Chapter 02 Worldwide Accounting Diversity Multiple Choice Questions 1. What is the equivalent of U.S. balance sheet common stock on the balance sheet of a British company? A) Capital redemption reserve B) Share premium account C) Own shares held D) Called-up share capital Answer: D Level: Medium LO: 1 2. Which of the following is not a problem caused by accounting diversity? A) Lack of qualified international
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ACCOUNTING FOR INCOME TAXES F 1. Taxable income is a tax accounting term and is also referred to as income before taxes. F 2. Pretax financial income is the amount used to compute income taxes payable. T 3. Deferred tax expense is the increase in the deferred tax liability balance from the beginning to the end of the accounting period. T 4. A deferred tax liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end
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21. Generally accepted accounting principles c. derive their credibility and authority from general recognition and acceptance by the accounting profession. 22. A soundly developed conceptual framework of concepts and objectives should d. all of these. 23. Which of the following (a-c) are not true concerning a conceptual framework in account-ing? c. It should be based on fundamental truths that are derived from the laws of nature. S24. Which of the following is not a benefit associated
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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Financial Reporting Accurate financial reporting is paramount to the establishment of a level playing field for businesses. It also aids in analyzing trends in business and the economy. The first part of the research paper should outline the different offices and bureaus of financial reporting and why they are significant. The second part of the research paper will present some positive and negative examples of financial reporting results and offer analysis about them. These examples can incorporate
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entity‚ it is required to release financial reports that comply with the Australian Accounting Standards Board (AASB) (Deegan 2008:83). Two companies have been chosen to analyse their reports‚ in particular the disclosures made in their respective reports. The two companies chosen to analyse are Commonwealth Bank of Australia (CBA) and Macquarie Bank Limited (MBL). CBA The Commonwealth Bank is one of Australia’s leading providers of integrated financial services including retail‚ business
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1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of these. 2. Technology A. Has replaced accounting. B. Has not changed the work that accountants do. C. Has closely linked accounting with consulting‚ planning‚ and other financial services. D. In accounting has replaced the need for decision makers. E. In accounting is only
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BUSN1002 Financial Accounting Processes Semester 2‚ 2013 LECTURE OUTLINES 1 – 6 Topic Coordinator: Philip Palmer Room 3.70 Law and Commerce Building Email: philip.palmer@flinders.edu.au Ph: 8201 2013 FLINDERS UNIVERSITY FLINDERS BUSINESS SCHOOL BUSN1002 Financial Accounting Processes Philip Palmer Lecture Outline 1 Introduction to Financial Accounting Reading: Hoggett et al.‚ Chapters 1 and 2 1 Introduction to Accounting Accounting is an information system designed to
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required for customers. It has a yearly revenue of 200$ billion. Principal Members Lalitha Battina: Founder‚ CEO Mark Gates: Chief Technology Officer‚ CTO Lowell Stratton: Chief Financial Officer‚ CFO‚ responsible for financial checks and balances And verifies financial statements produced by accounting department Simone Jobs: Chief Operating Officer‚ COO Cyrus Bailey: Chief Marketing Officer‚ CMO Board of Directors: Steve Wells‚ Tim McCarthy‚ David Holmes‚ Sonia Dietz‚ Joan
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ACCT7102 Individual Case Study Assignment: ‘Biovail Corporation: Revenue recognition and FOB Sales Accounting’ Task Description: The financial reporting case study is a comprehensive case study which examines the specific application of case scenarios involving principally Topic 5 (Managerial incentives for financial statement management). The case will also be used to examine student report writing skills‚ general accounting knowledge‚ and ability to critically evaluate complex case
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