Business man: a document that outline the proposed firms goals, the strategy for achieving them and a
standard for measuring success.
Strategy, strategic management, and strategic planning
Strategy: is a large scale action t
Requested Documentation Submission
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Reason of incorrect financial statement: accidental errors and fraud which is intentionally created by a
person inside or outside company.
Occupational fraud reason: misuse of resources, cooking the book
Three elements of fraud:
Motive (or press
Ending balance (beginning, what happen during the period, and ending balance)
2 types of transaction:
External: transactions the firm conducted with the separate economic entity. Example: selling
product to customer, purchasing
Accrual basic accounting
Revenue recognition stated that we recorded revenue in the period in which we earned it.
Expense recognition (Matching principle) stated that companies typically report expenses in the same
period as the revenue they hel