1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15‚ 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
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Intermediate Accounting Test 2 The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31‚ 2012. | Rental revenue | $29‚000 | | Interest expense | 18‚000 | | Market appreciation on land above cost | 31‚000 | | Wages and salaries-sales | 114‚800 | | Materials and supplies-sales | 17‚600 | | Income tax | 30‚600 | | Wages and salaries-administrative | 135‚900 |
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Estimated cost to complete 1‚040‚000 450‚000 — Billings to date 500‚000 1‚900‚000 2‚400‚000 Collections to date 400‚000 1‚300‚000 2‚200‚000 Instructions (a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2014‚ 2015‚ and 2016. (b) Prepare all necessary entries for the year 2015. (c) Present the balance sheet disclosures at December 31‚ 2015. Proper headings or subheadings must be indicated. Problem E-II — Installment Sales
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AC301: Intermediate Accounting II CPA Exam and Qualifications Wendy Roy 10/20/2014 I went and visited a few websites to understand completely California laws for the CPA‚ some of the websites I visited were; California Board of Accountancy‚ CalCPA‚ and This Way to CPA. These websites gave insight to the education standards that California requires before taking the exam. There are many different advantages to becoming a CPA board member‚ some of these advantages are; salary‚ demand‚
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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 LIFO methods. 14‚ 15‚ 17‚ 18‚ 19 8‚ 9 7 1‚ 8‚ 9‚ 10‚ 11 6‚ 7‚ 10 8‚ 9
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Payable 4‚880 24‚656 - 29‚536 = -4‚880 Note 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
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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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106 Less: Cost of goods sold (1‚240) Gross profit 866 Less: Selling expenses (126) General and administrative expenses (105) Operating income $ 635 (b) Gain on sale of investments Interest expense Nonoperating income 45 (35) $10 Brief Exercise 4–3 PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31‚ 2013 ($ in millions) Sales revenue ...................................................... Cost of goods sold ............................................... Gross profit
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differentiate based on how a company finances its assets‚ ROCE does. ROA does not distinguish between the different types of income items‚ such as income from continuing operations‚ discontinued operations‚ extraordinary items and changes in accounting principles‚ ROCE does. ROCE does not distinguish between the different types of income items‚ such as income from continuing operations‚ discontinued operations‚ extraordinary items
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References: Open University (N.D). Looking at the Renaissance: Religious Context in the Renaissance. Wikipedia: The Free Encyclopedia. Retrieved January 3‚ 2013 from http://en.wikipedia.org/wiki/Renaissance#cite_note-openuni-17 Putatunda‚ Rita (N.D). Italian Culture: Renaissance Art and Artists. Retrieved January 3‚ 2013‚ from http://www.buzzle.com/articles/italian-culture-renaissance-art-and-artists.html
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