Internal Audit Func9on
Understand the importance of proper positioning of the internal audit function within the
RECENT OPERATIONAL PERFORMANCE
Time Warner Inc., a global leader in media and entertainment with businesses in television networks
and film and TV entertainment, uses its industry-leading operating scale and brands to create, package
WE SELL AFTER 2.5 YEARS
AT 25000 30 JUNE 2013
12/31/2012 DEP EXP
12/31/2013 DEP EXP
6/30/2014 DEP EXP
Accounts and Explanation
Jul. 2 Cash
Owner contributed cash to business in exchange for capital.
4 Utilities Expense
Paid utility expense.
Purchased equipment on account.
1/1. Show the effects of transactions on the Balance Sheet Equation
a) Investment of Capital:
Mr.X, the owner invested $10,000 in cash on January 1, 2011.
b) Purchase of Building:
The owner planned to have his own shop and purchased a building wi
IS THE ART OF RECORDING, CLASSIFYING and SUMMARIZING, IN A
SIGNIFICANT MANNER AND IN TERMS OF MONEY, TRANSACTIONS AND
EVENTS WHICH ARE IN PART AT LEAST OF A FINANCIAL CHARACTER
AND INTERPRETING THE RESULTS.