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McDonald's Financial Accounting - Essay Example
Author : robbiedickens
Finance & Accounting
Pages 6 (1506 words)
Financial Accounting – McDonald’s The Annual Reports of any organization are considered to be the most important source of providing information about the operation of that organization. The Annual Reports tend to include information that pertains to the financial as well as non-financial performance of an organization…
McDonald’s was formed in 1940 as a barbeque restaurant but later developed into a huge chain of hamburger fast food restaurants. “McDonald's is the leading global foodservice retailer with more than 33,000 local restaurants serving more than 64 million people in 119 countries each day. More than 80% of McDonald's restaurants worldwide are owned and operated by independent local men and women” (About McDonald’s.com, 2011). The accountant’s report accompanying the Annual Report usually refers to the auditor’s report. The purpose of the accountant’s report is to give an opinion on the presentation of the financial performance of the organization. The auditors review the entire financial data before forming an opinion on the financial statements of an organization. The accountant’s report of McDonald’s is reviewed by the Ernst and Young, who are a Public Accounting firm and are the auditors of McDonald’s. According to them, the financial statements of McDonald’s seem to be fairly presented in all material respect and that the financial statements are prepared in accordance with the U.S Generally Accepted Accounting Principle. ...