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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of Nike, Inc. In our opinion, the consolidated financial statements listed in the index appearing under Item 14(A)(1) on page 55 present fairly, in all material respects, the financial position of Nike, Inc. and its subsidiaries at May 31, 2002 and 2001, and the results of their operations and their cash flows for each of the three years in the period ended May 31, 2002 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item (more…)

GAAP are guidelines for the preparation of financial statements and other accounting information.
They are important because they provide standards for the content and format of financial reports. How earnings and other accounting information are measured is important for determining the reliability and usefulness of the information. If each company chose its own accounting rules, it could select those rules that made the company appear successful. (more…)

Since the Wild West era, Texas is a famous place with all the macho stories of cowboys and rodeo games. But beyond that James Dean movies stereotypes, Texas is a nice place to live. It has beautiful sceneries all over the state. Not only perfect village life for farmers, Texas also has many nice Metropolitan City where many Multinational Companies Headquarters reside. (more…)

There are many ways to create such relaxing sensation in your house. You can try tropical interior which brings relaxing atmosphere that can refresh your mind. You are no longer need to go to the SPA instead of do you relaxation activity at home. Since you live in four season country, it is almost impossible to create tropical home interior complete with tropical plans. It is possible to have it if you make indoor garden complete with climate control which is able to control the room temperature exactly same with temperature in tropical country but it will cost you a lot. And we have not talked (more…)

Deborah Stinger works in the systems development department of a major company. She helped develop the companys computerized accounting system. Occasionally, she fills in for one of the operators in the accounts payable department. This operator is responsible for processing checks to suppliers for purchases made by the company. While filling in, Deborah created an account of a fictitious company, just to see if the system could be tricked into writing checks for nonexistent purchases. She added data to the companys (more…)

The human resources function in a business is responsible for hiring and training employees. The data needed to account for employee activities involve employees hours and their wages or salaries. How these data are obtained and processed depends on the type of company and the type of work employees perform. (more…)

Concerns about Enron Corporations accounting practices led to close scrutiny of the companys audit firm, Arthur Andersen. Congressional hearings raised concerns that the auditor failed to protect the public interest and was involved in business activities with Enron that reduced the audit firms independence. The Justice Department indicted Andersen for obstruction of justice because its employees destroyed documents that the Justice Department believed were important for its investigation of Enrons and (more…)

Throughout this chapter we have considered various regulatory functions associated with accounting. Accountants and the accounting profession have primary responsibility for these functions. Accountants work to prepare financial information contained in companies annual reports. They manage the information systems used to record and report this information. They help other managers interpret information reported by the accounting system and make sure the information is reliable and conforms with GAAP and legal requirements. (more…)

Safeguarding assets often involves controlling physical access. Merchandise and materials can be secured in warehouses or display cases. Merchandise can be tagged electronically to make shoplifting or theft difficult. Surveillance equipment can monitor important resources. Cash registers, vaults, and safety deposit boxes secure financial resources. (more…)

Many internal controls focus on a companys human resources. Important controls involve hiring qualified employees who have the appropriate skills for a particular job. Background checks can identify employees who have a history of improper behavior. A good training program can ensure that employees develop and maintain the skills needed for their jobs. (more…)