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Qestion 1
a) Many loan agreements have financial covenants that rely on:
Multiple Choice
A. floating GAAP.
B. fixed GAAP.
C. flexible GAAP.
D. regulatory accounting procedures (RAP).
b) With respect to executive compensation, the Dodd-Frank Act requires that shareholders:
Multiple Choice
A. vote on executive compensation at least once every three years.
B. vote on executive compensation every fiscal period.
C. determine the annual executive compensation package for key executives.
D. not discuss any aspects of executive compensation with-non shareholders.
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- LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?Match term to the correct definition. The balance on which interest is paid. Interest paid both on the original investment and on all interest that has been added to the original investment. An investment that gives you a share of ownership in a company. An investment that represents a promise of future cash. Usually issued by either a government or a corporation. The issuer pays you back your initial investment as well as simple interest earned on that investment.…Provide answer please! If the collection of the note receivable is reasonably assured, what is the net income to be recognized by the entity for the year ended December 31, 2020 in relation to the initial franchise fee?A. 98,850 C. 70,028B. 94,850 D. 92,037
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- Requirement: For each of the following independent income-sharing agreements, prepare an income distribution schedule. 1. Monthly salaries are P30,000 to AB, P50,000 to QR and P45,000 to XY AB receives a bonus of 5% of net income after deducting his bonus Interest is 12% of ending capital balances. Any remainder is divided by AB, QR and XY in a 25:40:35 ratio. The Income Summary account has a credit balance of P2,835,000 before closing. 2. Interest is 10% of weighted average capital balances. Annual salaries are P480,000 to AB, P630,000 to QR and P510,000 to XY. QR receives a bonus of 25% of net income after deducting the bonus and his salary, Any remainder is divided in a 2:3:4 ratio by AB, QR and XY, respectively. Net income was P1,050,000 before any allocations. 3. XY receives a bonus of 20% of net income after deducting the bonus and the salaries. Annual salaries are P600,000 to AB, P540,000 to QR and P750,000 to XY. Interest is 15% of the ending capital in excess of P140,000.…Statement 1: The rate used to discount post‑employment benefit obligations (both funded and unfunded) shall be determined by reference to market yields at the end of the reporting period on normal quality corporate bonds. Statement 2: The return on plan assets is interest, dividends and other income derived from the plan assets, together with realized and unrealized gains or losses on the plan assets, less: (a) any costs of managing plan assets; and (b) any tax receivable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. Only Statement 1 is true. All statements are false. All statements are true. Only Statement 2 is true.Part A: This year, Gumowski Company has each of the following items in its income statement. 1. Gross profits on installment sales. 2. Revenues on long-term construction contracts. 3. Estimated costs of product warranty contracts. 4. Premiums on officers' life insurance policies with Gumowski as beneficiary. Instructions a. Indicate where deferred income taxes are reported in the financial statements. b. Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B: Gumowski Company's president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions Identify the conditions under which deferred income taxes would be classified as a noncurrent item in the balance sheet. What justification exists for such classification?
- Write the definition, recognition, measurement important key points and disclosure if any in the chart above provided for the following: 1. Provision PAS 372. Financial instruments- Presentation PAS 323. Income taxes PAS 124. Employee benefits PAS 195. Earnings per share PAS 336. Interim Financial Reporting PAS 347. Reporting in Hyperinflationary EconomyHow about these questions: 1. How much is the Interest Revenue to be recognized in 2021? 2. How much is the Net Income (Loss) in 2021? 3. Assuming the collectability of the note is uncertain, how much is the Franchise Revenue to be recognized in 2021?a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sector. Required: Please only answer (d) to (f)
