MANAGERIAL ACCOUNTING FUND. W/CONNECT
5th Edition
ISBN: 9781259688713
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 20QS
To determine
Concept introduction:
Cash Flow statement:
The Cash flow statement shows the movement of cash during a particular period. The
- Cash flows from operating activities
- Cash Flows from investing activities
- Cash flows from financing activities
(Note: Cash flows from operating activities can be prepared using direct or indirect method)
Requirement 1:
To indicate:
The method of cash flows under US GAAP and IFRS.
To determine
Concept introduction:
Cash Flow statement:
The Cash flow statement shows the movement of cash during a particular period. The Cash flows are categorized into three categories as follows:
- Cash flows from operating activities
- Cash Flows from investing activities
- Cash flows from financing activities
(Note: Cash flows from operating activities can be prepared using direct or indirect method)
Requirement 2:
To indicate:
The reporting of cash flows under US GAAP and IFRS.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Discuss the primary differences between U.S. GAAP and IFRS with respect to the income statement, statement of comprehensive income, and statement of cash flows.
What are the primary classifications into which AF’s cash inflows and cash outflowsare separated? Is this classification the same as or different from cash flow statementsprepared in accordance with U.S. GAAP?
20) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except:
a) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements.
b)Both require disclosure of significant accounting policies.
c) Both require the preparation of financial statements annually.
d) Both generally require the use of the current/ non-current classification for both assets and liabilities.
e) Cash
Chapter 12 Solutions
MANAGERIAL ACCOUNTING FUND. W/CONNECT
Ch. 12 - Prob. 1MCQCh. 12 - Prob. 2MCQCh. 12 - Prob. 3MCQCh. 12 - Prob. 4MCQCh. 12 - Prob. 5MCQCh. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQCh. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 13DQCh. 12 - Prob. 14DQCh. 12 - Prob. 15DQCh. 12 - Prob. 1QSCh. 12 - Prob. 2QSCh. 12 - Prob. 3QSCh. 12 - Prob. 4QSCh. 12 - The following information is necessary to answer...Ch. 12 - Refer to the balance sheet data above from Anders...Ch. 12 - Prob. 7QSCh. 12 - Prob. 8QSCh. 12 - Prob. 9QSCh. 12 - Prob. 10QSCh. 12 - Use the following balance sheet and income...Ch. 12 - Prob. 12QSCh. 12 - Prob. 13QSCh. 12 - Prob. 14QSCh. 12 - Prob. 15QSCh. 12 - Prob. 16QSCh. 12 - Prob. 17QSCh. 12 - Prob. 18QSCh. 12 - Prob. 19QSCh. 12 - Prob. 20QSCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - The following financial statements and additional...Ch. 12 - Prob. 12ECh. 12 - Complete the following spreadsheet in preparation...Ch. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - The following summarized Cash T-account reflects...Ch. 12 - Prob. 1PSACh. 12 - Refer to the information in problem 12-1A....Ch. 12 - Forten Company, a merchandiser, recently completed...Ch. 12 - Prob. 4PSACh. 12 - Refer to Forten Companys financial statements and...Ch. 12 - Golden Corp., a merchandiser, recently completed...Ch. 12 - Prob. 7PSACh. 12 - Prob. 8PSACh. 12 - Prob. 1PSBCh. 12 - Prob. 2PSBCh. 12 - Prob. 3PSBCh. 12 - Prob. 4PSBCh. 12 - Prob. 5PSBCh. 12 - Prob. 6PSBCh. 12 - Prob. 7PSBCh. 12 - Prob. 8PSBCh. 12 - Prob. 12SPCh. 12 - Prob. 1GLPCh. 12 - Prob. 3GLPCh. 12 - Prob. 1BTNCh. 12 - Prob. 2BTNCh. 12 - Prob. 3BTNCh. 12 - Prob. 4BTNCh. 12 - Prob. 5BTNCh. 12 - Prob. 6BTNCh. 12 - Prob. 7BTNCh. 12 - Prob. 8BTNCh. 12 - Prob. 10BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.arrow_forwardExplain the International Standards Governing Cash and Accrual Accounting (First-Time Adoption)arrow_forwardThere are more similarities than differences between income statements and statements of cash flowsprepared according to U.S. GAAP and those prepared applying international standards. In a statement of cash flows, some differences are possible in the classifications of interest and divided revenue, interestexpense, and dividends paidarrow_forward
- The US GAAP provides rules and guidance for what two primary financial reporting purposes?arrow_forwardU.S. GAAP designates cash outflows for interest payments and cash inflows from interest and dividends receivedas operating cash flows. Dividends paid to shareholders are classified as financing cash flows. How are thesecash flows reported under IFRS?arrow_forwardWhat guidance does the Codification provide on the classification of current liabilities? What guidance does the Codification provide concerning the format of accounting disclosures? What are the objectives related to the statement of cash flows?arrow_forward
- How does AF classify interest paid, interest received, and dividends received in itsstatement of cash flows? What other alternatives, if any, does the company have forthe classification of these items? How are these items classified under U.S. GAAP?arrow_forwardWhy is the effective-interest method of amortization required under the International Financial Reporting Standards?arrow_forwardInterest received and interest payments must be reported as operating cash flows using a. IFRS. b. U.S. GAAP. c. both U.S. GAAP and IFRS. d. neither U.S. GAAP nor IFRS.arrow_forward
- What are three difference between IFRS and U.S. GAAP with respect to the measurement of financial statement items?arrow_forwardThe statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. TheFASB Accounting Standards Codification represents the single source of authoritative U.S. generally acceptedaccounting principles.Required:1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines fordetermining what items should be deemed cash equivalents?2. List the guidelines.arrow_forwardWhat is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAASarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License