ACCOUNTING - Interim(Quarterly Financial Data Disclosure of...

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Interim (Quarterly) Financial Data. Disclosure of quarterly data aids in determining the seasonality of corporate operations. Revenue for the company remained fairly stable for the first three quarters. The fourth quarter presented a fairly high increase in revenue due to an increase of the total combined average daily package volume at FedEx Express and FedEx Ground. It grew approximately 4% year over year for the fourth quarter, led by continued growth in ground and international express shipments. QUARTERLY REVENUE 0 2,000 4,000 6,000 8,000 10,000 1st Q 2nd Q 3rd Q 4th Q Current Year Revenue Last Year Revenue
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REPORT OF THE INDEPENDENT ACCOUNTANTS Auditing is a process by which an independent accounting firm accumulates and evaluates data to determine whether the financial statements are presented in accordance with GAAP. The Securities and Exchange Commission requires an annual audit for all companies whose capital stock is traded on a recognized stock exchange. The 1. Their report provided an unqualified opinion which states that, in the auditor’s opinion, the financial statements are in conformity with generally accepted accounting principles and that the auditor is reasonably assured that the financial statements are free from material misstatement. 2. The responsibility of the auditor is to express an opinion on management’s assessment and an opinion on the effectiveness of the company’s internal control over financial reporting based on their audit. 3. The auditor conducted their audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that they plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
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4. In the auditor’s opinion, management’s assessment that FedEx Corporation
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This note was uploaded on 04/15/2008 for the course ACCT 3309 taught by Professor Brown during the Spring '08 term at UT Arlington.

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ACCOUNTING - Interim(Quarterly Financial Data Disclosure of...

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