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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

One writer recently noted that 99.4 percent of all companiesprepare statements that are in accordance withGAAP. Why then is there such concern about fraudulentfinancial reporting?
Michael Sharpe, former Deputy Chairman of the International Accounting Standards Committee (IASC), made the following comments before the 63rd Annual Conference of the Financial Executives
A number of foreign countries have reporting standards that differ from those in the United States. What are some of the main reasons why reporting standards are often different among countries?
How are financial accountants challenged in their work to make ethical decisions? Is technical mastery of GAAP not sufficient to the practice of financial accounting?
Identify the major financial statements and other means of financial reporting.
Explain how accounting assists in the efficient use of scarce resources.
Identify some of the challenges facing accounting.
Identify the objectives of financial reporting.
Explain the need for accounting standards.
Identify the major policysetting bodies and their role in the standardssetting process.
Explain the meaning of generally accepted accounting principles.
Describe the impact of user groups on the standards-setting process.
Understand issues related to ethics and financial accounting
(Financial Accounting) Alan Rodriquez has recently completed his first year of studying accounting.His instructor for next semester has indicated that the primary focus will be the area of financial
(Objectives of Financial Reporting) Celia Cruz, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Angeles Ochoa,
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the
(Need for Accounting Standards) Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting standards, each company
(AICPA’s Role in Standards Setting) One of the major groups involved in the standards-setting process is the American Institute of Certified Public Accountants. Initially it was the primary
(FASB Role in Standards Setting) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be
(Government Role in Standards Setting) Recently an article stated “the setting of accounting standards in the United States is now about 60 years old. It is a unique process in our society, one
(Politicization of Standards Setting) Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., standards setting) is taking
(Models for Setting Accounting Standards) Presented below are three models for setting accounting standards.1. The purely political approach, where national legislative action decrees accounting
(Standards-Setting Terminology) Andrew Wyeth, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.” As elsewhere, in the world of
(Accounting Organizations and Documents Issued) Presented below are a number of accounting organizations and type of documents they have issued.Instructions Match the appropriate document to the
(Accounting Pronouncements) Anumber of authoritative pronouncements have been issued by standards-setting bodies in the last 50 years. A list is provided on the left, below, with a description of
(Issues Involving Standards Setting) When the FASB issues new standards, the implementation date is usually 12 months from date of issuance, with early implementation encouraged. Paula Popovich,
(Securities and Exchange Commission) The U.S. Securities and Exchange Commission (SEC)was created in 1934 and consists of five commissioners and a large professional staff. The SEC professional staff
(Standards-Setting Process) In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the
(History of Standards-Setting Organizations) Beta Alpha Psi, your university’s accounting society, has decided to publish a brief pamphlet for seniors in high school, detailing the various facets
(Economic Consequences) Presented below are comments made in the financial press.Instructions Prepare responses to the requirements in each item.Prepare responses to the requirements in each item.(a)
(Standards-Setting Process, Economic Consequences) The following letter was sent to the SEC and the FASB by leaders of the business community.Dear Sirs:The FASB has been struggling with accounting
Kate Jackson, a new staff accountant, is confused because of the complexities involving accounting standards setting. Specifically, she is confused by the number of bodies issuing financial reporting
Michael Sharpe, former Deputy Chairman of the International Accounting Standards Committee (IASC), made the following comments before the 63rd Annual Conference of the Financial Executives
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
What are the primary objectives of financial reporting as indicated in Statement of Financial Accounting Concepts No. 1?
What is meant by the term “qualitative characteristics of accounting information”?
Briefly describe the two primary qualities of useful accounting information.
According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on the needs of the users of financial statements.Explain the level of
What is the distinction between comparability and consistency?
Why is it necessary to develop a definitional framework for the basic elements of accounting?
Expenses, losses, and distributions to owners are all decreases in net assets. What are the distinctions among them?
Revenues, gains, and investments by owners are all increases in net assets. What are the distinctions among them?
What are the four basic assumptions that underlie the financial accounting structure?
The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each
What is the basic accounting problem created by the monetary unit assumption when there is significant inflation? What appears to be the FASB position on a stable monetary unit?
The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values
When is revenue generally recognized? Why has that date been chosen as the point at which to recognize the revenue resulting from the entire producing and selling process?
Magnus Eatery operates a catering service specializing in business luncheons for large corporations. Magnus requires customers to place their orders 2 weeks in advance of the scheduled events. Magnus
What is the difference between realized and realizable?Give an example of where the concept of realizable is used to recognize revenue.
What is the justification for the following deviations from recognizing revenue at the time of sale?(a) Installment sales method of recognizing revenue.(b) Recognition of revenue at completion of
Jane Hull Company paid $135,000 for a machine in 2005.The Accumulated Depreciation account has a balance of$46,500 at the present time. The company could sell the machine today for $150,000. The
Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the matching principle. Indicate the
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics?
Briefly describe the types of information concerning financial position, income, and cash flows that might be provided: (a) within the main body of the financial statements,(b) in the notes to the
In January 2005, Alan Jackson Inc. doubled the amount of its outstanding stock by selling on the market an additional 10,000 shares to finance an expansion of the business. You propose that this
Describe the two major constraints inherent in the presentation of accounting information.
What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new
How are materiality (and immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in
The treasurer of Joan Osborne Co. has heard that conservatism is a doctrine that is followed in accounting and, therefore, proposes that several policies be followed that are conservative in nature.
Describe the usefulness of a conceptual framework.
Describe the FASB’s efforts to construct a conceptual framework.
Understand the objectives of financial reporting.
Identify the qualitative characteristics of accounting information.
Define the basic elements of financial statements.
Describe the basic assumptions of accounting.
Explain the application of the basic principles of accounting.
Describe the impact that constraints have on reporting accounting information.
Discuss whether the changes described in each of the cases below require recognition in the CPA’s report as to consistency. (Assume that the amounts are material.)(a) After 3 years of computing
Identify which qualitative characteristic of accounting information is best described in each item below. (Do not use relevance and reliability.)(a) The annual reports of Best Buy Co. are audited by
For each item below, indicate to which category of elements of financial statements it belongs.(a) Retained earnings (e) Depreciation (h) Dividends(b) Sales (f) Loss on sale of equipment (i) Gain on
Identify which basic assumption of accounting is best described in each item below.(a) The economic activities of FedEx Corporation are divided into 12-month periods for the purpose of issuing annual
Identify which basic principle of accounting is best described in each item below.(a) Norfolk Southern Corporation reports revenue in its income statement when it is earned instead of when the cash
Which constraints on accounting information are illustrated by the items below?(a) Zip’s Farms, Inc. reports agricultural crops on its balance sheet at market value.(b) Crimson Tide Corporation
Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material.(a) Marcus Co. has reported a positive trend in earnings
If the going concern assumption is not made in accounting, what difference does it make in the amounts shown in the financial statements for the following items?(a) Land.(b) Unamortized bond
What accounting assumption, principle, or modifying convention does Target Corporation use in each of the situations below?(a) Target uses the lower of cost or market basis to value inventories.(b)
Explain how you would decide whether to record each of the following expenditures as an asset or an expense. Assume all items are material.(a) Legal fees paid in connection with the purchase of land
(Qualitative Characteristics) SFAC No. 2 identifies the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative
(Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows.Relevance Timeliness Representational faithfulness
(Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below.Assets Distributions
(Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints used in this chapter.1. Economic entity assumption 5. Historical cost principle 9.
(Assumptions, Principles, and Constraints) Presented below are a number of operational guidelines and practices that have developed over time Instructions Select the assumption, principle, or
(Full Disclosure Principle) Presented below are a number of facts related to R. Kelly, Inc. Assume that no mention of these facts was made in the financial statements and the related
(Accounting Principles—Comprehensive) Presented below are a number of business transactions that occurred during the current year for Fresh Horses, Inc.Instructions In each of the situations,
(Accounting Principles—Comprehensive) Presented below is information related to Garth Brooks, Inc.Instructions Comment on the appropriateness of the accounting procedures followed by Garth Brooks,
(Conceptual Framework—General) Roger Morgan has some questions regarding the theoretical framework in which standards are set. He knows that the FASB and other predecessor organizations have
(Conceptual Framework—General) The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued seven Statements of
(Objectives of Financial Reporting) Regis Gordon and Kathy Medford are discussing various aspects of the FASB’s pronouncement Statement of Financial Accounting Concepts No. 1, “Objectives of
(Qualitative Characteristics) Accounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and evaluate
(Revenue Recognition and Matching Principle) After the presentation of your report on the examination of the financial statements to the board of directors of Bones Publishing Company, one of the new
(Revenue Recognition and Matching Principle) On June 5, 2003, McCoy Corporation signed a contract with Sulu Associates under which Sulu agreed (1) to construct an office building on land owned by
(Matching Principle) An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is dependent on the
(Matching Principle) Accountants try to prepare income statements that are as accurate as possible.A basic requirement in preparing accurate income statements is to match costs against revenues
(Matching Principle) Carlos Rodriguez sells and erects shell houses, that is, frame structures that are completely finished on the outside but are unfinished on the inside except for flooring,
(Qualitative Characteristics) Recently, your Uncle Waldo Ralph, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing some
(Matching) Hinckley Nuclear Power Plant will be “mothballed” at the end of its useful life(approximately 20 years) at great expense. The matching principle requires that expenses be matched to
3M Company The financial statements of 3M are presented in Appendix 5B or can be accessed on the Take Action! CD.Instructions Refer to 3M’s financial statements and the accompanying notes to answer
Weyerhaeuser Company Presented below is a statement that appeared about Weyerhaeuser Company in a financial magazine.The land and timber holdings are now carried on the company’s books at a mere
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the Take Action! CD, and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a)
Case 1 Retrieval of Information on Public Company There are several commonly available indexes that enable individuals to locate articles previously included in numerous business publications and

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