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The company was started in 1939 and currently holds the 9th rank in the fortune 500 companies, as of 2009. The company has its headquarters in Palo Alto, Calif. The company’s total revenue as of July 2008 has been calculated to be whooping $113.1 billion. The company elected Mark Hurd as the CEO and President of the company on 29 March 2005. Since then Hurd has been working aggressively to ensure the company reaches higher levels of success. He has made a number of changes to the organization in terms of the culture, structure and the controls used. The main products of Hewlett Packard include Personal Computers, Laptops, Printers, Scanners and other utilities. The company also develops the software necessary for running its products such as the printers, scanners, webcams, etc (HP). The company’s code is HPQ in the NYSE. The company has moved up from the 14th position in the Fortune 500 to the 9th position. The company has seen a high level of increase in the revenue and earning, as much as 13% and 15% respectively. HP has been the leaders in core technology areas. The company has three main business groups, i.e. The personal Systems Group – deals with the business and consumer PCs and also with mobiles and computing devices, b) The Imaging and Printing Group – Deals with inkjet, LaserJet, supplies for printing, and many more and c) the Technology Solutions Group – which mainly deals with the business products like storage, servers and managed
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Today, after the world gained globalization, this issue has been eradicated and guidance materials such as the International Financial Reporting Standards and the Generally Accepted Accounting Principles
(4) Potential investors may also consult the footnotes of financial statements for a more complete picture of our finances, or more information about a certain topic. For example, a company may mention a pension
ect of accounting, the two major parts of financial statements, the Income Statement & the Balance Sheet, are based on balances and concepts such as prudence and going concern. That is one reason why one would rarely see the same cash amount equivalent to the profit of the
By the end of 2010, the Toyota employed 317,734 people globally. Toyota, Lexus, Hino Motors, and Daihatsu are the major group companies of Toyota whereas TMC constitutes an important part of Toyota Group.
The consolidated financial statements of
Generally accepted accounting principles (GAAP) follow the accrual basis of accounting as a sound method of reporting income, since it matches income with the relevant costs that produced that income. (Larson & Jensen, 2010)
If an organization uses the cash basis
They allow the users of the information presented to make financial decisions, which influence the financial health of organizations.
2. While financial accounting is a statutory requirement for organizations, management accounting is
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