CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2, 3, 29 4, 5, 6, 7 8, 9, 10, 11 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 23, 24, 25, 26, 27, 28 30 Cases 4 6, 7 1, 2, 3, 5 8
of purchase by the buyer. Collections received for service contracts should be recorded when? An alternative available when the seller is exposed to continued risks of ownership through return of the product is what? Page 910 2. In selecting an accounting method for a newly-contracted long-term construction project, the principal factor to be considered should be what? Page 933 The
Factoring accounts receivable. Bank reconciliation. 7-4 Test Bank for Intermediate Accounting, Twelfth Edition CHAPTER LEARNING OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. *10. Identify items considered as cash. Indicate how to report cash and related items. Define receivables and identify the different types of receivables. Explain accounting issues related to recognition of accounts receivable. Explain accounting issues related to valuation of accounts
ACCT5000 Intermediate Management Accounting Portfolio Case Study Background: Gouna Limited Gouna Limited is a company that grew from humble beginnings. Its original shareholders consisted of a collection of cooperatives in the Highlands of New Guinea, whose main source of income was from growing Arabica coffee on their small plots of land. Following a period of high coffee prices, the company expanded their business interests significantly to include the following: poultry farming, coffee processing
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 | $29,000 | | Interest expense | 18,000 | | Market appreciation on land above cost | 31,000 | | Wages and salaries-sales | 114,800 | | Materials and supplies-sales | 17,600 | | Income tax | 30,600 | | Wages and salaries-administrative | 135,900 |
ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions, principles, and constraints. 28, 29, 30 10 11 Questions 1, 7 2 3, 4, 5, 6, 8 9, 10, 11 12, 13, 14 15, 16, 17
1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15, 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
Intermediate Accounting by Spiceland 7th Edition Test Bank Contact me here email@example.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK, SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD This is a sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties
disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: (a) governmental
CHAPTER 21 Accounting for Leases SOLUTIONS TO EXERCISES EXERCISE 21-1 (15–20 minutes) (a) This is a capital lease to Adams since the lease term (5 years) is greater than 75% of the economic life (6 years) of the leased asset. The lease term is 831/3% (5 ÷ 6) of the asset’s economic life. (b) Computation of present value of minimum lease payments: $9,968 X 4.16986* = $41,565 *Present value of an annuity due of 1 for 5 periods at 10%. (c) 1/1/12 Leased Equipment..................................