Examples of accounting irregularity in the following topics:
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- Irregular items are reported separately from the income statement proper so that users can better predict future cash flows.
- Irregular items, which are by definition unlikely to recur, are reported separately from the income statement proper so that users can better predict future cash flows.
- Irregular items are reported net of taxes.
- Discontinued operations are the most common type of irregular items and must be shown separately.
- Differentiate among discontinued operations, extraordinary items, and changes in accounting principles
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- Accounting discrepancies are unintentional mistakes in the delivery of financial statements.
- Nobody's perfect, including accountants.
- Accounting errors that are not intentional are described as discrepancies (as opposed to an accounting irregularity, which is distinguished from a discrepancy by an intention to defraud).
- Taking into account bank reconciliation when viewing the amount shown in a current account and the amount that should be shown is an occasionally cause of temporary discrepancy.
- Modern accounting is largely a software endeavor.
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- Special, or irregular, items appear on single step or multi-step income statements, and require special reporting procedures.
- Two examples of irregular items are discontinued operations and extraordinary expenses.
- Discontinued operation is the most common type of irregular item.
- Generally Accepted Accounting Principles (U.S.
- The statement breaks down changes in the owners' interest in the organization, and also in the application of retained profit or surplus from one accounting period to the next.
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- Pro forma accounting is a statement of the company's financial activities while excluding "unusual and nonrecurring transactions" when stating how much money the company actually made.
- Expenses often excluded from pro forma results include company restructuring costs, a decline in the value of the company's investments, or other accounting charges, such as adjusting the current balance sheet to fix faulty accounting practices in previous years.
- Depreciation / Amortization - the charge with respect to fixed assets / intangible assets that have been capitalised on the balance sheet for a specific (accounting) period.
- Irregular items - these are reported separately because this way users can better predict future cash flows - irregular items most likely will not recur.
- Discontinued operations is the most common type of irregular items.
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- 'Revenue' is money received from the sales of products and services before expenses are deducted, also called the 'top line. ' The net income is the result after all revenues and expenses have been accounted for, also known as the 'net profit' or the 'bottom line. ' The income statement displays the revenues recognized for a specified period and the expenses charged against these revenues, including write-offs (depreciation and amortization of assets) and taxes.
- Some numbers depend on the accounting methods used (using FIFO or LIFO accounting to measure inventory level).
- Depreciation / Amortization: The charge with respect to fixed or intangible assets that have been capitalized on the balance sheet for a specific accounting period.
- These are reported separately so that stakeholders can better predict future cash flows: irregular items probably won't recur.
- Discontinued operation is the most common type of irregular item.
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- An income statement is a company's financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as net profit or the "bottom line").
- Depreciation / Amortization is the charge with respect to fixed assets/intangible assets that have been capitalized on the balance sheet for a specific (accounting) period.
- Discontinued operations is the most common type of irregular items.
- A company that reports any of the irregular items must also report EPS for these items either in the statement or in the notes.
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- This indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as "Net Profit" or the "bottom line").
- Depreciation/Amortization - the charge with respect to fixed assets/intangible assets that have been capitalized on the balance sheet for a specific (accounting) period.
- Irregular items - are reported separately because this way users can better predict future cash flows - irregular items most likely will not recur.
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- An occlusion (narrowing) of an artery, such as shown in , is likely to cause turbulence because of the irregularity of the blockage, as well as the complexity of blood as a fluid.
- The phenomenon of turbulent air flow must be accounted for in many applications.
- It is imperative to take into account turbulent flow when designing certain structures, such as a bridge support, as shown in .
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