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accounting

Questions and Answers of Accounting

What is the difference between an annual report and a 10-K report?
What are the particular items an analyst should review and study in an annual report, and what material should be read with caution?
What organization has legal authority to set accounting policies in the United States? Does this organization write most of the accounting rules in the United States? Explain.
Describe the financial statements that are contained in an annual report or Form 10-K.
Explain the importance of the notes to the financial statements.
What causes an auditor's report to be qualified? adverse? a disclaimer of opinion? unqualified with explanatory language?
Why is the management discussion and analysis useful to the financial analyst?
What is a proxy statement, and why is it important to the analyst?
What are the intangible factors that are important in evaluating a company's financial position and performance but are not available in the annual report?
Staff members from the marketing department of your firm are doing a splendid job selling products to customers. Many of the customers are so pleased, in fact, they are also buying shares in the
Access the SEC Web site: www.sec.gov /. Write a one-page summary explaining the items that a financial analyst might find useful at this Web site.
The 20071nte\ Annual Report can be found at the following Web site: www .prenhall.com /fraser. Using the annual report, answer the following questions:(a) Describe the type of business in which Intel
Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as you learn the content of each
Hasbro, Inc. CaseRequiredLocate the Form 10-K for Hasbro, Inc. using the EDGAR database at the SEC Web site: www.sec.gov /. Answer the following questions using Hasbro' s Form 10-K.1. What is
Excerpts from the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) of Biolase Technology, Inc., 2007 Form 10-K are found on pages 30-35.Required1. Why is the
What information is provided in a balance sheet?
Discuss how marketable securities are valued on the balance sheet.
How can the allowance for doubtful accounts be used to assess earnings quality?
Why is the valuation of inventories important in financial reporting?
Why would a company switch to the LIFO method of inventory valuation in an inflationary period?
Which inventory valuation method, FIFO or LIFO, will generally produce an ending inventory value on the balance sheet that is closest to current cost?
Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why do companies use different depreciation methods for tax reporting and financial reporting?
What is the purpose of listing the account "Commitments and contingencies" on the balance sheet even though no dollar amounts appear?
How is it possible for a company with positive retained earnings to be unable to pay a cash dividend?
The King Corporation has total annual revenue of $800,000; expenses other than depreciation of $350,000; depreciation expense of $200,000 for tax purposes; and depreciation expense of $130,000 for
Explain how treasury stock affects the stockholders' equity section of the balance sheet and the calculation of earnings per share.
Using the following amounts (in thousands) reported in Agilysys, Inc. and Subsidiaries consolidated balance sheets and statements of income at March 31, 2007 and 2006, and the valuation schedule,
Tisha's Toys had the following goods available for sale in the last accounting period:Beginning inventory.............600 units@ $10Purchases (in order from first to last):.......1,000 units@
The F.L.A.C. Corporation sells a single product. The following is information on inventory, purchase, and sales for the current year:(a) Compute the inventory balance and the cost of goods sold
The following information is available for Kennametal Inc.'s inventories as of June 30, 2007:We used the LIFO method of valuing our inventories for approximately 50% and 53% of total inventories at
The Lazy 0 Ranch just purchased equipment costing $60,000. The equipment is expected to last five years and have no salvage value.(a) Calculate the depreciation expense using the straight-line method
Using the information below for Dean Corporation, calculate the amount of dividends Dean most likely paid to common stockholders in 2008, 2009, and 2010.
From the following accounts, prepare a balance sheet for Chester Co. for the current calendar year.Accrued interest payable..........$ 1,400Property, plant, and
At fiscal year-end February 2, 2008, Target Corporation had the following assets and liabilities on its balance sheet (in millions):Current liabilities......$11,782Long-term debt.......15,126Other
The 2007 Intel Annual Report can be found at the following Web site: www .prenhall.com/fraser. Using the annual report, answer the following questions:(a) Prepare a common-size balance sheet for
Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is
The following are excerpts from Del Monte Foods' 2007 Form 10-K Notes to the Consolidated Financial Statements:BusinessDel Monte Foods Company and its consolidated subsidiaries ("Del Monte," or the
What is the difference between a multiple-step and a single-step format of the earnings statement? Which format is the most useful for analysis?
Discuss all reasons that could explain an increase or decrease in gross profit margin.
Explain how a company could have a decreasing gross profit margin, but an increasing operating profit margin.
What is an example of an industry that would need to spend a minimum amount on advertising to be competitive? On research and development?
Alpha Company purchased 30% of the voting common stock of Beta Company on January 1 and paid $500,000 for the investment. Beta Company reported $100,000 of earnings for the year and paid $40,000 in
Discuss the four items that are included in a company's comprehensive income.
Why is the bottom line figure, net income, not necessarily a good indicator of a firm's financial success?
An excerpt from the Sun Company's annual report is presented below. Calculating any profit measures deemed necessary, discuss the implications of the profitability of thecompany.
Prepare a multiple-step income statement for Jackrabbit, Inc. from the following single-step statement.Net sales ............$1,840,000Gain on sale of equipment.......15,000Interest
Income statements for Yarrick Company for the years ending December 31, 2010,2009, and 2008 are shown below. Prepare a common-size income statement and analyze the profitability of thecompany.
LA Theatres, Inc. has two distinct revenue sources, ticket and concession revenues. The following information from LA Theatres, Inc. income statements for the past three years is available:(a)
Income statements are presented for the Elf Corporation for the years ending December 31, 2010, 2009, and 2008.Required: Write a one-paragraph analysis of Elf Corporation's profit performance for the
The 2007 Intel Annual Report can be found at the following Web site: www. prenhall.com/ fraser.(a) Using the consolidated statements of operations, analyze the profitability of Intel by preparing a
Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is
Sara Lee Corporation is a manufacturer and marketer of high-quality, brand-name products such as Ambi Pur, Ball Park, Oouwe Egberts, Hillshire Farm, jimmy Dean, Kiwi, Sanex, Senseo, and its namesake,
Discuss the qualitative issues related to reported revenue.
Explain the importance of understanding inventory valuation methods in determining the quality of the profit numbers.
How is it possible for a firm to benefit from the write-down of an asset?
Should restructuring charges be classified as an operating expense or as a non-operating expense?
When is it appropriate for a firm to repurchase its own common stock? When would it be considered a poor decision?
For the past three years DMR, Inc. did not write off numerous accounts of customers who were in default and unlikely to pay their bills. DMR management, who had earlier refused to approve any
The following calculations have been made using Metro Tech's income statement:Sales growth, current year ......20%Gross profit margin, current year ....64%Gross profit margin, last year
The following information from a BusinessWeek article, "The Costco Way," in the April 12, 2004, issue, reveals key differences between Costco's and Wal-Mart's wage strategies. Explain how this
Even though firms follow the accounting rules (GAAP) when presenting their financial statements it is still possible for conflicts of interest to exist between what management wants investors and
The 2007 Intel report can be found at the following Web site: www.prenhall .com/ fraser. Review the quality of financial reporting for Intel. Write a summary explaining whether the quality is good or
The 2007 Eastman Kodak Annual Report and Form 10-K can be found at the following Web site: www.prenhall.com/fraser.(a) Using the checklist and the quality of financial reporting sections of Chapter
Explain how international accounting differs from purely domestic accounting.
Accounting may be viewed as having three components: measurement, disclosure, and auditing. What are the advantages and disadvantages of this classification? Can you suggest alternative
What contemporary factors are contributing to the internationalization of the subject of accounting?
Describe in two short paragraphs how foreign direct investment activities differ from international trade and the implications of this difference for accounting.
Given the international heritage of accounting, do you feel that efforts to harmonize global accounting standards are a good thing? Why or why not?
Why have international accounting issues grown in importance and complexity in recent years?
Identify several internal and external reporting issues that arise when business and investments transcend national borders.
Explain the term global capital markets. This chapter primarily discusses global equity markets. What other types of financial instruments are traded in these markets? How important are global
Over time, national governments in many countries have sold shares in state-owned financial institutions to nongovernmental entities. Discuss how these privatizations might affect the capital markets
Outsourcing, especially from vendors located abroad, has become a politically sensitive issue, especially in the United States. Do you think this argument has merit? What are the consequences of this
Re-examine Exhibit 1-1 which describes the outsourcing process for HP’s production of the Proliant ML150. For each leg of the production chain, identify the various accounting and related issues
Examine Exhibit 1-2 and compute the compounded annual growth rate of merchandise trade versus the global trade in services for the 20 year period beginning 1985 and ending 2005. What implication does
Examine the Web sites of five exchanges listed in Appendix 1-1 that you feel would be most attractive to foreign listers. Which exchange in your chosen set proved most popular during the last two
Does the geographic pattern of merchandise exports contained in Exhibit 1-2 correlate well with the pattern of AKZO Nobel’s geographic distribution of sales shown in Exhibit 1-3? What might explain
What international reporting issues are triggered by AKZO NOBEL’s foreign operations disclosures appearing in Exhibit 1-3 for investors? For managerial accountants?
Exhibit 1-4 lists the number of majority-owned foreign affiliates in each country that Nestle includes in its consolidated results. What international accounting issues are triggered by this Exhibit?
Revisit Exhibit 1-5 and show how the ROE statistics of 33.8 percent and 29.5 percent were derived. Which of the two ROE statistics is the better performance measure to use when comparing the
Stock exchange Web sites vary considerably in the information they provide and their ease of use.Required:Select any two of the stock exchanges presented in Appendix 1-1. Explore the Web sites of
Referring to Exhibit 1-6, which geographic region of the world, the Americas, Asia-Pacific, or Europe-Africa-Middle East is experiencing the most activity in foreign listings?
If you had a nontrivial sum of money to invest and decided to invest it in a country index fund, in which country or countries identified in Exhibit 1-7 would you invest your money? What accounting
1. Refer to Exhibit 1-8, which lists factors relevant for choosing an overseas market for listing or raising capital. Which factors might have been relevant in E-centives’ decision to raise capital
Investors, individual, corporate and institutional, are increasingly investing beyond national borders. The reason is not hard to find. Returns abroad, even after allowing for foreign currency
Compare and contrast the mechanisms for regulating and enforcing financial reporting in the five countries discussed in this chapter.
Compare and contrast the main features of financial reporting in the five countries discussed in this chapter.
Auditor oversight bodies have recently been established in several countries discussed in this chapter. Identify the auditor oversight bodies discussed in the chapter. What is the reason for this
What is the difference between consolidated and individual company financial statements? Why do some EU countries prohibit IFRS in individual company financial statements while others permit or
Consider the following statement: “Experience shows that the needs of national and international markets, for international harmonization in particular, are better served by self-regulation and
In France, financial accounting standards and practices originate primarily from three authoritative sources: (a) Companies legislation (Plan Comptable General and Code de Commerce),(b) Professional
Consider the following statement: “The German Accounting Standards Committee is modeled on Anglo-American and international practice.” Do you agree? Why or why not?
How have accounting requirements and practices in the Czech Republic been influenced by European Union requirements?
The most novel feature of the Dutch accounting scene is the Enterprise Chapter of the Court of Justice of Amsterdam. What is the mission of the Enterprise Chamber? How is this mission carried out?
A feature of British accounting is the “true and fair override.” What is the meaning of this term? Why is the true and fair override found in the United Kingdom but almost nowhere else?
This chapter provides synopses of national accounting practice systems in five European countries.Required: For each country, list: a. The name of the national financial accounting standard-setting
Refer to your answer to Exercise 1.Required: Which country discussed in this chapter appears to have the most effective accounting and financial reporting supervision mechanism for companies whose
The International Federation of Accountants (IFAC) is a worldwide organization of professional accounting bodies. IFAC’s Web site (www.ifac.org) has links to a number of accounting bodies around
Reread Chapter 3 and its discussion questions.Required:a. As you go through this material, prepare a list of five expressions, terms, or short phrases that are unfamiliar or unusual in your home
Analyze the five national accounting practice systems summarized in this chapter.Required:a. For each of the five countries discussed in this chapter, select the most important financial accounting

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