CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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the rule of law and accountability operate within the United Kingdom constitution? Does the reality match your picture of how a democracy should work? Explain your reasoning drawing on relevant material you have studied.” The concept of accountability and the rule of law in UK is a quite controversial topic of discussion. There is too much debate whether or not there is a good resemblance of the doctrine of democracy in accordance with these two topics in reality. Accountability‚ as well as‚ the rule
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Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
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Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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Alyssa Prior 2/7/13 English 3rd period Mr. Haydon “There are things that we don’t want to happen but have to accept‚ things we don’t want to know but have to learn‚ and people we can’t live without but have to let go” (Unknown Author). As a nation‚ the people will be faced with adversity but with every step we accept‚ learn‚ cherish and let go. Anna Quiden‚ writer for Newsweek magazine‚ describes the aftermath of the attacks of 9/11. She writes this for the friends and family of te victims and
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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The following essay is a compilation of my personal experiences‚ definitions‚ and examples of how responsibility and accountability are important to surviving in today’s Army. Responsibility is increased when soldiers have a single‚ clear set of rules that apply to a specific event. When the guidelines are unclear‚ or when more than one set of rules seems to apply to an event‚ responsibility is decreased. Responsibility is: the obligation for the proper‚ custody‚ care‚ and safekeeping of property
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
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