LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 8, Problem 15P
In considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?
a. As a special type of reporting that need not follow generally accepted accounting principles.
b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.
c. As reporting for a basic accounting period.
d. As reporting for an integral part of an annual period.
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Choose the correct. In considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?a. As a special type of reporting that need not follow generally accepted accounting principles.b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.c. As reporting for a basic accounting period.d. As reporting for an integral part of an annual period.
Which one among the following statements is not a characteristic of the integral view of presenting interim financial statements?
a. it is the more acceptable view
b. each interim period is recognized as a separate accounting period, regardless of the length of time involved
c. each interim period is a part of the annual period
d. the revenues and expenses for the annual period are allocated among interim periods
Which of the following best describes the proper accounting for interim financial reports?
a.
The interim period is viewed as an integral part of the annual accounting period.
b.
The interim period is viewed as a distinct, independent accounting period.
c.
Interim net income should be determined by using the same principles as those for the annual accounting period.
d.
Net income should be computed on the cash basis except for sales, cost of goods sold, and depreciation.
Chapter 8 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - The management approach requires a firm to define...Ch. 8 - What is an operating segment?Ch. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - To satisfy geographic area disclosure...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - How does a company determine the amount of income...Ch. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - What type of segment information must companies...Ch. 8 - How would an annual bonus paid at year-end be...Ch. 8 - Which of the following does U.S. GAAP not consider...Ch. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Which of the following is not necessarily true for...Ch. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Which of the following items is required to be...Ch. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Which of the following information items with...Ch. 8 - Prob. 14PCh. 8 - In considering interim financial reporting, how...Ch. 8 - How should material seasonal variations in revenue...Ch. 8 - Prob. 17PCh. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Niceville Company pays property taxes of 100,000...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Noventis Corporation prepared the following...Ch. 8 - Prob. 40PCh. 8 - Prob. 41PCh. 8 - Prob. 5DYSCh. 8 - ACCOUNTING STANDARDS CASE 1SEGMENT REPORTING...Ch. 8 - ACCOUNTING STANDARDS CASE 2INTERIM REPORTING...Ch. 8 - Prob. 8DYSCh. 8 - Prob. 9DYS
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- Aside from the time period, what is the primary distinction between annual financial reporting and interim financial reporting?arrow_forwardWhat impact may the low accuracy of accounting estimates have on the annual statements?arrow_forwardIn what respects is a review of interim financial information similar to a review of the unaudited annual financial statements of a nonissuer?arrow_forward
- Using IFRS, how should prior period errors that are discovered in a subsequent reporting period be recognized in the financial statements? a. As an adjustment to beginning retained earnings for the reporting period in which the error was discovered. b. As a note in the financial statements that the error was previously made but has since been corrected. c. In the current period if it’s not considered practicable to report it retrospectively. d. In the statement of comprehensive income.arrow_forwardAccording to IAS 8, how should prior period errors that are discovered in a subsequent reporting period be recognized in the financial statements? a. As an adjustment to beginning retained earnings for the reporting period in which the error was discovered. b. As a note in the financial statements that the error was previously made but has since been corrected. c. In the statement of comprehensive income. d. Retroactively for all periods presented.arrow_forwardGenerally accepted methods of accounting for a change in accounting principle include restating prior years' financial statements presented for comparative purposes. making a prior period adjustment. prospective changes. including the cumulative effect of the change in current period net income.arrow_forward
- Entities should disclose all of the following in interim financial report, except: a. Basic and diluted earnings per share b. Change in accounting policy c. Events after the end of reporting period d. Seasonal revenue, cost or expensesarrow_forwardWhere financial statements for a single year are being presented, a prior period error recognized in the current year ordinarily would a. Affect net income of the current year. b. Be shown as an adjustment of the affected component of equity at the start of the current year. c. Be included in the statement of recognized gains and losses. d. Be shown as an extraordinary item on the current year's financial statement of comprehensive income.arrow_forwardWhere a change in accounting estimates occurs, which of the following should be disclosed? A. The nature of the change and the impact on previous income statements The fact that the amount of the effect on future periods will not be disclosed because B. estimating that amount is impracticable and the reason for the change and comparative data to show the impact with and without the change The fact that the amount of the effect on future C. periods will not be disclosed because estimating that amount is impracticable D. The reason for the change and comparative data to show the effect with and without the changearrow_forward
- Which of the following is (are) the proper time period(s) to record the effects of a change in accounting estimate? Current period and prospectively O Current period and retrospectively O Retrospectively only O Current period onlyarrow_forwardWhich of the following statement is correct regarding accounting changes that result in financial statements that are effect the statements of a different reporting entity? a.The financial statements of all prior periods presented are adjusted retrospectively. b.No restatements or adjustments are required if the changes involve the cost r equity methods of accounting for investments. c.Cumulative-effect adjustments should be reported as a separate item in the financial statements pertaining to the year of the change. d.No restatements or adjustments are required if the changes involve the cost or equity methods of accounting for investments.arrow_forwardWhich of the following statements about a change in accounting estimate is not true? A. A change in accounting estimate can only be made when it is required to comply with an accounting standard or interpretation. B. Changes in accounting estimates result from new information or new developments. C. The effects of a change in accounting estimate should be applied prospectively. D. A change in estimate is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset.arrow_forward
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