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Questions and Answers of Accounting

What is comparability and to what does it apply?
What are assets, liabilities, and equity? Define each.
What are revenues and expenses? Define each.
What are measurement, recognition, and derecognition? Define each and tell how they relate to each other?
List the five sections that all proposed financial statements should contain.
How does the balance sheet under proposed IFRS differ from U.S. GAAP?
What is the proposed new name for the income statement and why does it have this name?
How does the proposed IFRS statement of cash flows differ from the way most of these statements are prepared in the United States?
What does the proposed schedule in Exhibit 5 reconcile and why is it useful?
Class or group discussion: Is historical cost or fair value more in line with the qualitative characteristics of the conceptual framework and why?
Class or group discussion: Define the concepts of conservatism under U.S. GAAP and prudence under IFRS. How are they similar and how are they different? Do they represent a significant difference
Match the selected sections of IASB-proposed financial statements (letters) with their respective components (numbers):a. Statement of comprehensive income-businessb. Statement of comprehensive
Match the selected sections of IASB-proposed statement of comprehensive income statement (letters) with their respective components (numbers).a. Revenueb. Cost of goods soldc. Selling expensesd.
Match the selected sections of IASB-proposed statement of financial position (letters) with their respective components (numbers).a. Short-term assetsb. Long-term assetsc. Short-term liabilitiesd.
Assume you work for a company that has used the U.S. GAAP practice of valuing buildings at historical cost less accumulated depreciation. Your company is considering revaluing the building annually
What are rules-based and principles-based standards and how do they differ in application across four characteristics?
How do U.S. GAAP and IFRS differ in their implementation of accrual accounting?\
Why is the characterization of U.S. GAAP, based on historical cost, not valid? Give examples.
Why is fair value critical to U.S. GAAP and IFRS and how do they differ in the application of fair value?
Why is revenue recognition a good example of the contrasting approaches of IFRS and U.S. GAAP to level of detail? Why might this situation change?
How does the IFRS balance sheet approach to revenue recognition differ for the U.S. GAAP approach?
Do U.S. GAAP or IFRS give more industry guidance? Give an example.
How do U.S. GAAP and IFRS differ with regard to recognition of purchase commitments?
How do U.S. GAAP and IFRS differ with regard to recognition of contingencies?
What is recycling and how does it apply to comprehensive income?
What are the two main differences in inventory accounting between U.S. GAAP and IFRS?
What are the three major differences between U.S. GAAP and IFRS in the use market value in inventory accounting?
What is revaluation; to what does it apply; and how would it result in a revaluation surplus? Where does the revaluation surplus appear in the financial statements?
What are the two methods that may be used to accomplish a revaluation?
What eventually happens to the revaluation surplus?
To what business units does impairment test apply under U.S. GAAP and IFRS?
How do impairment tests differ under U.S. GAAP and IFRS?
What is the difference in accounting for research and development cost between U.S. GAAP and IFRS?
What is a mezzanine category and why is it an important classification issue?
How does the classification of minority interests, deferred tax and liabilities, and convertible bonds and stocks differ under U.S. GAAP and IFRS?
What role does judgment play in deciding whether a controlling interest exists for consolidation under U.S. GAAP and IFRS?
Among the differences between U.S. GAAP and IFRS listed in this section, which two do you feel the most difficult to reconcile and why?
Reval Inc. prepares financial statements in accordance with IFRS and has elected to use the revaluation model to account for its buildings. Reval Inc. acquired a building on January 1, 20X3 for
Impair Inc. has an operating segment that is composed of three cash generating units (CGUs) as follows:CGU A €“ retail operations located in the Midwestern U.S.CGU B €“ retail
What are IFRS for SMEs and what need are they meant to serve?
What are the two criteria for determining an SME?
Why would U.S. private companies be interested in IFRS for SMEs?
What U.S. companies are most likely to be earlier adopters of IFRS for SMEs?
What are some examples of topics not required under IFRS for SMEs?
What are some options that have been eliminated under IFRS for SMEs?
What are some simplifications from full IFRS by IFRS for SMEs?
Referring to Exhibit 4-1, what do you think are five of the most important differences between full IFRS and IFRS for SMEs?
Do you think U.S. private companies will embrace IFRS for SMEs? Why or why not?
Private, Inc. is a growing U.S. manufacturing company of solar water processing equipment that exports 50 percent of its product. The CEO has commissioned a feasibility study for adoption of IFRS for
What are the major types of differences between U.S. GAAP and IFRS? Give an example of each.
What is the convergence project and what are its goals for 2010?
What are the main generalizations that can be made about IFRS?
Do companies that adopt IFRS have to follow all the standards in the first year? What are some possible exceptions?
Why may IFRS for SMEs have an important impact of financial reporting in the United States?
What changes will likely take place in accounting education as a result of IFRS?
What do you think will be the most challenging obstacle for a company moving to adopt IFRS?
JRC, Inc. is a multinational U.S. public company that operates in more than 10 countries. Based on the belief that the SEC is likely to require a move to IFRS, the CEO has decided to form an IFRS
What are the characteristics of numbers in the financial statements under IFRS?
Walter Shea claims the formula for the cash payback technique is the same as the formula for the annual rate of return technique. Is Walter correct? What is the formula for the cash payback technique?
Waterville Company uses the internal rate of return method. What is the decision rule for this method?
Orasco Company is considering purchasing new equipment for $450,000. It is expected that the equipment will produce net annual cash flows of $55,000 over its 10-year useful life. Annual depreciation
Asaki Company accumulates the following data concerning a proposed capital investment: cash cost $220,000, net annual cash flows $40,000, present value factor of cash inflows for 10 years 5.65
Neville Corporation, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost $136,000 and have an estimated useful life of 5 years. It will be sold for $70,000
Keane Bottling Corporation is considering the purchase of a new bottling machine. The machine would cost $200,000 and has an estimated useful life of 8 years with zero salvage value. Management
Orkin Company is considering two different, mutually exclusive capital expenditure proposals. Project A will cost $395,000, has an expected useful life of 10 years, a salvage value of zero, and is
Rogler Company is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost $250,000, would have a useful life of 9 years, zero salvage
Lovitz Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The machine will cost $170,000, has an estimated useful life of 7 years, a
Rondeli Corporation is considering investing in a new facility. The estimated cost of the facility is $2,045,000. It will be used for 12 years, then sold for $600,000. The facility will generate
Muhsin Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $130,000 and will increase annual expenses by $80,000 including
Sierra Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows
Sierra Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows
Sierra Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows
Sierra Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual revenues would
Mateo Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company’s current truck (not the least of which is that it runs). The new truck would cost
Chris's Custom Manufacturing Company is considering three new projects, each requiring an equipment investment of $21,000. Each project will last for 3 years and produce the following net annual cash
Vorteck Inc. manufactures snowsuits. Vorteck is considering purchasing a new sewing machine at a cost of $2.5 million. Its existing machine was purchased five years ago at a price of $1.8 million;
SRB Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently isn't equipped to do. Estimates
Scheer Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for $425,000. The company
ALGS Inc. wants to purchase a new machine for $29,300, excluding $1,500 of installation costs. The old machine was bought five years ago and had an expected economic life of 10 years without salvage
Buerhle Company is considering three capital expenditure projects. Relevant data for the projects are as follows.Annual income is constant over the life of the project. Each project is expected to
Haley’s Hair Salon is considering opening a new location in Pompador, California. The cost of building a new salon is $300,000. A new salon will normally generate annual revenues of $70,000, with
Peyton Service Center just purchased an automobile hoist for $41,000. The hoist has an 8-year life and an estimated salvage value of $3,000. Installation costs and freight charges were $3,300 and
Cesar Company is considering a capital investment of $180,000 in additional productive facilities. The new machinery is expected to have a useful life of 6 years with no salvage value. Depreciation
MCA Corporation is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income
Dinkel Company is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows.Depreciation is computed by the
Tom Loper is an accounting major at a midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan area and
Goltra Clinic is considering investing in new heart monitoring equipment. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding
John’s Auto Care is considering the purchase of a new tow truck. The garage doesn’t currently have a tow truck, and the $60,000 price tag for a new truck would represent a major expenditure. John
Goldberg Corp. is thinking about opening a soccer camp in southern California. To start the camp, Goldberg would need to purchase land and build four soccer fields and a sleeping and dining facility
The Bynes and Moody partnership is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows.Depreciation is
Ben Paul is an accounting major at a western university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan area and visit their
Platteville Eye Clinic is considering investing in new optical scanning equipment. It has two options: Option A would have an initial lower cost but would require a significant expenditure for
Beka’s Auto Repair is considering the purchase of a new tow truck. The garage doesn’t currently have a tow truck, and the $65,000 price tag for a new truck would represent a major expenditure for
Brandon Corp. is thinking about opening a basketball camp in Texas. In order to start the camp, the company would need to purchase land and build eight basketball courts and a dormitory-type sleeping
Migami Company is considering the purchase of a new machine. Its invoice price is $117,000, freight charges are estimated to be $3,000, and installation costs are expected to be $5,000. Salvage value
Tony Skateboards is considering building a new plant. James Bott, the company’s marketing manager, is an enthusiastic supporter of the new plant. Alyssa Minh, the company’s chief financial
Impro Company operates in a state where corporate taxes and workers’ compensation insurance rates have recently doubled. Impro’s president has just assigned you the task of preparing an economic
A limited liability company’s annual report should be made easier to understand for the average shareholder. Discuss.
Examine the argument that annual reports are a costly irrelevance because hardly anyone refers to them.
Should companies be banned from including non-financial data in their annual reports?

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