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How significant is the cumulative impact of modest inflation rates that accompany normal economic growth on the financial statements
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation.
What is the monetary unit assumption? What impact does inflation have on the monetary unit assumption?
What was the balance in the Accounts Receivable account at the end of Year 5? Give the amount and whether debit or credit.
What does this statement of cash flow tell you about the sources and uses of the company funds?
In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles.
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
How is the hierarchy of GAAP structured? Are there any higher sources than GAAP?
One function of financial accounting is to measure an entity's net income for a given period of time.
What is GAAP and why is it important? Name one GAAP that people see in action every day in the workplace.
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S.
What is possible "consequence" of using the allowance method rather than the direct write-off method?
Determine the amount of depreciation expense recognized in Year 2, Year 3, and Year 4 under (a) the allowed alternative treatment of IAS 16
Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.
What events can adjust basis up or down? How does tax basis differ from GAAP accounting basis?
What are some of the major differences between GAAP and income tax accounting?
A. Analyze the costs and benefits of cross border security listings. B. Discuss major expected costs and benefits of US firms adopting IFRS.
Present arguments in favor of the capitalization of "purchased" goodwill. You may consider tying your arguments to theories of capital maintenance
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
Discuss why you feel that GAAP allows so many alternative methods for valuing inventories and computing depreciation.
Why are some of the major differences between i-GAAP and U.S. GAAP? Explain in detail.
"Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP.
What bodies provide authoritative support for GAAP? What elements comprise the FASB's conceptual framework?
Which tax rate is of greater significance in measuring the tax effect for her decision? Explain.
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.