CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Abstract The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments and presents several challenges‚ which may necessitate a variety of procedural and technical data processing changes. Regulatory consolidation under the influence of international accounting standards The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments. On the one hand‚ publicly
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(January–April): 1–22. Bannister‚ J. W.‚ and Newman‚ Harry A. 1996. Accrual usage to manage earnings towards financial forecasts Barnea‚ A.; Ronen‚ J.; and Sadan‚ S. 1975. The implementation of accounting objectives: An application to extraordinary items Beidlerman‚ C. R. 1973. Income smoothing: The role of management. Accounting Review 48 (October): 653–67. Boot‚ A. W. A.‚ and Thakor‚ A. V. 1993. Security design. Journal of Finance 48 (September): 1349–78. Boot‚ A. W. A.‚ and Thakor‚ A. V. 1997. Financial system
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity
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Standing at around four feet eight inches‚ the sculpture of Menkaure and His Queen is estimated to have been created between 2548 to 2530 BC. The figures depicted in the sculpture are Pharaoh Menkaure and‚ who is thought to be Queen Khamerernebty II. The sculpture was carved out of slate and has also been known as Menkaure and Khamerernebty. The artist of the sculpture is unknown. Menkaure and His Queen shows the two-people standing side by side and the queen has an arm wrapped around the pharaoh
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The Montessori approach to education takes its name from Dr. Maria Montessori‚ an Italian physician and educator (1870-1952). Dr. Maria Montessori developed her educational philosophy as a result of her observations of the way children naturally learn. Dr. Maria Montessori’s first class consisted of 50-60 children‚ ages 3-6‚ and most of them suffered from problems in nutrition and were shy and fearful since they lived in the slums of Florence‚ Italy. Montessori found that the children needed very
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"About his person"‚ suggests that this poem is about what is found about the person of a dead corpse. It also follows the theme of identity because we as the reader are attempting to analyse the poem to find out the corpse’s characteristics and why he died. "About he person"‚ can also be linked to us because we are made to think about what makes up our own personal image. My first observation about the poem is the fact that it is spilt into two line couplets. This could be linked to the content
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The present estimate of warranty expense is $500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant
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