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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Describe the accounting and reporting for reacquisition of shares.
Understand the accounting and reporting issues related to dividends.
Describe the accounting and reporting for stock compensation plans.
Compute basic earnings per share.
Compute diluted earnings per share.
Understand the accounting for investments in debt securities.
Understand the accounting for investments in equity securities.
Explain the equity and consolidation methods of accounting.
Evaluate other major issues related to investments in debt and equity securities.
Understand the fundamental concepts related to revenue recognition and measurement.
Understand and apply the five-step revenue recognition process.
Apply the five-step process to major revenue recognition issues.
Describe presentation and disclosure regarding revenue.
Understand the fundamentals of accounting for income taxes.
Identify additional issues in accounting for income taxes.
Explain the accounting for loss carrybacks and loss carryforwards.
Describe the presentation of deferred income taxes in financial statements.
Understand the fundamentals of pension plan accounting.
Describe the accounting and amortization of prior service costs.
Explain the accounting and amortization for unexpected gains and losses.
Explain the nature, economic substance, and advantages of lease transactions.
Describe the accounting for leases by lessees.
Describe the accounting for leases by lessors.
Describe the accounting and reporting for special features of lease arrangements.
Identify types of accounting changes and understand the accounting for changes in accounting principles.
Describe the accounting for changes in estimates and changes in the reporting entity.
Describe the accounting for correction of errors.
Analyze the effect of errors.
Describe the usefulness and format of the statement of cash flows.
Prepare a statement of cash flows.
Contrast the direct and indirect methods of calculating net cash flow from operating activities.
Discuss special problems in preparing a statement of cash flows.
Explain the use of a worksheet in preparing a statement of cash flows.
Review the full disclosure principle and describe how it is implemented.
Discuss the disclosure requirements for related-party transactions, postbalance-sheet events, major business segments, and interim reporting.
Identify the major disclosures in the auditor’s report and understand management’s responsibilities for the financial statements.
Identify reporting issues related to financial forecasts and fraudulent financial reporting.
7. What factors determine the period and method for amortizing intangible assets?
8. Historically, the maximum number of years for amortizing an intangible asset has been 40 years.How would this change under the 1999 FASB Exposure Draft?
11. Under U.S. GAAP, what test is used to determine whether an asset is impaired? How is an impairment loss measured?
15. Why isn't depreciation expense always computed for the exact number of days an asset is owned?
16. What were the original reasons for the development of the ACRS income tax depreciation method?
7. What is the general rule used for determining the appropriate method of accounting for investments in equity securities when the investor does not possess absolute voting control?
9. How are changes in value disclosed on the financial statements for trading securities? available-for-sale securities? held-to-maturit>' securities?
10. What t\pe of account is Market Adjustment? How is it disclosed on the financial statements?
11. How is a permanent dechne in the value of investments recorded?
13. How are trading, available-for-sale, and held-tomaturity securities disclosed on the balance sheet—as current or long-term assets?
14. Where are the cash flow effects of purchases and sales of equity securities disclosed?
16. 'What is the only significant difference between the provisions of IAS 39 and those of FASB Statement No.115?'^,
17. What adjustment is needed when a company switches (a) from the equity method and (b) to the equity method of valuing securities?
18. Why is the impairment of a loan accounted for differently from the decline in value of a debt securit)^?
4. What is a bargain purchase option?
5. How is the lease term measured?
11. What amount should be recorded as an asset and a liability for capital leases on the books of the lessee?
12. Why do asset and liabilit}' balances for capital leases usually differ after the first year?
16. Distinguish a sales-type lease from a direct financing lease.
17. Unguaranteed residual values accrue to the lessor at the expiration of the lease. How are these values treated in a sales-t) pe lease?
18. Under what circumstances are the minimum lease payments for the lessee different from those of the lessor?
20. Describe the specific lease disclosure requirements for lessees.
21. What disclosures are required by the FASB for lessors under sales-type and direct financing leases?
22. How does the lease classification standard in IAS 17 differ from that in Statement No. 13?
23. 'What lease accounting proposal has been circulating among the members of the G4?
24. 'When should the profit or loss be recognized by the seller-lessee in a sale-leaseback arrangement?
25. Real estate leases can include land and/or buildings.Explain how the four criteria for determining lease capitalization are applied to the following:(a) Leases involving land only.(b) Leases
4. One possibility- for reporting income tax expense in the income statement for a given year is to merely report the amount of income tax payable in that year. VCTiat is wrong with this approach?
5. WTiat are the major advantages of the asset and liabilirs'method?
6. What is a drawback of the asset and liability method?
7. Describe how a change in enacted future tax rates is accounted for under the asset and liabiiitv method.
8. WTien is a valuation allowance necessary?
9. How does the FASB define the probabilit\- term"more Likely than not" in Statement Xo. 109?
10. What are the sources of income through which the tax benefit of a deferred tax asset can be realized?
11. In apphing the net operating loss carryback and carryforward provisions, what order of application is followed for federal tax purposes?
12. How is the classification of assets arising from NOL carryforwards determined under Statement No.109?
13. Under what conditions would scheduling the temporary difference reversals be required under Statement No. 109?
14. What was the most significant change in accounting for income tax carryforwards made by FASB ^Statement No. 109?
15. How do changes in the balances of deferred income taxes affect the amoimt of cash paid for income taxes?
16. If a company experiences a current operating loss, it may earn' the loss backward and forward. >X'hat impact do these carr\-backs and carryforwards have on the reported operating loss? on the
17. What rules govern the netting of deferred tax assets and deferred tax liabilities?
18. Why is accounting for income taxes not as significant an issue in some foreign countries as it is in the United States?
19. In 1996. the USC revised L\S 12. Did that revision make the international standard for deferred tax accounting more or less similar to the U.S. standard?
20. Briefly describe the partial recognition approach to accounting for deferred income taxes.^:
21. Describe the "with and without " approach of intraperiod tax allocation.
22. What is the proper sequence for computing intraperiod tax allocation?
1. Gross payroll is taxed by both federal and state governments. Identifv' these taxes and indicate who bears the cost of the tax, the employer or the employee.
2. How should compensated absences be accounted for?
3. The sales manager for Off-Road Enterprises is entitled to a bonus equal to 1 2% of profits. Wliat difficulties may arise in the interpretation of this profitsharing agreement?
4. Distinguish between (a) a defined benefit plan and a defined contribution plan, (b) a contributor)' plan and a noncontributory plan, (c) a multiemployer plan and a single-employer plan.
5. What is meant by the term vesting?
6. What factors must be considered by actuaries in determining the amount of future benefits under a defined benefit plan?
7. What five accounting issues were addressed by the EASE in relation to defined benefit plans?
9. List and briefly describe the six basic components of net periodic pension expense.
10. Explain how prior service costs arise (a) at the inception of a pension plan, and (b) at the time of a plans amendment.
11. How is the service cost portion of net periodic pension expense to be measured according to FASB Statement No. 87?
12. Does pension cost include the actual return on plan assets or the expected return? Explain.
14. (a) How is the transition gain or loss arising from adoption of FASB Statement No. 87 computed? (b)How is the unrecognized transition gain or loss amortized?
16. Why is a corridor amount identified in recognizing gain or loss from pension plans?
18. What is the function of the pension disclosure requirement included in the pension standards?
19- Distinguish between a pension settlement and a pension curtailment.
20. Which international accounting standard governs the accounting for pensions? When was this standard last revised?
21. What are the two major differences between IAS 19 and U.S. GAAP?

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