of Discussion Papers “Conceptual Framework of Financial Accounting” Working Group on Fundamental Concepts September 2004 （Tentative translation: 28 Feb. 2005） Contents Issuance of the Series of Discussion Papers “Conceptual Framework of Financial Accounting”・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 Discussion Paper “Objectives of Financial Reporting” ・・・・・・・・・・・・・・・4 Discussion Paper “Qualitative Characteristics of Accounting Information” ・・・・・12 Discussion Paper “Elements of Financial
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inventory equation; balance sheet disclosure. Perpetual vs. periodic. Recording of discounts. Inventory errors. Flow assumptions. 10‚ 11 7 12‚ 13‚ 16‚ 18‚ 20 4 5‚ 6‚ 7 Questions 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 8‚ 9 Brief Exercises 1‚ 3 Exercises 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
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facilitate capital formation. How does the Sarbanes-Oxley Act of 2002 augment the SEC ’s role in managing financial governance? The Sarbanes-Oxley Act enables the SEC to regulate studies on financial reporting system of a principle established accounting system. This act‚ is like an overseer of the SEC and give structure to what the SEC is suppose to be doing. Do you think businesses became more ethical after Sarbanes-Oxley was passed? Provide examples to support your answer. Yes‚ because if
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operating section. True False 4. When the net cash flows from operating‚ investing‚ and financing activities are combined to arrive at the overall net change in cash‚ a net decrease in cash is subtracted from the beginning cash balance to calculate the ending cash balance. True False 5. Major investing and financing activities that do not involve cash do not have to be reported as part of the statement of cash flows. True False 6. In general‚ the cash flow from operating activities
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ratio: A useful compass ‚ Credit & Financial Management Review‚ Second Quarter‚ 1998‚ pp Kelly‚ S.. Company health check‚ Accountancy Ireland‚ Vo. 37‚ No. 4‚ August‚ 2005‚ pp. 52-53. Lauzen‚ L. Small business failures are controllable ‚ Corporate Accounting‚ Summer‚ 1985‚ pp. Small Business Institute Journal‚ Volume 1‚ 2008 34 Meech‚ S. P. Financial standards ‚ The University Journal of Business‚ Vol. 3‚ No. 2‚ March‚ 1925‚ pp Milbourn‚ G. and Haight‚ T. Providing students with an overview of financial
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Financial Accounting 1. Obligation of business that represents the claims of these against the assets of the less cash is called? A. Asset B. An expense (WA) C. Revenue D. An equity E. Liability 2. Net income results when A. Assets > liability B. Revenue = expenses C. Revenue > expenses D. Revenue < expenses E. None 3. Resources owned by a business are referred to as A. Stockholders equity B. Liability C. Assets D. Revenue (WA) E. None 4. Expenses are incurred
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Profit and loss accounts and balance sheet By law companies are expected to produce financial statements each year. These statements appear in Company Reports. There are two main financial statements: 1. The profit and loss account‚ and 2. The balance sheet. 1.The profit and loss (P&L) account. This account can be updated regularly and shows how much profit or loss a business is making. A profit can be made in several ways‚ for example: * from trading‚ in the case of a High Street shop
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Decrease net cash from operations on the cash flow statementb. Increase net cash from operations on the cash flow statementc. Just impact the balance sheet.d. Have no impact on the net cash from operations as depreciation appears in both cash flow and income statementAnswer | Selected Answer: | C. Just impact the balance sheet. | Correct Answer: | B. Increase net cash from operations on the cash flow statement | Response Feedback: | Since an increase in depreciation reduces
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Income Y Y Dividends declared (Z) (Z) Ending‚ date X Allowance for Doubtful Accounts | Beginning balance Write-offs | Bad debt expense | Ending balance Accounts Receivable Beginning balance | Write-offs Net Sales | Cash collections Ending balance | (3) Consolidated Balance Sheet ASSETS Current Assets Cash and cash equivalents Short-term investments Inventories Supplies Accounts receivable
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1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain. I agree because I think Accounting is part of our economic system specifically in business and we all know that in order to maintain the competitiveness of our economic system all over the world is to uplift the business society that’s why Accounting is vital to our economic system. 2. Identify and describe the steps in the accounting process. 1. Identifying the financial transaction
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