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financial accounting theory

Questions and Answers of Financial Accounting Theory

Using Model-III discuss the series of SQL statements to produce a trial balance up to a particular date.
Describe the series of SQL statements to produce trial balance data base design for Model-II is used.
Explain the data base design for Model-I for producing the receipts the series of SQL statements for producing the payment side of cash book for Model-II.
Briefly explain the set of SQL statements to produce the receipts side of a cash book for Model-I.
What attributes of water could be measured? Who would use information about these water attributes? What decisions would they be making?AppendixLO1
What is a water asset? What is a water liability? How would water assets and liabilities increase or decrease?AppendixLO1
What is water accounting? Why would we want to account for water?AppendixLO1
What is the Global Reporting Initiative? Is this the same as the Greenhouse Gas Protocol Initiative?AppendixLO1
What is the Carbon Disclosure Project? Who would use the information provided by the Carbon Disclosure Project? Why?AppendixLO1
Who do you think should be involved in sustainability assurance? Accountants or physical scientists and engineers? Why?AppendixLO1
Why has the practice of sustainability reporting (and assurance) varied around the world?AppendixLO1
What advantages do companies perceive in obtaining assurance for sustainability reports?AppendixLO1
Why do companies issue sustainability reports?AppendixLO1
What is sustainability reporting? How does sustainability reporting relate to social accounting?AppendixLO1
Is it important to harmonise both accounting and auditing standards around the world? Why?AppendixLO1
What are the arguments for and against convergence between the FASB and the IASB?AppendixLO1
Leon Gettler wrote in a recent article: As former analyst Henry Blodget points out, the US is adopting the model used by Japan in the 1990s when it refused to acknowledge its banks were insolvent and
What are the latest pronouncements from the IASB and FASB on fair values?AppendixLO1
What specific issues does the global financial crisis create for auditors?AppendixLO1
What is the global financial crisis? Why has it created intense discussion about accounting for fair values?AppendixLO1
'I do not know of any auditing regulation that originated in a research study. What does this statement mean for the relationship between auditing research and public policy?AppendixLO1
What is XBRL? What are the arguments for and against disaggregation of data in financial statements?AppendixLO1
What is the difference between independence in fact and independence in appearance? Which is more important?AppendixLO1
What is an industry specialist auditor? Will an industry specialist auditor always perform better than a non-specialist auditor? Explain.AppendixLO1
List nine or more factors that will influence the accounting system adopted by a firm and the information disclosed. Which of these factors is a direct function of human behaviour?AppendixLO1
Accounting is a function of human behaviour and activity. As such, is not all accounting research behavioural? Justify your answer.AppendixLO1
What is more important for an organisation - the 'right' physical assets or the 'right' people? Explain.AppendixLO1
Why do individuals form lobby groups to influence companies' behaviour and information disclosures? What types of information would shareholder groups require to determine whether company directors
Reconcile normative accounting studies and human judgement theory.AppendixLO1
Human judgement theory does not purport to penetrate the 'black box' of cognitive processing. Verbal protocol research, however, has that ability. What are the strengths and weaknesses of this
What alternatives exist for improving the format and presentation of accounting information? What is the research evidence regarding the merit of the various alternatives?AppendixLO1
Why is a 'model of human behaviour' generally superior to human judgements?AppendixLO1
Does consensus always imply accuracy in studies of accounting decision making? Justify your answer.AppendixLO1
Compare and contrast the efficient markets hypothesis and human judgement theory. Are they inconsistent with each other? Explain.AppendixLO1
'Most people are not good intuitive statisticians.' Discuss this statement in an accounting context, drawing on research using the probabilistic model.AppendixLO1
Describe how (and why) the information processing systems of expert accountants might be different from those of accounting students. How might the expertise of experienced accounting practitioners
Explain the implications for accounting if decision makers in an accounting context display any or all of the representativeness, availability, or anchoring and adjustment rules of thumb.AppendixLO1
Use the probabilistic judgement framework to describe an accounting or auditing related decision task.AppendixLO1
Most human judgement research is undertaken in an experimental setting. How would you respond to the assertion that experiments cannot be generalised to the real world? What are the weaknesses and
Consider a decision task, other than a bankruptcy prediction task, that uses accounting information (e.g. making recommendations for share investors). Assume that you are intending to conduct a
Why do we have to be careful drawing conclusions about causality based on studies using archival data?AppendixLO1
What are the two main explanations for the association between the choice of a high-quality auditor and a lower cost of debt or equity capital?AppendixLO1
Outline the different procedures that can be used to determine whether accounts have quality accruals or whether they create more noise.AppendixLO1
Why would financial analysts be fooled by accounting numbers and provide optimistic and biased estimates of profits? Can you offer a positive economic reason for their actions?AppendixLO1
Briefly explain and outline the research on the 'mechanistic' hypothesis. What are the implications of this research?AppendixLO1
Outline a research project which explains how share prices are determined. Would this project include factors other than accounting data?AppendixLO1
The impact of profits for valuation has diminished over the years. What is the impact? How has the research adjusted to reflect this fact?AppendixLO1
How will risk and uncertainty affect the valuation of a firm and, through this valuation model, the ERC?AppendixLO1
Outline the research that has been undertaken on the impact of permanent and temporary increases in profits. Why is this research important?AppendixLO1
Why would share prices have a greater reaction to the profit announcements released by small firms compared with those released by large firms? Do you think this research has any implications for
Give reasons that non-linear models relating unexpected returns to share prices would provide a more precise estimate of the earnings response coefficient (ERC).AppendixLO1
Does a study of the information content of profits announcements explain why firms use particular accounting practices? Does it help to predict which firms will use particular accounting
Explain the importance of examining the impact of profits on share prices for financial analysis. Can this analysis be used to make abnormal returns from share markets?AppendixLO1
Explain the meaning of an efficient market. What is meant by the following terms: weak-form efficiency, semistrong-form efficiency and strong-form efficiency? Which form is the most important to
What is positive accounting theory? How does it differ from normative accounting theory? What was/were the major dissatisfaction(s) with normative accounting theory which led to the development of a
Explain the role of auditing in agency theory and the information perspective.AppendixLO1
The role of financial accounting is to provide information for making economic decisions to buy and sell shares? Evaluate this argument from a contracting perspective.AppendixLO1
What is unconditional and conditional accounting conservatism? How would an unbiased (neutral) approach to recognition of all gains and losses reduce the stewardship (monitoring) role of
Are the contracting and information perspectives of positive accounting theory different in any significant ways? If so, how and why? Which of the two perspectives is more consistent with the
Positive accounting theory does not prescribe how accounting reports should be prepared. How, then, can it make any contribution to the advancement of accounting as an information system? Do you
Positive accounting theory has been criticised by many. Outline the criticisms and comment on their validity.AppendixLO1
In the context of positive accounting theory, political costs can reduce the value of firms significantly. (a) Give examples of how firms can be exposed to political costs. (b) Give examples of how a
When Kezza Ltd approached Steffs Banking Corporation Ltd for an unsecured loan of $100 million, Kezza Ltd had a good credit rating. However, the economy was depressed and Steffs Banking Corporation
Explain the main agency costs of debt, and how debt contracts can be designed to reduce those costs. In particular, explain how accounting specifications within the contracts can be used to reduce
Explain the role, if any, played by accounting numbers in specifying the contractual terms of bonus plans designed to reduce agency problems.AppendixLO1
Bonus plans are used to reduce the agency costs of equity. Describe the agency relationship giving rise to the agency cost of equity and explain how bonus plans can reduce particular types of agency
Who bears agency costs?AppendixLO1
Because of ex post settling up and price protection, much opportunistic behaviour is prevented or compensated for. What is price protection, and how does it reduce the cost of opportunistic
Although managers have incentives to transfer wealth from shareholders to themselves or from lenders to shareholders, there are various factors that can limit the wealth transfers. What are those
Explain the three types of agency costs and their relationships to each other in the context of (a) debt contracts (b) equity contracts.AppendixLO1
Agency relationships give rise to agency costs that are borne, at least initially, by different parties. Briefly explain how agency relationships arise and give rise to agency costs.AppendixLO1
What are the costs of breaching a debt covenant? How significant do you think these costs might be?AppendixLO1
What are debt covenants, and why are they used?AppendixLO1
Why might politicians choose, rationally, not to be fully informed about issues they are charged to resolve?AppendixLO1
Why might managers' interests differ from those of shareholders? What can shareholders do to ensure that they do not suffer financially because managers' interests differ from their own?AppendixLO1
What is the debt hypothesis? Explain the logic (theory) behind it.AppendixLO1
What does it mean when researchers claim that for a signal to be credible, it must be 'costly' to replicate? Consider an example where accounting information is used for signalling purposes. Is the
Why might managers choose accounting methods that reduce current period reported earnings?AppendixLO1
Why might managers choose accounting methods that increase current period reported earnings?AppendixLO1
What were some of the factors that led to the development of positive accounting theories of accounting policy choice?AppendixLO1
What is the difference between normative and positive accounting theory? Give examples of each.AppendixLO1
An entity receives 100 emission trading allowances from the government. It purchases an additional 50 allowances for $3000 each. (a) What is the average cost of the allowances? What journal entries
The following items are typical expenses. Identify the asset or service that is used up. (a) income tax expense (b) interest expense (c) cost of goods sold (d) warranty expense (e) goodwill
Decide whether the following expenditures should be put into an asset or expense account. (a) The cost of an insurance policy, which had been purchased by Y Ltd to cover goods in transit to the
Leonard Ltd is a small firm. For the six-month period ending 30 June of the current year, it made sales totalling $40 000. These sales were on credit and were all made in the last four months. To
Explain the arguments for and against expensing share (stock) options.AppendixLO1
Standard setters have been criticised for being 'balance sheet biased'. What does this mean? What evidence is available to support this criticism?AppendixLO1
What guidance is provided by the Framework in relation to the convention of conservatism?AppendixLO1
Determine whether an asset or expense should be charged for the following costs, and state your reasons. (a) cost of removing two small machines to make way for a larger new machine (b) cost of
How has allocation been defended by some researchers?AppendixLO1
What is the 'allocation problem' as argued by Thomas? What is your opinion of this problem? How is it dealt with under the Framework?AppendixLO1
What are some of the problems related to the immediate recognition method?AppendixLO1
What are some of the problems connected with the cause-and-effect method?AppendixLO1
Name the three basic methods of matching. Give an example of each. How do they align with the expense recognition criteria outlined in the Framework?AppendixLO1
Explain the connection between accruals and deferrals on the one hand and the process of matching on the other. Give two examples.AppendixLO1
What is the difference between expense and loss? How does the Framework apply to expenses and losses?AppendixLO1
What is the 'monetary event' associated with the notion of expense? How is the 'using up of goods or services' related to expense?AppendixLO1
How is the cash outflow of an entity related to expenses?AppendixLO1
Explain why an auditor would be interested in the terms of the senior executives' remuneration contracts, in particular, how bonuses for outstanding performance are calculated.AppendixLO1
What is meant by 'revenue cut-off"? Why do auditors verify the date of sales transactions around the end of a financial period?AppendixLO1

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