Loose Leaf For International Accounting
5th Edition
ISBN: 9781260466539
Author: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera Professor
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 3EP
Using their most recent annual reports, access the financial statements of two foreign companies located in the same country to complete this assignment.
Required:
- a. Determine the GAAP the two foreign companies use to prepare financial statements.
- b. Determine whether the financial statements provided by the two foreign companies include the same components (e.g., consolidated
balance sheet , consolidated income statement, consolidated cash flows statement, and so on). - c. List any format differences (up to five) in the companies’ income statements.
- d. List any format differences (up to five) in the companies’ balance sheets.
- e. Note any terminology differences (up to five) that exist between the two companies’ income statements and balance sheets.
- f. In very general terms, assess whether the scope and content of the information provided in the notes to the financial statements is similar between the two companies.
- g. Provide your overall impression (no detail) of how the two companies’ sets of financial statements compare.
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Choose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.
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Chapter 2 Solutions
Loose Leaf For International Accounting
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - 3. How does the relationship between financial...Ch. 2 - 4. Who are the major providers of capital...Ch. 2 - Prob. 5QCh. 2 - According to Gray, how does national culture...Ch. 2 - Prob. 7QCh. 2 - 8. How are the Anglo and less developed Latin...Ch. 2 - Prob. 9QCh. 2 - 5. What are the major problems caused by worldwide...
Ch. 2 - 6. What are the major problems caused by worldwide...Ch. 2 - According to Nobess simplified model of accounting...Ch. 2 - In what way does Nobess simplified model of...Ch. 2 - Prob. 14QCh. 2 - 11. How are the various costs that comprise cost...Ch. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 1EPCh. 2 - Prob. 2EPCh. 2 - Using their most recent annual reports, access the...Ch. 2 - 4. Cultural dimension index scores developed by...Ch. 2 - 5. Refer to Nobes’s judgmental classification of...Ch. 2 - Prob. 6EPCh. 2 - Prob. 7EPCh. 2 - 8. Various attempts have been made to reduce the...Ch. 2 - Prob. 9EPCh. 2 - Prob. 1CCh. 2 - Case 2-2
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