accrual basis of accounting?" the cash basis of accounting?ExampleU XYZ received a deposit of $10,000 in December from ABC for a new project which i% the accrual basis of accounting?" the cash basis of accounting?Accounting Conventions ConservatismY Although accuracy is paramount, it is preferable to err on the side of conservat Measurement! Consistent Currency Unit Consistent Time Periods Going Concern Reliability Objective CostCost Historical cost- Amount originally paid for the asset Net realizable value (NRV)' Amount expected to be realized Replacement costG Current cost to replace (e.g., certain marketable securities). Present value V Amount of estimated future cash flows (e.g., monetary assets and liabilities) Fair Market value (or FMV)" What the market will bear Types of Business Organizations  Sole Proprietorships Partnerships Corporations Hybrids Limited Partnerships LLP LLC PCOrganizing a BusinessGoals of The Corporation, Shareholders desire wealth maximization- Do managers maximize shareholder wealth?5 Managers have many constituencies stakeholdersU Agency Problems represent the conflict of interest between management and owneManaging Corporations Shareholder" Elects Board of Directors$ Shareholder Votes vs. Proxy Board of Directors Hires Management Oversight of Management Management makes decision- Authorizes Dividends to Shareholders& Usually Approved by the BoardBalance Sheet FormatValue of AssetsU Record the asset at either the FMV of what is received or the FMV of what is giv* Cash, value of services, other assets- If unclear, emphasize the asset receivedAcquisition of Assets Paying cash Issuing debt  Notes payable, leases Issuing equity Title Headingsd0lt|UseDefaultLanguageVersionLCID x   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry F0pL1TableNvWordDocument֛SummaryInformation(DocumentSummaryInformation8CompObjj  FMicrosoft Word Document MSWordDocWord.Document.89q