INTERMEDIATE ACCT.(LL)-W/WILEYPLUS
17th Edition
ISBN: 9781119598572
Author: Kieso
Publisher: WILEY
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Advanced Accounting requires many rules and regulations. The latter come from many sources. In your Journal this week you will research two rules or regulations that pertain to Advanced Accounting topics and submit them to your Unit 1 Journal. For each of the rules or regulations, answer the following questions.
What is the name of the rule or regulation?
What agency or government created the rule or regulation?
Does any agency or government have the power to enforce the rule or regulation? If so how? If not, does this hinder the enforcement of the rule or regulation?
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions between related accounting concepts that are important in evaluating the effects of transactions on the financial statements.
Instructions
Log in and provide explanations for the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser.
a. The three essential characteristics of assets.
b. The three essential characteristics of liabilities.
c. Uncertainty and its effect on financial statements.
d. The difference between realization and recognition.
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions between related accounting concepts that are important in evaluating the effects of transactions on the financial statements.
Instructions
Access the IASB Framework at the IASB website. When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following items. (Provide paragraph citations.)
a. Provide the definition of an asset and discuss how the economic benefits embodied in an asset might flow to a company.
b. Provide the definition of a liability and discuss how a company might satisfy a liability.
c. What is “accrual basis”? How do adjusting entries illustrate application of the accrual basis?
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- What is the most important knowledge you were able to generate from taking Financial Accounting and Reporting? Kindly Explain.arrow_forwardChoose TWO of the following questions to discuss: In your opinion, what was the most important topic or subject you studied in this course? Explain your answer. What topic or subject did you struggle with most in this course? What did you find most surprising about this course? What did you learn in this course that you think will benefit you in your future studies or career path? This course completes your study of the foundations of accounting. After completing this course, what area of accounting are you interested in pursuing?arrow_forwardAccounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the accounting cycle so the accounting professional can focus on the impacts of each transaction on the full set of financial statements. use this tool in helping students see the advantages of technology and, in particular, the power of the General Ledger tool in accounting practice, including financial analysis and “what-if” scenarios. How much are total expenses for Apple for the current year?arrow_forward
- Fill in the blanks below with the accounting principle, assumption, or related item that best completes the sentence. ________________________ and _______________________ are the two fundamental qualities that make accounting information useful for decision making. Information that helps users confirm or correct prior expectations has _________________ ___________________. ________________________ enables users to identify the real similarities and differences in economic events between companies. _________________ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Information is _______________________ if omitting it or misstating it could influence decisions that users make on the basis of the reported financial information. The ________________________ characteristic requires that the same accounting method be used from one accounting…arrow_forwardIn your own words, what does relevance mean to you? After tackling this topic, then research characteristics of relevance from an Accounting standards perspective and explain.arrow_forwardAs an accountant doing an accounting evaluation for the case study, give a brief introduction.arrow_forward
- Provide a minimum of three research questions on accounting in SME and a discussion of why these research questions are relevant to your research and Create hypotheses to support your research questions.arrow_forwardUsing the knowledge you have acquired in this course and as per guidance from IAS I and IPSAS 1, what would you consider a complete final Accounts ready for publication? State what you would expect to find in the Notes to general purpose financial statements giving its rationale ?arrow_forwardSubject/Course: Financial Accounting. Note: Provide workings of each and every step. If possible, attach the excel file with the solution.arrow_forward
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