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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Based on the information below for Maize Industries LLC, construct a statement of financial position, statement of income, statement of changes in equity and statement of cash flows for the year
Explain how accounting standards are established. LO1.
Explain the Framework for the Preparation and Presentation of Financial Statements.LO1.
Discuss the general features of accounting in the Framework.LO1.
Define measurement concepts in the financial statements.LO1.
Explain the role of profesional ethics in accounting.LO1.
Why would nations want to have control over the accounting standard-setting process?LO1.
Compare and contrast the rules-based and principles-based approaches to setting accounting standards.LO1.
Which approach was used for IFRS: rules-based or principles-based standards?LO1.
What do IFRS include?LO1.
What are the objectives of the International Accounting Standards Board?LO1.
What is the structure of the lASB and related organizations? What is the role of each lASB-related organization?LO1.
Describe the six standard-setting stages used by the lASB.LO1.
What are the mandatory steps in the lASB standard-setting process? What are the nonmandatory steps?LO1.
What are the three requirements for setting international accounting standards?LO1.
IFRS include all of the following except:a. IFRS from the International Accounting Standards Boardb. Decisions by the Standards Advisory Committeec. IAS from the International Accounting Standards
The advantages of the principles-based approach to setting accounting standards do not include; .a. Specific guidance for those who prepare financial statementsb. Focusing on objectives for those who
The requirements for setting international accounting standards do include which of the following:LO1. 1. Transparency and accessibility 2. Apcountability 3. Public acceptability 4. Extensive
What are the three levels of authoritative guidance identified in the Framework?LO1.
Explain the two underlying assumptions in the Framework.LO1.
List the qualitative characteristics of financial statements and describe each of them.LO1.
What are the constraints on relevant and reliable information?LO1.
Someone seeking guidance about how to prepare, audit or interpret financial statements would follow which sequence to determine the appropriate accounting treatment of a transaction?LO1. a.
The qualitative characteristics of financial statements include which of the following?LO1. 1. Understandability 2. Relevance 3. Neutrality 4. Reliability 5. Comparability 6. Prudence a. 1, 2, 3
The constraints on relevant and reliable information include which of the following?LO1. 1. Balance between qualitative characteristics 2. Completeness of qualitative characteristics 3. True and
How frequently are businesses required to report under IFRS?LO1.
What information must be included in the financial statements to achieve comparability under IFRS?LO1.
How does a business achieve consistency in financial reporting?LO1.
How does a business determine materiality?LO1.
Under what circumstances can a reporting entity claim to have complied with IFRS?LO1.
Which concept requires the effects of transactions and other events to be reported in the period to which they relate?LO1. a. Going concernb. Timelinessc. Accrual basisd. Relevance
What is the concept that the omission or misstatement of information could influence users’LO1. decisions?a. Relevanceb. Understandabilityc. Reliabilityd. Materiality
Who establishes accounting standards?LO1.
What are rules-based versus principles-based standards?LO1.
Who sets International Financial Reporting Standards?LO1.
What is the International Accounting Standards Board?LO1.
How does the International Accounting Standards Board set standards?LO1.
What are the three levels of authoritative guidance?LO1.
What are the underlying assumptions in the Framework?LO1.
What are the qualitative characteristics of financial statements?LO1.
What are fair presentation and compliance?LO1.
What are materiality and aggregation?LO1.
What is offsetting?LO1.
What is the frequency of reporting?LO1.
What is comparative information?LO1.
What is consistency of presentation?5.1What are professional ethics?5.2What are ethical codes?5.2.1 Business entity 5.2.2 Accounting firm 5.2.3 Professional organization LO1.
What are the primary factors driving the convergence of national and regional accounting standards with international accounting standards?(Appendix)
What are rules-based standards? What are principles-based standards? What are the advantages and disadvantages of each?(Appendix)
What is the International Accounting Standards Committee Foundation, and what purposes does it serve?(Appendix)
What are the responsibilities of the International Accounting Standards Board? International Financial Reporting Interpretations Committee? Standards Advisory Council?(Appendix)
What are the lASB’s six standard-setting stages? What are the three requirements for setting IFRS?(Appendix)
_________ concerns how ethical theory is applied to real-world situations.
_________ is required for information to be reliable, since omission of information can cause it to be false or misleading.
__________ concerns how ethical theories and principles are applied in the business environment.
_________refers to the process by which a business entity is brought to an end.
__________ means that information is free from bias and does not influence a decision or judgement in order to achieve a predetermined result or outcome.
__________ refers to the use of the same set of accounting policies and procedures from period to period within an entity and between entities.
A ________ is an attribute that makes information provided in financial statements useful to users.
__________ standards focus on broad objectives that leave room for interpretation, while _________ standards provide specific guidelines.
__________ is when information makes a difference to users’ decisions.
__________ accounting classifies the effects of transactions in the reporting period in which they occur, not necessarily when cash is received or paid.
Employers and professional organizations set out rules of appropriate ethical behaviour in _or_.
_concerns how professionals make independent judgements on business ethics.
_meansthat the omission or misstatement of information could influence the economic decisions of users taken on the basis of the financial statements.
_isthe amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s-length transaction.
_include all standards and interpretations adopted by the International Accounting Standards Board, including IFRS, IAS and interpretations by IFRIC.
_isthe assumption that a business entity will continue operating without threat of liquidation in the foreseeable future.
Reliable information should be presented in a way that emphasizes substance over form and to providea_ofthe transactions that it is supposed to represent.
_meansthat users are assumed to have a reasonable knowledge of business, economic activities and financial accounting and will study the information with reasonable diligence to comprehend its
_provides the ability for users to identify trends over time in a business entity’s financial position and performance.
_meansthat information is free from material error and faithfully represents what it is supposed to represent.
_refers to whether information is available to users before it loses its capacity to influence decisions.
_isthe amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal.
_isthe amount of cash or cash equivalents that would have to be paid if the same or an equivalent asset was currently acquired - or the amount of cash or cash equivalents that would be required to
_isa measurement basis in which assets are recorded for an amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition.
_isa current estimate of the present discounted value of the future net cash flows in the normal course of business.
Explain the notes to the financial statements. LO1.
Describe financial position as reported by the statement of financial position.LO1.
Describe performance as reported by the statement of comprehensive income.LO1.
Explain the relationship between the statement of financial position and the statement of comprehensive income.LO1.
Explain the difference between expenditure, cost and expense.LO1.
What criteria must an asset meet to be classified as a current asset? What criteria must an asset meet to be classified as a noncurrent asset?LO1.
What is an operating cycle?LO1.
To what does the term short term refer? To what does long term refer?LO1.
What is a trade accounts receivable? What is a trade accounts payable? How is each classified on the statement of financial position?LO1.
What are inventories? How are they classified on the statement of financial position?LO1.
What are property, plant and equipment? How are they classified on the statement of financial position?LO1.
What is an intangible asset?LO1.
To what does the term current portion of noncurrent borrowings refer?
What is contributed capital? How is it classified on the statement of financial position?LO1.
Define reserves. How are reserves classified on the statement of financial position?LO1.
Define retained earnings.LO1.
What are consolidated financial statements?LO1.
Define parent. Define subsidiary.LO1.
What is a minority interest?LO1.
Which of the following is not an asset?a. Cashb. Trade accounts payablec. Inventoriesd. Property, plant and equipment LO1.
Which of the following is not a current liability?a. Prepaid expenseb. Current portion of borrowingsc. Trade accounts payabled. Lease payable LO1.
Retained earnings is part of which of the following?a. Assetsb. Liabilitiesc. Equityd. Revenue LO1.
Which of the following should be classified as current liabilities?1) Trade accounts receivables 2) Sales tax payable 3) Trade accounts payables 4) Contributed capitala. 1 and 2b. 2 and 3c. 3 and 4d.
On 1 March 2010 Andrew took out a loan for $50 000. The loan is to be repaid in five equal annual instalments, with the first repayment falling due on 1 March 2011. How should the balance on the loan

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