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Financial Accounting Reporting Owner's Equity? How many shares are in treasury stock? What was the amt of retained earning at the start of the year? What is the amt of capital in excess of par? if on the balance sheet a company has Common Stock: $1,553,000 Retained Earnings: $857,000 Net Income: $1,189,000 Shares Issued 107,000 Shares Outstanding: 96,300 Dividends Declared and Paid $806,000 Thanks

Financial Accounting: Reporting and Analyzing Receivables? At the beginning of the current period, Fassi Corp. had balances in Accounts Receivable of $400,000 and in Allowance for Doubtful Accounts of $22,000 (credit). During the period, it had net credit sales of $950,000 and collections of $1,021,000. It wrote off accounts receivable of $29,000. However, a $2000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $18,000 at the end of the period. a) Prepare the entries to record sales and collections b) Prepare the entry to record the write-off of uncollectible accounts c) Prepare the entries to record the recovery of the uncollectible account d) Prepare the entry to record bad debts expense for the period e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. I can't seem to get the bad debts expense entry and thus my ending balance for the Allowance for D.A. is incorrect. Any help with d) and e) would be appreciated, thanks.

what would the correct accounting/financial reporting would be in the following circumstance:? If company A bought business B and business B had escrow holdbacks on it, Company A identified claims and issues. 19-20 months after acquisition (beyond the 1 year allocation period for balance sheet), Company A received return on purchase price. What is that booked as for Company A? Under goodwill? Gain on P&L?

Financial Reporting: Accounting regulatory environment and its development?

Accounting-Financial Reporting 1? Question 2: (2 points) Exercise 5-14 Percentage-of-completion method; solve for unknowns LO4 In 2009, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,620,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2009, is as follows: Balance Sheet Accounts Receivable (from construction progress billings) $32,000 Construction in Progress $105,000 Less: Billings on Construction Contract (95,000) Cost of Uncompleted Contracts in Excess of Billings 10,000 Income statement Income (before tax) on the contract recognized in 2009 $25,000 Required: What was the cost of construction actually incurred in 2009? How much cash was collected in 2009 on this contract? What was the estimated cost to complete as of the end of 2009? What was the estimated percentage of completion used to calculate income in 2009? Round percentage of completion to 2 decimal places, all other answers to nearest whole number. Omit the "$" and "%" sign in your response. 1. Actual costs incurred in 2009 = $ 2. Cash collections in 2009 = $ 3. Estimated cost to complete = $ 4. Estimated percentage of completion used to calculate income = %

why governmental accounting and financial reporting should be different from for-profit business enterprises?? can anyone explain my question above?? why do they have separate accounting and financial reporting standards???

financial accounting and managerial accounting reports must be prepared in accordance with generally accepted? financial accounting and managerial accounting reports must be prepared in accordance with generally accepted acoounting principles GAAP True or False

what is the effect of computerised accounting on quality financial reporting? does computerised accounting improve the quality of financial reports and in what way or there is no effect?

Why is the valuation of inventories important in financial reporting? This question is related to accounting and financial reporting.

which act was passed to redress accounting and financial reporting abuses in light of recent corporate scandal

whats the main point to state in financial account report? and how to compare ratios with industry average?

Do I need to have public accounting experience to be licensed as a CPA? I am from NJ and already sat for sections of the CPA exam. Just waiting on scores. IF I pass all sections, would my 3 year industry experience be sufficient enough to get me licensed? I have no public accounting experience as this is my first job after college. I am involved however in many financial accounting functions reporting directly under the controller.

what auditing standards that andersens involve in making decision in accounting and financial reporting?

what arethe diffrences between financial reporting and managerial accounting information?

In financial accounting is a "reported liability" necessarily a "legal liablility"? I know that a legal liability is not necessarily a reported liability. But is a reported liability necessarily a legal liability? and why? and examples :) thanks legal liabilities don't have to be reported if its not probable you will have to pay... your answer makes sense though

Question about financial accounting theory? Help! For final exam: "Discuss the impact of fair value accounting and reporting in light of current standards, concept frameworks, theoretical assumptions and current reporting issues in the market"

Is better to enroll in the CPA now or work for at least a year in accounting and then go for it? I’ve completed a Bachelor degree in International Business and then pursued a master degree in Accounting from an Australian university, still got one semester to go. Besides, I am thinking of enrolling in the CPA Australia program but still a bit confused, because some advised me to start working in accounting for at least a year and then go after the CPA while others recommended that I start now. What do you think? (Just to mention that I haven’t got any previous accounting experience). Moreover, the CPA program is made-up of 6 segments of which 3 are compulsory and 3 could be selected out of the 9 elective segments as listed below: Compulsory segments •Reporting and Professional Practice •Corporate Governance and Accountability •Business Strategy and Leadership Elective segments •Assurance Services and Auditing •Financial Accounting •Financial Reporting and Disclosure •Financial Risk Management •Insolvency and Reconstruction •Knowledge Management •Personal Financial Planning and Superannuation •Strategic Management Accounting •Taxation Please if anyone could recommend, according to his/her own knowledge and experience, three subjects out of these 9 electives that you find appealing and rewarding for the present market? Really appreciate your help Thanks

Accounting, can some one help? Accounting, can some one help? BTN 17-1 Refer to Krispy Kreme’s financial statements in Appendix A to answer the following: 1. Using 2001 as the base year, compute trend percents for 2001, 2002, and 2003 for revenues, operating expenses (cost of sales), general and administrative expenses, income taxes, and net income. (Round to the nearest whole percent.) 2. Compute common-size percents for 2003 and 2002 for the following categories of assets: (a) total current assets, (b) property and equipment, net, (c) intangible assets, and (d) accrued expenses. (Round to the nearest tenth of a percent.) 3. Comment on any significant changes across the years for the income statement trends computed in part 1 and the balance sheet percents computed in part 2. Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition Back Matter Appendix A: Financial Statement Information © The McGraw−Hill Companies, 2004 A A-1 Appendix Financial Statement Information This appendix includes financial information for (1) Krispy Kreme, (2) Tastykake, and (3) Harley-Davidson. This information is taken from their annual reports. An annual report is a summary of a company’s financial results for the year along with its current financial condition and future plans. This report is directed to external users of financial information, but it also affects the actions and decisions of internal users. A company uses an annual report to showcase itself and its products. Many annual reports include attractive photos, diagrams, and illustrations related to the company. The primary objective of annual reports, however, is the financial section, which communicates much information about a company, with most data drawn from the accounting information system. The layout of an annual report’s financial section is fairly established and typically includes the following: Letter to Shareholders Financial History and Highlights Management Discussion and Analysis Management’s Report Report of Independent Accountants (Auditor’s Report) Financial Statements Notes to Financial Statements List of Directors and Officers This appendix provides the financial statements for Krispy Kreme (plus selected notes), Tastykake, and Harley-Davidson. The appendix is organized as follows: Krispy Kreme A-2 through A-17 Tastykake A-18 through A-24 Harley-Davidson A-25 through A-30 Many assignments at the end of each chapter refer to information in this appendix. We encourage readers to spend time with these assignments; they are especially useful in showing the relevance and diversity of financial accounting and reporting. Special note: The SEC maintains the EDGAR (Electronic Data Gathering, Analysis, and Retrieval) database at www.SEC.gov. The Form 10-K is the annual report form for most companies. It provides electronically accessible information. The Form 10-KSB is the annual report form filed by “small businesses.” It requires slightly less information than the Form 10-K. One of these forms must be filed within 90 days after the company’s fiscal year-end. (Forms 10-K405, 10-KT, 10-KT405, and 10-KSB405 are slight variations of the usual form due to certain regulations or rules.) Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition Back Matter Appendix A: Financial Statement Information © The McGraw−Hill Companies, 2004 A-2 Appendix A Financial Statement Information KRISPY KREME Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition Back Matter Appendix A: Financial Statement Information © The McGraw−Hill Companies, 2004 Appendix A Financial Statement Information A-3 KRISPY KREME SELECTED FINANCIAL DATA The following table shows selected financial data for Krispy Kreme. The selected historical statement of operations data for each of the years ended, and the selected historical balance sheet data as of January 31, 1999, January 30, 2000, January 28, 2001, February 3, 2002 and February 2, 2003 have been derived from our audited consolidated financial statements. Please note that our fiscal year ended February 3, 2002 contained 53 weeks. Systemwide sales include the sales by both our company and franchised stores and exclude the sales by our KKM&D business segment and the royalties and fees received from our franchised stores. Our consolidated financial statements appearing elsewhere in this annual report exclude franchised store sales and include royalties and fees received from our franchisees. The consolidated financial statements also include the results of Freedom Rings, LLC, the area developer in Philadelphia, and Golden Gate Doughnuts, LLC, the area developer in Northern California, in which Krispy Kreme has a majority ownership interest, as well as the results of Glazed Investments, LLC, the area developer in Colorado, Minnesota and Wisconsin, for periods subsequent to August 22, 2002, the date the

Accounting Question 10 pts !? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: internal uses by managers. external uses by stockholders and creditors. external uses by the Internal Revenue Service. external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? Planning Directing and motivating Controlling Decision making 5. Which of the following is not one of the three basic activities of a manager? Planning Controlling Directing and motivating Compiling management accounting reports

I need help with accounting and financial reports? Im taking my GED online threw Thompson Institute and having trouble with my last four test

Accounting Question 10 pts help !? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c,external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5. Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): a.administrative expense. b.direct labor cost. c.manufacturing overhead cost. d.selling expense. 8. Property taxes on a company's factory building would be classified as a(n): a.product cost. b.opportunity cost. c.period cost. d.variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): a.period cost. b.opportunity cost. c.sunk cost. d.differential cost. 10. The cost of warranty repairs would be classified as a(n): a.prevention cost. b.appraisal cost. c.internal failure cost. d.external failure cost.

Accounting help 10 pts!!!!!!!!!? 1.Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2) A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3)Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c.external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4)Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5.Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports

Accounting hel 10 pts!!!!!? 1.Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2) A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3)Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c.external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4)Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5.Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports

Accounting question 10 pts!? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c,external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5. Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): a.administrative expense. b.direct labor cost. c.manufacturing overhead cost. d.selling expense. 8. Property taxes on a company's factory building would be classified as a(n): a.product cost. b.opportunity cost. c.period cost. d.variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): a.period cost. b.opportunity cost. c.sunk cost. d.differential cost. 10. The cost of warranty repairs would be classified as a(n): a.prevention cost. b.appraisal cost. c.internal failure cost. d.external failure cost.

Accounting Questions? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c,external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5. Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): a.administrative expense. b.direct labor cost. c.manufacturing overhead cost. d.selling expense. 8. Property taxes on a company's factory building would be classified as a(n): a.product cost. b.opportunity cost. c.period cost. d.variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): a.period cost. b.opportunity cost. c.sunk cost. d.differential cost. 10. The cost of warranty repairs would be classified as a(n): a.prevention cost. b.appraisal cost. c.internal failure cost. d.external failure cost.

who creates managerial accounting reports? I know that financial reports used by stockholders, bankers, and investors are created by accountants. However, who creates the internal managerial accounting reports used by managers to make decisions within the company? Are they also created by accountants or by the managers?

How much of an impact will The International Financial Reporting Standards have in the future of accounting? Will they be on the CPA exam? Will I need to go back to school? I have a book but I'm nervous as to how my future is going to be affected by these principles. I'm one of the unfortunate few who graduated in May of 2009 with all of this change and drought. Any insights? I know the question stinks but if someone knows something, let me know. Thanks.

What is FARS ? Definition ? its Objective? Financial Accounting Reporting or (Research) system. Is it database? If yes for what? And who can access it? Details if required

What steps can management take to contain risks of an over valued currency? "It is for this reason that UK companies responded to the appreciation of sterling in the late 1990s by increasing the proportion of imported inputs. Car manufacturers such as Toyota and Nissan that had UK plants and large EU sales, shifted sourcing of components to eurozone countries" Source: Corporate Financial Accounting and Reporting - 2nd Edition by Tim Sutton (P.483) How does increasing imports influence business in the valuation of a currency? Does it force businesses (importers / exporters) to increase their balances in the respective foreign currency?

INTERNATIONAL ACCOUNTING? 7. In some countries, financial institutions operate under Shariah, which also gives guidance about accounting practice in these companies. What is “Shariah?”a) Shariah is the financial accounting standards board in Saudi Arabia.B) Shariah is the law governing human conduct that is derived from the Koran.C) Shariah is the codification of banking regulations in the European Union.D) Shariah is a political system used in South American countries. 8. Assets are commonly shown in order of their liquidity, or in reverse order of their liquidity. What does “liquidity” mean? Liquidity refers to how easily the assets are converted to cash. Liquidity means that assets are inflation-adjusted. Liquidity refers to whether the asset is depreciable or not. Liquidity means that the assets are closely matched to specific liabilities. 9. Individualism, power distance, uncertainty avoidance, and masculinity are examples of: a) accounting values B) ecological factors C) cultural dimensions D) external forces 13. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? The time expended by accountants to create multiple sets of financial statements conforming to different national standards. The cost of the IASB to regulate compliance with many national accounting standards. The reduction in effectiveness of the international markets for capital. The resources used by countries in legislating different sets of accounting standards. 15. Of the 14 members of the International Accounting Standards Board (IASB), how many work for the board on a full-time basis? 14 12 10 0 16. The IASB's Framework for Preparation and Presentation of Financial Statements (1989) implies that the most important group of users is: government. general public. creditors. investors. 22. Camerata Construction borrowed 19,000,000 for 10 years at 6% specifically to modernize its operations with new equipment. The average rate of interest on Camerata's debt after considering the most recent loan was 5.5%. What rate of interest should be used for capitalizing the borrowing costs on the new equipment under IAS 23? 5.5% 6% 5.75% Some other amount 23. The IASB standard on stock options (IFRS 2) is substantially the same as U.S. GAAP. How should stock options be accounted for? Since their value is not determinable until a future date, they are not recorded, but only disclosed in the notes to the financial statements. A compensation expense is recorded based on the value of the options expected to vest as of the date the options are granted. An expense is recorded only if a market value for the options exists on the date the options are granted. The options are recorded as a liability for the value of the stock at the exercise date. 24. What functional area dominates the accounting profession in Germany? Taxation Auditing Financial reporting Managerial Accounting 26. What is the main source of corporate financing in the United Kingdom? banks capital markets government grants royal family 27. What is the greatest difference between Mexican accounting practice and American accounting practice? The method of calculating earnings per share The lack of conservatism in Mexican accounting standards The treatment of inflation effects on financial statements The accounting for exchange rate gains and losses 28. In what year was the Shanghai Stock Exchange reactivated? 1949 1956 1990 1995 29. According to the World Trade Organization, what was the size of international trade in 2003? $7,000,000,000 (7 billion dollars) $70,000,000,000 (70 billion dollars) $37,000,000,000 (37 billion dollars) $7,000,000,000,000 (7 trillion dollars) 31. What is a foreign currency transaction? It is another name for an international transaction. It is a transaction that involves payment at a date sometime in the future. It is an economic event measured in a currency other than U.S. dollars. It is a business deal denominated in a currency other than a company's domestic currency. 32. Under U.S. GAAP, foreign exchange losses should be recorded by: debiting “Foreign Exchange Loss” crediting “Foreign Exchange Loss” debiting “Retained Earnings” debiting “Sales Revenue” 33. Under U.S. GAAP, to qualify for hedge accounting which of the following conditions must be met? There must be for

Financial accounting related questions see detail? a) How does accounting information assist management in measuring efficiency and effectiveness? (10 Numbers) (b)Do the terms “financial reporting” and “financial statement” mean the same thing? Explain. (10 Numbers) (c)Why are investments in marketable securities usually recorded as current assets? (10 Numbers) These questions are of 30 Numbers of my assignment. I need a detailed answer of these questions. If someone cannot answer these questions in detail give me links of experts which can help me.

What steps can I take to be better, when it comes to accounting and financial employability? Hi, I have just enrolled for accounting and financial degree course hence I have checked the program list and noticed much differences among universities. My business studies epitomise: lev1 introduction to bookkeeping and accounting introd. to financial services you and your money; personal finance in context lev2 analysing data business organisations and their environments personal investment in an uncertain world lev3 accounting for strategy implementation certificate in accounting managing 2; marketing and finance plus 70 points I have chosen from: lev2 financial accounting management accounting lev3 professional certificate in management APEL 'Normal' University courses contains for example: lev1 Analysis of business business environment lerning and skills development in business managing people, finance and marketing lev2 financial accounting advenced financial accounting budgeting, planning and control information systems international business Management accounting Research skills lev3 Auditing, Control and Communication Ethics and governance financial management strategic management advanced corporate reporting strategic management accounting taxation of UK corporate organisations undergraduate major project With all this differences I would feel like complete looser if I have pass all the exams without changing university. What can I do in this situation? Complete some modules and count them next year towards better university or it does not matter in this profession. I would also like to have completed some exams towards CIMA qualification during studies.

Accounting, explain the content and reporting aims of financial statements? Identify and explain the content and reporting aims of financial statements.

The accounting report which presents a firm's financial condition as of a specific date is the? a) profit and loss statement b)balance sheet c)statement of owner's equity d) trial balance

financial accounting? statutory report as required by asic and in accordance with aas standards

Financial Accounting Help? True or False 1. Accounting is an information and measurement system that identifies records and communicates financial information to users. Answer: T 2. Bookkeeping is the sole purpose of accounting. Answer: F 3. Bookkeeping is the recording of transactions and events and is only part of accounting. Answer: T 4. Accounting is one way important information about businesses is reported to decision makers. Answer:___ 5. Managerial accounting is an area of accounting that provides internal reports to assist the decision making needs of internal users. Answer: T 6. The internal operating functions of businesses include research and development, distribution and human resources. Answer:___ 7. The primary objective of financial accounting is to provide general-purpose financial statements to help external users analyze and interpret an organization's activities. Answer:___ 8. An external audit report is a professional opinion about whether the financial statements are prepared according to generally accepted accounting principles. Answer:___ 9. Accounting records are also referred to as the books. Answer:___ 10. The first step in the analyzing and recording process is to analyze each transaction and event from source documents. Answer:___ 11. Preparation of a trial balance is the first step in the analyzing and recording process.

whether maternity leave should be short or long term employee benefit?how is it accounted in financial reports? explain whether maternity leave is a short or long-term employee benefit and how is it accounted in a company's financial reports??state relevant accounting standards..

Can you help me resolve this problem in financial accounting?any tip is welcome? Roblez Corporation purchased machinery on January 1, 2010, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated resid- ual value at the end of that period of $10,000. The company is considering different de- preciation methods that could be used for financial reporting purposes. Instructions (a) Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. Round to the nearest dollar. (b) Which method would result in the higher reported 2010 income? In the highest to- tal reported income over the 4-year period? (c) Which method would result in the lower reported 2010 income? In the lowest total reported income over the 4-year period?

Urgent!! Homework Help in Financial Accounting (find Expert) Many thanks!? As I need to re-submit of my homework, please kindly help to advise me how to do the below points (I can forward the questions to you). Many thanks! Q1. 1) Write a brief a report advising the new senior accountant of all the relevant accounting standards in repect to "Changes in Equity" requirements. 2) State the advantages of the "Changes in Equity" Statement to the users of general purpose financial reports 3) Prepare a "Changes in Equity Statment" for Ltd. stricly in accordance with Australian Accounting Standards Q2. Refer to the tex book (case studies) respond to the requirement listed and report must include evidence of extensive of your understanding of the issues involved as well as the content of relevant accounting standards.

Questions True or False? 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 4. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected. 5. Total assets are $70,000, total liabilities, $40,000 and contributed capital is $20,000; therefore, retained earnings are $15,000. 6. The payment of a cash dividend to stockholders increases stockholders' equity. 7. The accounting model for the balance sheet is: Assets + Liabilities = Stockholders' Equity. 8. A decision maker who wants to understand a company's financial statements must carefully read the notes to the financial statements because the notes provide useful supplemental information. 9. The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. 10. Companies prepare financial statements at the end of each year and more often as needed. 11. A note payable is a borrowing instrument that generally does not involve the payment of interest. 12. The amount of cash paid by a business for office utilities would be reported on the statement of cash flows as an operating activity. 13. The income statement equation is Expenses Revenues = Net Income. 14. Generally accepted accounting principles almost never change once created. 15. The Financial Accounting Standards Board (FASB) is an agency of the federal government that establishes generally accepted accounting principles for businesses. 16. Since 2002, there has been substantial movement to develop international financial reporting standards. 17. An audit guarantees that the financial statements are free of all misstatements. 18. An auditor who fails to detect a material misstatement of a business's financial statements may be sued by anyone who suffered a loss from relying on the financial statements. 19. In terms of economic importance, partnerships are the dominant form of organization in the U.S. because of their ease of formation. 20. One of the advantages of a corporation when compared to a partnership is the limited liability of the owners.

Question for Accountant? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: internal uses by managers. external uses by stockholders and creditors. external uses by the Internal Revenue Service. external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? Planning Directing and motivating Controlling Decision making 5. Which of the following is not one of the three basic activities of a manager? Planning Controlling Directing and motivating Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): administrative expense. direct labor cost. manufacturing overhead cost. selling expense. 8. Property taxes on a company's factory building would be classified as a(n): product cost. opportunity cost. period cost. variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): period cost. opportunity cost. sunk cost. differential cost. 10. The cost of warranty repairs would be classified as a(n): prevention cost. appraisal cost. internal failure cost. external failure cost.

Accouting Question need help!? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: internal uses by managers. external uses by stockholders and creditors. external uses by the Internal Revenue Service. external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? Planning Directing and motivating Controlling Decision making 5. Which of the following is not one of the three basic activities of a manager? Planning Controlling Directing and motivating Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): administrative expense. direct labor cost. manufacturing overhead cost. selling expense. 8. Property taxes on a company's factory building would be classified as a(n): product cost. opportunity cost. period cost. variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): period cost. opportunity cost. sunk cost. differential cost. 10. The cost of warranty repairs would be classified as a(n): prevention cost. appraisal cost. internal failure cost. external failure cost.

Accoounting Help 10 pts !? 1. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past. True False 2. A firm's organization chart will normally show both the formal and informal lines of reporting and communication. True False 3. Management accounting focuses primarily on providing data for: a.internal uses by managers. b.external uses by stockholders and creditors. c,external uses by the Internal Revenue Service. d.external uses by the Securities and Exchange Commission. 4. Which of the functions of management involves overseeing day-to-day activities? a.Planning b.Directing and motivating c.Controlling d.Decision making 5. Which of the following is not one of the three basic activities of a manager? a.Planning b.Controlling c.Directing and motivating d.Compiling management accounting reports 6. Variable costs per unit are affected by changes in activity. True False 7. The salary paid to the president of King Company would be classified on the income statement as a(n): a.administrative expense. b.direct labor cost. c.manufacturing overhead cost. d.selling expense. 8. Property taxes on a company's factory building would be classified as a(n): a.product cost. b.opportunity cost. c.period cost. d.variable cost. 9. A cost incurred in the past that is not relevant to any current decision is classified as a(n): a.period cost. b.opportunity cost. c.sunk cost. d.differential cost. 10. The cost of warranty repairs would be classified as a(n): a.prevention cost. b.appraisal cost. c.internal failure cost. d.external failure cost.

Anyone took the CPA exam? I am planning on taking the CPA exam. I do have the bachelor degree in Finance so meet that requirement but then its says I need 24 credits in accounting. I only took Introductory Financial Accounting Managerial & Cost Accounting I Financial Reporting and Analysis and rest where general, business and finance classes will I still have to take other accounting classes? Even though I got my bachelor do I go back to college to take rest of classes.

Accounting questions! please help!? 1)Assets on the balance sheet are recorded at market value or replacement cost - True or False 2)GAAP are identical in most developed countries - T or F? 3)Accounting measures/reports financial data for profit-making businesses as well as not-for-profit orgs - T or F? 4)Managers who commit accounting fraud may be fined but can't be charged with a crime punishable by jail time - T or F? 5)Using accrual basis of accounting, a company recognizes expenses when they are paid - T or F? 6)Accrual basis accounting records revenues when earned and expenses when incurred, regardless of when the related cash is received or paid - T or F?

"Economists have long believed that leverage is higher in countries with a large banking sector (e.g. France..? Does the above mean that the companies would hold high Debt-equity ratios, hence, that the companies are highly financed by debt? Source: Corporate Financial Accounting and Reporting (2nd Edition) by Tim Sutton P.341

Is there any accounting software that can cater to project and division reporting other than financial part? I am looking for a accounting software that can cater to project monitoring, divisional performance reporting and financial reporting. Is there any?

Reporting of Foreign Bank and Financial Accounts (FBAR) for U.S. resident aliens? According to the link http://www.irs.gov/pub/irs-pdf/f90221.pdf any United States person(including resident aliens which I am) who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year, must complete Treasury Department Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, and file it with the Department of the Treasury. 1. My funds in my home country's banks are held in a joint savings account with my mother. Does that amount count toward calculating the 10K or not?

What are the established rules of accounting for financial reporting?

what are the principal accounting reports involved in the financial reporting process?

discuss the prospects of a convergence or harmonization of national systems of accounting &financial reporting what factors might be influential in promoting or inhibiting change

How are financial reports in accounting department used to make business decisions?

Define Segment Reporting in Financial Accounting?

1) How does financial information reported in accounting system facilitate decision making? 1) How does financial information reported in accounting system facilitate decision making? (2) How are the records related to each other in general journal& general ledger? in control account & subsidiary accounts?

Can we use cash method of accounting for reporting sales tax, but accrual method for financial books?

could you please tell me why financial accounting report have not had investors in nigeria?

what are the implications of accounting scandles on users of financial reports? Accounting scandles in the recent past in corporations like Enron, world Com have led to critisims that the accounting profession has lost its sense of ehtics. What are the implications of this on users of financial reports.

Do we need regulation of financial reporting? With the recent eruption of the credit crunch do you think that financial reporting is adequate in its disclosure of information? With all the regulation in place how could such a crisis develop without any sign in company's annual accounts or reports?

how are financial reports in an accounting department used to make decisions for a Business?

Financial Accounting? Hi! Here are some questions from my "Accounting" test. Does anyone know the answer? 1. In a recent annual report, eBay Inc. reported that during the year it issued stock of $128 million for acquisitions. How would this be reported on the statement of cash flows? 2. A Corporation issued $300,000 of common stock in exchange for $300,000 of fixed assets. Where would this transaction be reported on the statement of cash flows? 3. Fully depreciated equipment costing $65,000 was discarded. What was the effect of the transaction on cash flows if (a) $12,000 cash is received, (b) no cash is received?

In accounting 'Conceptual framework' can be used to solve the fundamental problem of financial reporting.

What is the accounting treatment of legal fees incurred relating to a stock issuance? Need to know the accounting treatment for financial reporting purposes. Please also provide relevant guidance on this matter.

Where can I find a financial report for Subway? I found that Hoovers site but you have to pay a rediculous amount of money. I am doing this for extra credit in my Financial Accounting class. Are there any other places online where i can find this information?

which body is responsible for issue uk accounting stander (called financial report stander- FRS)?

Financial Accounting/Straight line method? What are your thoughts on the Straight line method being used more for financial reporting? Because it is simpler or just a better way of reporting?

accounting ratios in a financial report.? where would i be able to find the accounting ratios for a company in there anual report. like under what section?

How do public companies account for the financial performance of JVs and investments, for reporting purposes?

financial Accounting homework help!!! Which of the following should be reported net of the related income tax? effect on the income statement? a. sale of a temporary investment at a loss b. sale of an inventory item at a loss c. loss due to theft d. loss due to a discontinued operations of the business

Accounting Question financial statement? For a recent year a corporation's financial statements reported the following: Net Income $100,000 Depreciation Expense 10,000 Increase in Accounts Receivable 30,000 Decrease in Accounts Payable 15,000 Based on the above information, what amount will the corporation report as Cash Provided by Operating Activities on the cash flow statements? a) $65,000 b)$125,000 c) $155,000 d) 175,000

financial Accounting homework help!!! Which of the following should be reported net of the related income? tax effect on the income statement? a. sale of a temporary investment at a loss b. sale of an inventory item at a loss c. loss due to theft d. loss due to a discontinued operations of the business

Your hired into a new company to oversee the accounting department.? You have been hired into a new company to oversee (supervise) the accounting department. Why types of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions?

In accounting, is money obtained through stock issued classified as part of net income?Financial statements? As reported in corporate financial statements, is the money obtained through these put as part of net income.

How many accounting system are there in the world? Do KPMG, Price Waterhouse Cooper and Ernst & Young have different type of accounting? When they do company audit or write financial report what approach do they use?

When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable? In other words, why are these accounting characteristics important? What kinds of problems could be created if a financial report is not reliable, relevant, consistent, and comparable?

What are the different types of reports that can be generated using tally 7.2 ?? I want all types of reports financial, accounting n general reports that can be taken using tally 7.2 version..?

creating an accpac financial report using financial reporter? Hi there I am looking to create a report that prints all the G/L transactions for account "2030" in ACCPAC using Financial Reporter. I cannot seem to find any sample code that is of assistance. I would hope that this is fairly easy.

What is the impact of the financial crisis on accounting relevance and reliability? In general? For financial statements / reporting?

what types of financial reports would you see in an accounting department?

How to increase/decrease the net income by changing the accounting methods, policies or estimated? you are a accountant, your boss is unhappy with the accounting income calculated by you. he want you to increase the net income by changing the accounting methods, policies or estimates and address all issues or effect (tax, audit, Financial Reporting Standard, future profits, etc) For eg: changing the useful life of an asset will result in lower/higher depreciation expense which in term increase/decrease the net profit. (this is one of the example and I'm told that there are many others, so I would like to know what are the other ways.) Thanks you for you help! =) thanks yellowsicssor.. unfortunately i gt both of those mention by u. currently i got 6. beside the 2 given by u, i got depreciation method, change of the useful life and residual value of fixed assets and using of FIFO & WAC. Now I need at least 2 more methods beside what I have mention..the more the merrier..thanks a lot.

You have been hired to oversee an accounting department. What type of financial reports are expected to see?

topic for dissertation for Accounting and Finance? im studying Accounting and finance degree with the following modules in my final year (tax,financial reporting,auditing,fxnal management,perfomance magt control)i need help in finding a topic i can use for my dissertation

If you were the head of a new company and you were to oversee the accounting department what type of financial reports would you expect to see and how would you use the reports available to you to make business decisions?

Best Buy Corporate Financial Problems? PLEASE HELP!!? Can anyone, any expert in financial accounting or whatsoever help me out here? i'm working on an annual report project on Best Buy, i have to talk about Best Buy's problems (financially or whatsoever) and how they can improve on it (recommendations). Their problems can be on anything but this project is for my accounting financial analysis so i think i'd like information on that direction. here is the link: http://library.corporate-ir.net/library/83/831/83192/items/246115/bby_ar07_w10K.pdf Please, Please take a look at the web and gimme some directions on where i can find their problems/difficulty they face on their financial report? is this under "RISK FACTORS" on PG 13/119? or or is it somewhere else? or should i look it up somewhere else?? if so, where can i find it?? PLEASE HELP!! THANKS!

who are the users and uses of financial reports? i need to answer this question for my accounting midterm. who are the "users" and "uses" of financial reports?

How read the financial statement? I usually choose the company by their financial report when I investment the penny stock market but I am not fully understand the statement. I checked the debt, Account payable,net income. What is the most important item if you check the statements?

Can anyone tell me the relationship of the accounts to the contents of the financial reports and the? importance of account classifications on business documents.

What is the purpose and natures of financial statements and managerial reports? I have to give a presentation to a group of small business owners with no accounting or financial knowledge. How do i go about this with these questions in mind?

Is GAAP a comprehensive basis of accounting? Becker Question? I am studying for my cpa exam and the Question book asks the question in a confusing manner. Maybe you can answer this for me too. "Which is not a comprehensive basis for accounting, other than GAAP? A)Cash receipts and disbursements basis B)The basis it uses on its income tax return C) Basis used by an entity to comply with financial reporting requirements of a lending institution D) Basis used by an entity to comply with financial reporting requirements of a government regulatory agency. PS This study guide obviously does not include the answer. Thank you to anyone who can assist.

Any Accountants out there with an advanced knowledge in auditing & financial reporting?........? I'm currently an accounting student (undergraduate) and have my exams coming up at xmas. The modules I am doing are auditing & financial reporting. My lecturer is really difficult to get hold of and never has free time to help all the students out. I have quite a number of questions (mostly short; 1 or 2 line) that need answering on these topics that would help me with my revision. Are there any people out there who would be willing to answer my questions and help me out. I will pay whoever can do this. For example, a small amount for each question. Please let me know. Thanks Yes, I'm based in the UK. There isn't too many International standards involved.

From a financial reporting standpoint, why does ....? ...a company need to assign manufacturing overhead costs to cost objects? ....yeah, I need help with a paper for my accounting class :o)

Can you help me define a Canadian accounting term? I run a not-for-profit IN CANADA, and have been required by one of our government funders to provide a financial report on a specific project that has been "reviewed by a professional accountant". So first, what entails a 'review', and second what kind of accountant should i seek to provide it. Thanks!

which are the other financial report that have concern with accounts receivable report.?

Financial Reporting standards for SMEs? Can anyone provide me with any links or journals or excerpts from books or infact any literature on the case of having accounting standards for SMEs... I need some material to prepare a critical report on the subject..will appreciate some wise answers... cheers

Which do you think a shareholder is likely more useful- a report on the past or an estimate of the future? Why for financial accounting report...

Regarding Financial Statements? What are the audiences, purposes, and natures of financial statements and managerial reports? and how can the use of financial accounting information in making informed and ethical business decisions help?

Accounting bores me silly. Could I be a successful financial planner anyway? is it more fun to play with other peoples' money, than to analyze annual reports etc?

what is the reports generated or needed by a construction company, specifically for accounting department? I am an accountant for a construction company, newly hired and new to the industry. I am looking for an accounting software that suits the nature of work (progress billing, subcontractor, etc). I am not sure what kinds of report required for the accounting department (for ex: progress of the project, job cost, financial statements at year end). Besides these, do I need any specific reports?

CPA exam vs MBA?? I have a BS in accounting and wanted to know what would benefit me more.? Though I have my accounting degree, I have not been working directly with your typical accounting items, ie financial statements, closing entries etc. I have been working with managing large contracts and limited assistance with accounts payable and accounts receivable and payroll. I do not want to process taxes! I cannot stand taxes. I love the payroll aspect. I love to problem solve and to do different tasks during day. I may be interested in the financial reporting aspect but I just do not have the experience. I have been out of school for almost three years and am worried that I will not be able to keep up for the CPA exam since I do not regulary work with your "traditional" accounting concepts. Please help!

Does my husband and my credit reports have to be linked? I recently married. My husband has an excellent credit report and has managed to get a great rate on a fantastic mortgage. I, on the other hand, have a very bad credit report - as a student I did some silly spending and managed to gather some CCJ's (about three years ago). I share the same surname as my husband and the same address but no financial bank accounts. Will my poor credit reflect badly on his? Thanks

Oil and Gas career? What is the timeline on O&G careers? I'm getting out of public accounting. I have 3 years of public accounting and taking a position in financial reporting with a growing oil and gas exploratory firm. I would love to build a career in the oil and gas industry but have heard from others that oil and gas may bust and that it is not a good, long-term career. Does anyone out there have any opinions? My skill-set (accounting) could apply in any industry and I have my CPA. Seems like I could work in alternative energy if that ever becomes the case. 5-10 years? That isn't that long. I would think there will be good opportunity in this field for the next 20-30?? unless we truly find a different way to provide energy to every human being in a more efficient way than O&G.