Generally Accepted Accounting Principles

our firm research and identify the impacts to your company’s financial statement if a loss of lawsuit should occur. Based on the information provided by your company our firm has prepared the following memo which will outline the current Financial Accounting Standards Board (FASB) practice and thought related to: contingencies, troubled debt restructuring, and impairment. Contingencies It becomes a necessity for your company to report a loss contingency when the likelihood of an event resulting

cornerstone of financial reporting by a governmental entity? 37) Expenditures should be budgeted by character. An example of a character classification is 38) Which of the following funds is accounted for on the modified accrual basis of accounting? 39) Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would

ACCT1501 Practice Exam Questions 2014S1 QUESTION 1 (8 Marks) Financial Reporting Principles, Accounting Standards and Auditing, & Sustainability Reporting Provide short answers to the following: 1. What are generally accepted accounting principles? (2 Marks) 2. If you have a good idea and expect to make a lot of money from the idea is that a sufficient reason to recognise an asset? Explain why or why not. (2 Marks) 1 ACCT1501 Practice Exam Questions 2014S1 3. How can financial

its theme park concept Auditor’s report Who are the firm’s auditors? Do they provide a clean opinion on the financial statements? The auditor of Comcast is Deloitte & Touche LLP; Deloitte & Touche LLP, is an international accounting firm and is one of the “big five” accounting firms. In the opinion of the auditors, the books of Comcast present a fair view of the Group’s consolidated financial position as at December 31st, 2016. A fair presentation of financial statements means Comcast financial

This case involves the improperly represented earnings by Krispy Kreme Doughnuts, Inc. during the fourth quarter of fiscal year (FY) 2003 and each quarter of FY 2004. The company used improper accounting methods to avoid lowering its earnings during that period. Krispy Kreme also fraudulently reported its earnings per share (EPS) throughout that time, which exceeded the previously stated EPS by 1 percent. An agreement to settle the charges against Krispy Kreme was reached on March 4, 2009 when the

Abercrombie & Fitch uses generally accepted accounting principles (GAAP) as the basis for the production of its financial statements. In contrast, Hennes & Mauritz (H&M) uses international financial report standards (IFRS). H&M also utilizes Swedish GAAP. For its annual report, there is no indication of what standard is used, and there are no official financial statements. H&M does not note what auditing standards it uses in its annual report. By contrast, the ANF Form 10-K notes that the company's

We carefully examined and evaluated your financial statements in 2011 and identified several accounting policies and procedures inconsistent with U.S. GAAP. To better present the net income of your company, we provide the various recommendations for you to revalue your revenues and expenses in the following statements. Inappropriate revenue recognition criteria and policies (should change revenue recognition method or change the allowance estimation, 2011 allowance amount should be larger than 2010

that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore, has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance, the question of why accounting theories are predominantly normative has been put forward by this article? Secondly, why no single theory in accounting profession that is generally or widely

Accounting treatment (USGAAP) A company can acquire another company in two ways: By purchasing the net assets. By purchasing the common stock of another company. Regardless of the method of acquisition direct costs, costs of issuing securities and indirect costs are treated: Direct costs: the acquiring company capitalizes direct costs paid to outside parties as part of the total acquisition cost. Costs of issuing securities: these costs reduce the issuing price of the stock. Indirect and

Financial Accounting and Reporting course work 1 Title: Financial accounting and reporting Student Name: Mengting KE CEG Number: MK24366 Supervisor Name: Nilam Sultan Date of submission: 14/02/2016 Total word count: 2042 Introduction According to Black (2009: 2), accounting can be defined simply as the recording, summarizing and interpretation of financial information. A more detailed definition is that offered by the American Accounting Association (1966), as follows: ’The