Accounting Song – Unmodified (AUD)

MP3 Download (Right-click and Save): Unmodified   CHORUS: Unmodified, no longer unqualified These standards are clarified Financial Statements verified Yea, unmodifed, I gotta say welcome to the other side VERSE 1: Audit Reports must be in writing, must be signed and The location, city and state, where to find ‘em And the Unmodified Opinion The title must include “Independent” Who, what and when, management’s responsibility Fair presentation of financials, you feeling me? Internal control, design and maintenance Don’t forget the implementation Auditor’s Responsibility, GAAS Audit in accordance in the US Plan and perform the audit Obtain reasonable assurance, you better be on it Performing procedures to obtain evidence About amounts and disclosures, now you gettin’ it The info is appropriately presented But the auditor wants to bring something to attention VERSE 2: The modified opinion, the financial statements Is when they are materially misstated Unable to obtain sufficient appropriate evidence […]

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Accounting Song – Economic Cycles (BEC)

MP3 Download (Right-click and Save): Economic Cycles CHORUS: It’s the E-C-O to the N – O – M – I- C -S Better do good on your test Supply & Demand, that’s the plan Economic cycles all across the land VERSE 1: Yo, let’s talk about supply curve When an item price increases, supply does for sure Positive Supply Curve Shift, shift right The market’s flooded with companies sellin’ all night Shift left for a negative supply curve shift Cost of producing an item increases If gold goes up, less gold watches are made, see Lower equilibrium GDP On the demand curve, when the price goes up Demand goes down, they don’t want that stuff If demand changes due to somethin’ other than price A demand shift occurs, ain’t that nice? Yea VERSE 2: Equilibrium price Quantity supplied = quantity demanded, yea that’s right Optimal production Marginal revenue = marginal […]

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Accounting Song – IFRS vs GAAP (FAR)

MP3 Download (Right-click and Save): IFRS: King on this Street CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 1: International Account Standards Board issues IFRS They do that and more The most authoritative place you can see That management looks for guidance accounting policies IASB Framework Yea, it helps to develop standards that work But it’s not a standard itself, no it ain’t Can’t supersede any standard’s authority Verifiability Different people would reach the same conclusion, are you feelin’ me? Understandability Easy to use and understand, that’s the plan, let’s keep goin’ and Timeliness, uh I need that info on time so I can decide how to do things right IFRS don’t allow Extraordinary Items IFRS don’t allow LIFO, it don’t like ‘em CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, […]

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It’s Tough. It’s Worth it. It’s Good.

I blasted this out to my email list late Saturday night when I was still working. So many people responded to it via email and on the Another71 Forum that I turned it into a blog post and I hope it helps motivate you as well – whatever obstacle you’re currently facing. – Jeff Friends, It’s Saturday night – straight up 10pm Central time. I’m not really where I want to be right now. I’m at my office about 20 minutes from my house. What am I doing? I’m working on the new NINJA Book. BEC to be exact. Performance Measures to be even more exact-er. (That’s a word, I promise.) In a moment of weakness a minute ago, I sighed and thought “yeesh, this hard work.” And then I immediately thought… “well yeah it is, anyone can do something easy…it’s tough, but it will be worth it.” Most things […]

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