DE PAUL UNIVERSITY SCHOOL OF ACCOUNTANCY AND MIS ACCOUNTING 640‚ ACCOUNTING THEORY AND POLICY FORMULATION SECTIONS 101 AND 103‚ 14 E JACKSON‚ RM 1327 AUTUMN QUARTER 2013 Instructor: R. Mark Alford‚ Ph.D.‚ C.P.A. Office: 6040 DePaul Center Office Phone: 312-362-5633 Email: ralford@depaul.edu Office Hours: Mondays from 11:00 a.m. to 1:30 p.m. and from 4:45 to 6:00 p.m.; I will be happy to make arrangements to meet with you at other times if the above is not convenient. Correspondence
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T T T F T T F F T T F T F T T F F F F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Definition of financial accounting. Purpose of financial statements. Definition of financial accounting. Capital allocation process. Objective of financial reporting. Decision-Usefulness
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Notes Receivables US GAAP requires entities to assess whether financial assets are impaired and recognize the impairment. If a note receivable is impaired‚ the loss is measured by the creditor as the difference between the investment in the loan (usually the principal plus accrued interest) and the expected future cash flows discounted at the loan’s historical effective interest rate. US GAAP recognizes the uncollectible amount through an allowance account. Unlike IFRS‚ US GAAP prohibits the reversal
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On February 2‚ 2010 Kraft and Cadbury‚ two leading firms in the snack industry finalized their merger decision after five months of negotiation. In this report we will examine why it made strategic sense for the two companies to combine and evaluate the performance of the combined companies since its merger. In particular we will analyze the post-merger financial statements and highlight a few points regarding the accounting. INTRODUCTION OF KRAFT AND CADBURY Kraft Foods Inc. (KFT) is the
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R E S P O N S I B I L I T I E S & L E A D E R S H I P ethics Ethics‚ Professional Judgment and Principles-based Decision Making Under IFRS By Steven M. Mintz or almost 40 years‚ a movement has been under way to establish one set of intemational accounting standards for all countries around the world in order to facilitate intemational trade and investment. Since it is no longer unusual to have foreign companies list their stock on the New York Stock Exchange‚ one common set of accounting
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CHAPTER 5 BALANCE SHEET AND STATEMENT OF CASH FLOWS IFRS questions are available at the end of this chapter. TRUe-FALSE—Conceptual Answer No. Description F 1. Liquidity and solvency. T 2. Limitations of the balance sheet. T 3. Definition of financial flexibility. T 4. Long-term liability disclosures. F 5. Definitions of the balance sheet. F 6. Land held for speculation. T 7. Balance sheet format. F 8. Purpose of statement of cash flows. F 9. Statement of cash flows
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Financial Analysis & Management Assignments 1. Discuss the extent to which the legal and professional regulatory framework of accounting ensures that corporate reports provide reliable‚ relevant‚ objective‚ and comparable information to users. 2. Critically evaluate the importance of discounted cash flow techniques in investment decisions. Illustrate your answer with your examples. 3. Discuss the relative importance profitability and liquidity for the survival of a business and explain how the
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1. Which of the following is conducted as a follow up to a system’s recent implementation? A) Troubleshooting B) a systems survey C) a post-implementation review D) systems maintenance Points Earned: 1.0/1.0 Correct Answer(s): C 2. After the conversion is completed‚ the systems development project team writes the project completion report. A) True B) False Points Earned: 0.0/1.0 Correct Answer(s): True 3. Which of the following is not a task required to complete structured systems analysis
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comparative analysis of the guidelines under US-GAAP and IFRS about environmental accounting’s development‚ system and information disclosure‚ the essay discusses the globalization trend of environmental accounting. And lastly‚ the paper emphasizes the necessity for Chinese companies to move ahead in this area and provides some advice for an environmental accounting application for Chinese companies. Key Words: Environmental accounting‚ US-GAAP‚ IFRS‚ Environmental accounting application 1.
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generally accepted accounting principles (GAAP) differed from the conditions set in the International Financial Reporting Standards (IFRS) in many ways. GAAP consisted of revenue recognition concepts that were too broad and rules that were sometimes industry-specific‚ which often resulted in organizations using different methods of accounting for transactions that were economically similar. While the requirements of GAAP were perceived as inconsistent‚ IFRS revenue recognition standards‚ more specifically
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