LLM - Financial Statements

The Corporate Information worksheet asks the question, "Complete the return from GIFI?" Which of the following statements is INCORRECT? Question 4Answer a. GIFI refers to generally indexed financial information. b. If you answer yes, the amounts from the corporation's financial statements must be entered on schedules 100 and 125. c. Schedule 100 reports the amounts from the corporation's balance sheet. d. Schedule 125 reports the amounts from the corporation's statement of income. e. GIFI indicates that the financial information from the corporation's financial statements is not entered, as the T2 is prepared for income tax purposes only.

Answer the following questions about IFRS: 1. What are the two main options for balance sheet presentation for companies following IFRS?. 2. Explain what is meant by the term "reverse order of liquidity." 3. What is another name for a balance sheet that may be used by corporations reporting under IFRS?

True or False?

True or False: Write T if the statement is correct. If it is not, write F and state the reason briefly. (Please answer subpart 13-15)

A first-year accounting student is confused by a statement made in a recent class. Her instructor stated that theassets listed in the balance sheet of the IBM Corporation include computers that are classified as current assetsas well as computers that are classified as long-term (noncurrent) assets. In addition, the instructor stated thatinvestments in marketable securities of other corporations could be classified in the balance sheet as either currentor long-term assets.Required:Explain to the student the distinction between current and long-term assets pertaining to the IBM computers andthe investments in marketable securities.The usefulness of the balance sheet is enhanced when assets and liabilities are grouped according to commoncharacteristics. The broad distinction made in the balance sheet is the current versus long-term classification ofboth assets and liabilities.Required:1. Discuss the factors that determine whether an asset or liability should be classified as current or…

Hello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are my questions. What components of the International Accounting Standards 1 (presentation of financial statements) are related to decision-usefulness for investors? How can they (these components) be misconceived with regards to stewardship of company accounts?

1) Which of the following statements does NOT apply to financial accounting? a) is subject to GAAP b) Is primarily meant to provide information to stockholders and creditors. c) Is subject to regulation by external bodies d) Emphasizes data that is verifiable e) Provides data on the market value of a company's assets. 2) Please see the image attached and show the work so I can understand how you did. Hilton Corporation had Sales Revenue of $1,105 for the month. Marketing Expenses for the month were $60 and Administrative Expenses were $50. Inventory Classification Direct Material Work in Process Finished Goods 3) a) $590 b) $830 c) $640 d) $240 e) $285 Direct materials used for the month are? Show Transcribed Text During the month, Hilton purchased $250 of Raw Material and spent $400 on Direct Labor. Other manufacturing costs such supervisory salaries and utilities were $90 and Plant and Equipment Depreciation was $100. 1st Day of Month $60 120 Inventory Classification Raw Material…

a) ‘Assessing the financial reporting quality is an important aspect of financial analysis’Required:Critically discuss this statement. (Discuss the concept of accounting quality, permanent and transitory earnings as part of your answer). b) Discuss five incentives that might cause management to manipulate reported earnings numbers.

help me to identify whether the statement is true or false

The accounting equation for a corporation is Total Assets = Liabilities + Stockholders’ Equity. Group of answer choices This statement is true. This statement is false. This statement is ambiguous. There is not enough information to determine if the statement is true or false.

Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1.    The objective of financial statements emphasizes a stewardship approach for reporting financial information. 2.    The purpose of the objective of financial reporting is to prepare a balance sheet, an income statement, a statement of cash flows, and a statement of owners’ or stockholders’ equity. 3.    Because they are generally shorter, FASB interpretations are subject to less due process, compared to FASB standards. 4.    The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.

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Question: Because financial statements typically are based on historical data, financial statement analysis is only used to evaluate an organization's past financial condition. True or false?

Question 1 a.) Should financial Accounting be the same everywhere? Discuss this question with respect to the usefulness of Financial Reporting Standards for Business Analysis and Valuation. b.) Explain how the qualitative criteria relevance, timeliness and comparability contribute to the usefulness of financial information. c.) Discuss the shortcomings of a statement of financial position as a proxy for company value.

(a) "Accounting is irelevant in decision making because the information it provides relates only to the past. Evaluate this remark. Click or tap here to enter text. (b) Describe three ways you would identify if a financial statement is a special purpose financial statement or a general purpose financial statement. There are various differet charactristics of special purpose financial statement and general purpose financial statement. We can easily identify them by those characteristics. Some of major character which helps us to identify either it is general purpose financial structure or it is special purpose financial statement are coined below, 1. (c) Users of accounting information can be identified as internal and external users. List two of users in each category and the type of information they require. Click or tap here to enter text. (d) You have decided that now is the time to buy a new laptop for your MPA studies. List the factors that are important in choosing a new laptop.…

What is the solution of question CT4. 7?

Match each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…

(Please answer in Excel and show how you got the answer so I can better understand. Thank you.)   1. Given the financial statements (Balance Sheet, Income Statement) for a publicly traded company. Calculate the profitability ratio to find the gross profit ratio and the Net profit ratio.

Financial accounting

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20)Which of the following is the best definition of an internal user of accounting information? A) Creditors, such as banks, that use accounting information to evaluate the risk of lending money B) Investors who use accounting information to decide whether to buy or sell stock C) Managers who use accounting information to plan, organize, and run a business D) Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits

Q.01: While studying accounting, you become increasingly familiar with a variety of generally accepted accounting principles. Already, you must appreciate some of the fundamental principles, rules, and procedures. Evaluate the following ten comments, and state whether you agree or disagree:The fundamental accounting equation precludes a situation where liabilities exceed assets.A complete set of financial statements would include a cash flow statement.The balance sheet can be prepared in a vertical or horizontal format.The period of time covered by each financial statement is identical.Many assets are reported at their historical cost.Revenue should not be recognized before it is collected.The term income is synonymous with the term revenue.Dividends are reported as an expense on the income statement.Retained earnings will equal cash on hand.Issuing stock does not increase a company’s revenue or income.

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. Which of the following is not a typical note included in an annual report? O A. A note describing financial disclosures about items not appearing in the financial statements. O B. A note describing the auditor's opinion of the management's past and future financial planning for the business. OC. A note providing more detail about a specific item shown in the financial statements. O D. A note describing the accounting rules applied in the financial statements.