All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

Discuss why there are objections to financial statements being prepared using the NRVA model.(appendix)
Explain the criteria for determining whether hyperinflation exists.(appendix)
The bloggers Anthony H. Catanach Jr and J. Edward Ketz discussed in their blog Grumpy Old Accountants on 27 August 2012 the accounting for Internet companies. The article is titled 'What is Zynga's
The ASB made a submission on the 2010 proposed revenue standard in which they indicated that the revenue allocation in relation to a contract which involved multiple service obligations should
During the ‘dot com’ boom two major companies with excess data transmission lines in different areas arranged a sale whereby company X transferred lines in city A to company Y who in return
Explain why it is the user who should determine the information that the accountant collects, measures and reports, rather than the accountant who is the expert in financial information.(Appendix)
‘Yuji Ijiri rejects decision usefulness as the main purpose of accounting and puts in its place account¬ ability. Ijiri sees the accounting relationship as a tripartite one, involving the
Explain the effect on the statement of financial position in Figure 1.13 if the non-current asset consisted of expenditure on industry-specific machine tools rather than a lease.(Appendix)
'It is essential that the information in financial statements has a prudent characteristic if the financial statements are to be objective.' Discuss.(Appendix)
Explain why realised cash flow might not be appropriate for investors looking to predict future dividends.(Appendix)
Discuss why it might not be sufficient for a small businessperson who is carrying on business as a sole trader to prepare accounts on a cash flow basis.(Appendix)
'Unrealised operating cash flows are only of use for internal management purposes and are irrelevant to investors.' Discuss.(Appendix)
‘While accountants may be free from bias in the measurement of economic information, they cannot be unbiased in identifying the economic information that they consider to be relevant.'
‘Cash flow accounting and accrual accounting information are both required by a potential shareholder.’ Discuss.(appendix)
The asset measurement basis applied in accrual accounting can lead to financial difficulties when assets are due for replacement.’ Discuss.(appendix)
'Accrual accounting is preferable to cash flow accounting because the information is more relevant to all users of financial statements.’ Discuss.(appendix)
‘Information contained in a statement of income and a statement of financial position prepared under accrual accounting concepts is factual and objective.’ Discuss.(appendix)
The Framework for the Preparation and Presentation of Financial Statements identified seven user groups: investors, employees, lenders, suppliers and other trade creditors, customers, government and
The annual financial statements of companies are used by various parties for a wide variety of purposes. For each of the seven different ‘user groups’, explain their presumed interest with
‘We analyze a sample of UK public companies that invoked a TFV override during 1998-2000 to assess whether overrides are used opportunistically. We find overrides increase income and equity
When preparing accounts under Format I, how would a bad debt that was materially larger than normal be disclosed?
Discuss the major benefit to an investor from the UK Strategic Report if it purports to be similar to the Business Review.
Discuss how transactions with related parties can have(a) a beneficial impact(b) a prejudicial impact on (i) the reported income and (ii) the financial position.
Explain the difference between foreign currency translation and foreign currency conversion.
What justification is there to recognize unrealized gains arising from the translation of an unsettled foreign currency transaction at the end of a reporting period?
Distinguish between a company's functional currency and its presentational currency.
What factors should a company take into account when determining which is its functional currency?
Identify the circumstances under which IAS 21 permits the use of the closing rate method and the temporal method for translation of financial statements.
What does the net investment (closing rate) method assume is most relevant at the consolidated financial statements stage of translation?
Should the different relationships between a parent operation and its controlled foreign operation affect the treatment of exchange profits or losses in the consolidated financial statements?
IAS 21 requires the use of the net investment method when translating the financial statements of foreign operations with a functional currency different to that of the parent's. What other methods
Explain what is meant by 'hedge accounting', and give an example of when a company may use a hedge transaction.
Explain what is meant by the term horizontal analysis.
Explain what is meant by the term vertical analysis.
Explain whether the advantages of ratio analysis outweigh the disadvantages.
Explain the uses and limitations of ratio analysis when used to interpret the published financial statements of a company.
Identify and explain the ratios that provide information on performance for investors.
Explain why liquidity is important to a company.
Identify and explain the ratios that provide information on liquidity.
Identify and explain the ratios that provide information on profitability.
What methods have been devised to give indications of financial distress?
What sources of information outside the business are available to assist in the interpretation process?
Distinguish between permanent differences and temporary differences.
Explain and distinguish between the flow-through, full deferral and partial deferral approaches to providing for deferred tax.
Explain and distinguish between the liability method and deferral method of providing for deferred tax.
Distinguish between current tax and deferred tax.
Define the term current tax, and explain how it should be accounted for under IAS 12 .
Distinguish between timing differences and temporary differences.
Define the term temporary differences, and explain the difference between taxable temporary differences and deductible temporary differences.
What is the tax base of an asset or a liability?
Is income smoothing a sufficient reason to provide for deferred tax?
Why is it that a profitable business can find itself short of cash?
Is it possible for a business to make losses year after year but still increase its bank balance?
What is the main aim of a statement of cash flows?
How does an increase in the depreciation charge affect the operating profit and the net cash flow from operating activities?
Distinguish between the direct method and indirect method of calculating the net cash flow from operating activities.
List the main adjustments that are required if the indirect method of calculating the net cash flow from operating activities is used.-
Explain each of the following terms, which are defined in IAS 7:(a) operating activities(b) investing activities(c) financing activities.
How are non-cash investing and financing transactions dealt with in accordance with IAS 7?
Which entities have to prepare a statement of cash flows?
Explain what is meant by cash and cash equivalents.
What is the philosophy underlying the proprietary approach?
What is the philosophy underlying the entity approach?
Explain how negative goodwill may arise and how it should be accounted for.
Explain why it is only the net assets of the subsidiary that are adjusted to fair value at the date of acquisition for the purpose of consolidated accounts, and not those of the parent.
Explain why the non-controlling interest is calculated at the end of the reporting period, while goodwill is calculated at the date of acquisition.
Why is it important to remove unrealized profits arising from transactions between companies in a group?
Explain what is meant by the term 'joint arrangement' and what types of joint arrangement exist.
Explain what is meant by the term 'significant influence'.
Explain how associated companies are accounted for in a consolidation, and how this differs from the treatment of a subsidiary.
Identify which costs should be included in the cost of inventories and which should be excluded from the cost of inventories
Explain the effect an increase or decrease in the value of closing inventory will have on the reported profit of a company.
Briefly outline each of the following methods of stock valuation:(a) first in, first out (FIFO)(b) last in, first out (LIFO)(c) weighted average cost (AVCO).
Explain the difference between perpetual and periodic bases of inventory valuations.
What is the IAS 2 definition of inventories?
Explain how inventories should be measured to comply with IAS 2 .
Explain how an under-recovery of overheads should be accounted for in arriving at a figure for closing inventory.
Explain how an over-recovery of overheads should be accounted for in arriving at a figure for closing inventory.
Identify the items that IAS 2 specifically excludes from the cost of inventory.
How should the inventory of a service provider be accounted for?
BD Joiners inventory transactions for the three months ended 31 March 2013 were as follows:\(\mathrm{BD}\) Joiners maintains its inventory records on the perpetual system, and all purchases are made
Purchases and sales of a certain product for the first seven days of June 2013 are as follows:\section*{Required}(a) Determine the cost of goods sold for the week and closing inventory at the end of
Arch Racing Supplies has inventories which include the following four items.\section*{Required}What amount should be reported as total inventory in respect of these items in the statement of
Mod Transport Ltd manufacture four types of scooter: Models A, B, C and D. The following information relates to the value of finished goods and work in progress in inventories on 31 December 2012
D \& C Stores is a food retailer that values inventory at a retail price less a margin. Inventory at 30 November 2012 has been counted and categorized as follows:It is company policy to create a
Flofoam is a manufacturer of specialist lightweight padding for seating in passenger aircraft. As a result of the particular machinery required, Flofoam manufactures and sells only this one product.
Bennett Building Supplies Ltd ('BBS') is a building supply company. At 31 December 2012, a stock count was carried out of the eight main categories of inventory held by the company. Relevant
MCL has manufactured summerhouses for a number of years and has a well-developed costing system. In anticipation of the forthcoming year's budgeted demand for its prestige model, the Postcode
What are the main issues in relation to revenue recognition?
Define what is meant by 'revenue' and explain how revenue should be measured in accordance with IAS 18.
What conditions must be satisfied before revenue relating to a sale of goods can be recognized?
What conditions must be satisfied before revenue relating to the rendering of services can be recognized?
Is recognition of revenue in accordance with IAS 18 's objective?
Why does IAS 2 Inventories not apply to construction contracts?
By what methods can the stage of completion of a construction contract be determined?
What is the IAS 11 definition of a construction contract?
Explain how revenue and costs should be recognized in accordance with IAS 11 where the outcome of a construction contract can be estimated reliably.
Pillar Products plc entered into the following transactions in the year to 31 March 2013.(i) The company secured a consultancy contract for \(£ .2 \mathrm{~m}\) with a customer. The terms of the
A specialist engineering company has the following transactions in the year to 31 December 2012.(i) An order was received on 15 December 2012 for a machine tool costing \(£ 810,000\). A \(10 \%\)
Stone By Stone Ltd ('SBS') is a construction company involved in several building contracts. Details of two of the contracts in progress at the company's year end of 31 December 2012 are as

Showing 1200 - 1300 of 2192

First
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved