A number of significant issues face the accounting profession and annual reporting. Select with justification what you consider to be the three (3) most important issues, and for each detail the issue, comment on its current and potential impact and discuss ways that it can be managed.
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A number of significant issues face the accounting profession and annual reporting. Select with justification what you consider to be the three (3) most important issues, and for each detail the issue, comment on its current and potential impact and discuss ways that it can be managed.
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- What impact may the change of accounting standards have on the accounting profession and annual report? How to solve these problems? Write at least three.Raise three issues related to the annual report and the broader area of financial reporting, and explain why it is important and provide solutions to these issues (with justification).What impact will creative accounting have on the accounting profession and annual statements?
- Financial statements may be prepared for which time period? Select one: a. Any time period. b. One year. c. Less than one year. d. More than one year. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to: Select one: a. Be used by decision makers outside of the business organization. b. View the entire organization as the reporting entity. c. Focus upon the operation results of the most recently completed accounting period. d. Be tailored to the specific needs of an individual decision maker. The accounting principle that assumes that a company will operate in the foreseeable future is: Select one: a. Going concern. b. Liquidity. c. Objectivity. d. Disclosure. The cash account of Grande Home Improvement Store shows the following: a debit on June 1 for $25,000; a credit on June 5 for $10,000, a debit on June 16 for $14,000, and a credit on June 27 for $8,000. What is the…The annual report is a regular activity of public firms and is sent to current owners (shareholders) and the SEC, and is also made available to prospective owners, financial analysts, and others interested in a company’s performance. Name four of the major sections contained. Please discuss the benefits and limitations of the information provided in this report.An accounting association established a code of ethics for all members. The most likely primary purpose for establishing the code of ethics was to: a Outline criteria for professional behavior to maintain standards of competence, morality, honesty, and dignity within the association. b Establish standards to follow for effective accounting practice. c Provide a framework within which accounting policies could be effectively developed and executed. d Outline criteria that can be utilized in conducting interviews of potential new accountants.
- In establishing financial accounting standards, two basic premises of the FASB are (1) The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the accounting profession. (2) It should operate in full view of the public through a "due process" system that gives interested persons ample opportunity to make their views known. To ensure achievement of these goals, what steps does the FASB follow in the development of a typical FASB standard?Management Discussion and Analysis is required in annual reports filed with the Securities and Exchange Commission. It includes management's analysis of current operations and its plans for the future. Typical items included in the MD&A are as follows: Management's analysis and explanations of any significant changes between the current and prior years' financial statements.Important accounting principles or policies that could affect interpretation of the financial statements, including the effect of changes in accounting principles or the adoption of new accounting principles.Management's assessment of the company's liquidity and the availability of capital to the company.Significant risk exposures that might affect the company.Any “off-balance-sheet” arrangements such as leases not included directly in the financial statements. Such arrangements are discussed in advanced accounting courses and textbooks.Using Google, enter Kroger Annual Report in the search field. Access the…Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide.b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.)c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.
- Earnings per share must be reported on the face of every income statement that is a. prepared in accordance with generally accepted accounting principles. b. prepared in accordance with the national association of state boards of accountancy standards. c. prepared in accordance with ethical standards set by the american institute of certified public accountants. d. prepared in accordance of the federal government.Select three (3) issues associated with the annual report and the broader area of financial reporting (this includes financial accounting) that you consider are significant. For each you should: describe the issue, say why it is significant/important, offer a solution (with justification),Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analyst? C . Management is still evaluating the impact.
