Walmarts Accounting Principles - 1090 Words

Four Accounting Principles Sharon Wallace American Intercontinental University Accounting Principles 2012 Four Accounting Principles ABSTRACT Accounting principles used by Wal-Mart and the core function of its departments. Wal-Mart’s strength and weaknesses will be listed. Wal-Mart’s last two years of accounting statements are also present. FOUR ACCOUNTING PRINCIPLES There are four key assumptions in the generally accepted accounting principles. The key assumptions in generally accepted accounting principles are business entity, going concern, monetary unit and time period principle. Wal-Mart uses†¦show more content†¦You should present all the facts you are aware of without any of your personal opinion, bias, or judgment to make the investigation true. I believe this is a good way to keep a corporation honest is by encouraging people to contact the right people if they believe you are not being honest.(Wal-Mart stores, 2012). According to Wal-Mart’s financial statement they are following these guide lines they also show you their debt. 2011 | | 2010 | | 2009 | | 2008 | | 2007 | | Operating Results (1) Net sales Net sales increase Comparable store sales in the United States (2) Wal-Mart U.S. Sam’s Club Gross profit margin | | $418,952 3.4% -0.6% -1.5% 3.9% 24.7% | | $405,132 1.0% -0.8% -0.7% -1.4% 24.9% | | $401,087 7.3% 3.5% 3.2% 4.9% 24.2% | | $373,821 8.4% 1.6% 1.0% 4.9% 24.0% | | $344,759 11.6% 2.0% 1.9% 2.5% 23.4% | Operating, selling, general and administrative expenses, | | as a percentage of net sales Operating income Income from continuing operations attributable to Wal-Mart | | 19.3% $ 25,542 15,355 | | 19.7% $ 24,002 14,449 | | 19.3% $ 22,767 13,235 | | 19.0% $ 21,916 12,841 | | 18.5% $ 20,552 12,224 | Net income per share of common stock:Show MoreRelatedAccounting Cycle Paper924 Words   |  4 PagesWAlmart | Accounting Cycle Paper | Accounting Cycle of Walmart | | Melanie Bartholomew | September 2, 2012 | When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and â€Å"the collective process of recording and processing the accounting events† (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle.Read MoreWalmart. Background:. Walmart Is A Retail Corporation That1567 Words   |  7 Pagesto be one of the top retail industry companies to this day. Due to high competition in the retail industry in recent years, Walmart has bought an outdoor retail company based in Michigan called Moosejaw for $51 million. Per Cnet.com’s Ry Crist, â€Å"Walmart’s real interest here, though, would appear online. Moosejaw is an established e-commerce player in accessories and apparel--, which, a Walmart spokesperson pointed out, is now the No.1 category in digital commerce, according to ComScore.† (Crist, 2017)Read MoreAdvanced Accounting Chapter 8 Essay6732 Words   |  27 Pagesï » ¿Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280, Segment Reporting (FASB ASC 280), provides current guidance on segment reporting. A. 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Corporate jobs are located at the corporate headquarters and include positions such as accounting and finance, asset protection, marketing, human resources, technology, etc. These four departments are the reason why this company is at the top of the leader boards in retail stores. Walmart’s organizational culture is strong where all employees work together to benefit the company. Walmart is said to have four main beliefs regarding theRead MoreWalmart s More Recent Activity1083 Words   |  5 PagesSecond, Walmart’s more recent activity also points to effective CSR practices. These efforts have included a reduction in greenhouse gas emissions along its entire supply chain, ceasing business with factories that violated labor laws, as well as â€Å"financial contributions in kind, such as investments in education, health, commitments to fight hunger, support for local farmers and access to healthier and affordable food† (Torres, Garcia-French, Hordijk, Nguyen 2012, p. 25). Furthermore, Walmart has