Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed. An introduction and contrast of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) is done. The Entity
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Chapter 01 The Equity Method of Accounting for Investments Multiple Choice Questions 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110‚000 for 2011 and paid dividends of $60‚000 on October 1‚ 2011. How much income should Gaw recognize on this investment in 2011? A. $16‚500. B. $9‚000. C. $25‚500. D. $7‚500. E. $50‚000. 2. Yaro Company owns 30% of the common stock
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financial reporting? Provide information on the liquidation value of an enterprise.** Accounting principles are "generally accepted" only when an authoritative accounting rule-making body has established it in an official pronouncement. it has been accepted as appropriate because of its universal application. both a and b.** Generally accepted accounting principles include detailed practices and procedures as well as broad guidelines of general application
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AB1102: Accounting 2 Notes Objective of Financial Statements – objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors‚ lenders and other creditors in making decisions about providing resources to the entity. 2 roles of financial reporting: Contracting (backward looking) and Valuation (forward looking) Qualitative Characteristics (QC) of Useful Financial Information - Relevance o Predictive
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ARIGNAR ANNA COLLEGE(ARTS & SCIENCE) KRISHNAGIRI. INTERNAL ASSESSMENT-I CLASS: I B.COM/B.COM(CA) FINANCIAL ACCOUNTING-II TIME: 1.50 HOURS PART- A 5X2=10 ANSWER ALL QUESTIONS 1. What is Branch account? 2. What are the main objectives of Branch account? 3. What is Departmental accounts? 4. What is “Stock Reserve”? 5. What is ’Direct expenses’? PART-B
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CH3 -The accounting treatment of goodwill impairment/ detailed two-step impairment test – apart from qualitative assessment (1) if CV of reporting unit is > than FV of reporting unit‚ take step 2; if opposite‚ stop. (2) compare CV of goodwill w/ FV of goodwill; if CV is > FV‚ there might be potential impairment. CH4 -Determine the fair value of sub/the fair value of NCI – FV allocation; FV of sub = FV of CI + FV of NCI; go by mkt price if there is; use parent if there isnt -Determine goodwill
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Accounting 211- Ratio Project 23 November 2010 Home Depot has three basic strategies: assortment‚ price‚ and service. They carry the broadest range of merchandise priced below every competitor in every market where they compete. Lowe’s reported similar values when it came to their customers. They said that their top values are customer focused‚ respect‚ and passion for execution. In their letter to shareholders‚ Lowe’s said‚ “We know that providing great service is the driving force behind profitable
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| | | | |Explain the accounting‚ and prepare the journal entries‚ for |2‚ 3‚ 4‚ 5‚ 6‚ 7 |3‚ 4‚ 5 |1‚ 2‚ 3‚ 4 |2‚ 3 |2‚ 3 | |definitely determinable liabilities. | | | | | | |Explain the accounting‚ and prepare the journal entries‚ for estimated|8‚ 9‚ 10 |6‚ 7
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ACCOUNTING CONCEPT AND CONVENTIONS In drawing up accounting statements‚ whether they are external "financial accounts" or internally-focused "management accounts"‚ a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has‚ therefore‚ developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business
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Masters of Business Administration – MBA Semester 1 MB 0041 – Financial and Managerial Accounting – Assignment Roll No. 1305015785 Name of the Student: Pallab Kakoti Email id: ksetrajna@gmail.com Mobile : 958 256 3250 Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? Accounting‚ as an information system is the process of identifying‚ measuring and communicating the economic
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