1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 10 Problems 1‚ 2‚ 3 Concepts for Analysis 1‚ 2‚ 3‚ 5‚ 11 2. 3. 4. 5. 2 9‚ 13‚ 14‚ 17 7‚ 8 2‚ 3‚ 4‚ 5‚ 10‚ 11‚ 12 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22 18 4‚ 5‚ 6 3 2 1‚ 4‚ 5‚ 6‚ 7 5‚ 6‚ 7‚ 8 4 6. 7. Inventory accounting changes. Dollar-value LIFO methods. 14‚ 15‚ 17‚ 18‚ 19 8‚ 9 7 1‚ 8‚ 9‚ 10‚ 11 6‚ 7‚ 10 8‚ 9 23‚ 24‚ 25‚ 26 8-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives 1. 2. 3. 4. 5. Identify major classifications
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Intermediate Accounting E2-1 a. True b. False – General-purpose financial reports also assists other people who don’t have the authority to demand financial information they need and so must rely on the information in financial reports. c. False – standards that are based on individual conceptual framework will result in different conclusions being drawn on similar issues‚ and thus would not be consistent and comparable. d. False – General purpose financial reports are also beneficial
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BRIEF EXERCISES Brief Exercise 4–1 PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31‚ 2013 ($ in millions) Revenues and gains: Sales .................................................................. Gain on sale of investments ............................. Total revenues and gains .............................. $2‚106 45 2‚151 Expenses and losses: Cost of goods sold ............................................ Selling..............................................
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that the adjusting entry reduces the expense and liability since days paid in 2012 are higher than days earned‚ thereby reducing what we owe. PROBLEM 3 Coupon A is not considered a liability since there is no future sacrifice (as defined by accounting). When the coupon is submitted‚ we will earn less profit‚ which is a legitimate marketing strategy. Coupon B is considered a liability since there is a probable future sacrifice‚ the company is currently obligated‚ and the issuance of the coupon
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Leah Manfra Mr. Lindell APUSH December 6‚ 2014 Ch. 16 Terms West Africa Squadron: British royal navy force formed to enforce the abolition of the slave trade in 1807. It intercepted hundreds of slave ships and freed thousands of Africans. Breakers: slave drivers who employed the lash to brutally “break” the souls of strong-willed slaves Black belt: area in the South where slavery was most concentrated Responsorial: African religious practice in which the congregation punctuated a minister’s
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In 1973‚ the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)
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due process in issuing a standard. CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: (a) governmental auditing and accounting practices. (b) generally accepted attest principles. (c) government audit and attest policies. (d) generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: (a) Research‚ exposure draft‚ discussion paper‚ standard.
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Derek Greenfield Intermediate Accounting I 3/2/2012 CA1-1.) 1. True 2. False‚ must comply with all standards and interpretations including disclosure requirements 3. True 4. False‚ FASB must operate in full view of public through a “due process” system that gives interested parties ample opportunity to make their views known CA1-3.) 1. D 2. A 3. D 4. B 5. A 6. B 7. A 8. B E2-5.) Assets- F Liabilities- B Equity- I Investment by owners-
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2011 Semester 2 Intermediate Financial Reporting Final Exam Solution. Accounting standards (5 MARKS) 1. Explain what gives Australian accounting standards authority and how is it enforced? The Corporations Act gives the standards the force of law. ASIC administer the Corps Act. and hence enforce the standards. Failure to comply with the standards can include legal proceedings‚ goal‚ financial penalties and prevention from acting as a manager or director of a company in the future. In addition
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How does accounting help in the capital allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the
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