financial accounting and its economic context

... AccountingOverview of Financial Accounting Financial Statements Decision Makers Past Transactions and Other Economic Events Financial Accounting Process Trang 9The Financial Accounting • Measure ... Types of Accounting• Accounting Information Systems – The processes and procedures required to generate accounting information. Trang 7Major Types of AccountingTrang 8Overview of Financial AccountingOverview ... Trang 1Financial Accounting and Its EnvironmentChapter 1 Trang 2Major Types of Accounting• Financial accounting provides information to decision makers

Ngày tải lên: 15/03/2014, 17:20

... d Financial and tax accounting are virtually the same Considering and understanding how business decisions affect the financial statements is 1 a.the sole responsibility of the Securities and ... consequences and user orientation 2 b Corporate governance and user orientation 3 c User orientation and debt covenants 4 d Economic consequences and corporate governance Equity investments are bought and ... statements is true? 1 a.Financial accounting is the only accounting used in the United States 2 b.Companies that have a profit objective use not-for-profit accounting 3 c Managerial accounting targets

Ngày tải lên: 10/03/2017, 11:19

... $64,000. Property, plant and equipment may include which of the following? 1 a Intangible assets and land. 2 b Inventory and equipment. 3 c Buildings and cash. 4 d Land and office buildings. Which ... net income and cash flow from operations. Answer Given Net income, reported on the income statement, consists of revenues and expenses or more general asset and liability inflows and outflows, ... are revenues and expenses These amounts reflect general asset and liability inflows and outflows The amounts reported on the statement of cash flows include only the cash received and the cash

Ngày tải lên: 24/03/2017, 15:41

... understand in investing decisions? 1 a Economic consequences and user orientation 2 b Corporate governance and user orientation 3 c User orientation and debt covenants 4 d Economic consequences and ... use not-for-profit accounting 3 c Managerial accounting targets operating decisions 4 d Financial and tax accounting are virtually the same Cash received by a company from its regular operations ... interest Financial accounting practices and standards used in other countries 1 a.are the same as practices used by United States companies 2 b.have different systems of financial accounting

Ngày tải lên: 25/03/2017, 09:45

... Reporting 35 Property, plant and equipment may include which of the following? a Intangible assets and land b Inventory and equipment c Buildings and cash d Land and office buildings Ans: D KP ... statements will you find a company’s financial position at a specific point in time? a All financial statements combined b Income statement and balance sheet c Balance sheet and statement of shareholders’ ... 415 The major accounting difference between interest expenses for creditors and dividends declared and paid to shareholders is that interest expenses: a decrease retained earnings and dividends

Ngày tải lên: 27/10/2017, 09:04

... Securities and Exchange Commission Financial accounting practices and standards used in other countries 1 a are the same as practices used by United States companies 2 b have different systems of financial ... to understand in investing decisions? 1 a Economic consequences and user orientation Trang 72 b Corporate governance and user orientation.3 c User orientation and debt covenants 4 d Economic ... concerning the International Accounting Standards Board? 1 a It is the international accounting standards setting body that is attempting to bring greater uniformity to worldwide accounting practices

Ngày tải lên: 14/11/2017, 16:05

... establishing and improving standards of financial accounting and reporting for business enterprises is the: a Financial Accounting Foundation (FAF) b Financial Accounting Standards Board (FASB) c Financial ... issuers, auditors, and users of financial information The Governmental Accounting Standards Board (GASB) establishes and improves standards of financial accounting for state and local governments ... Accounting Principles Board (APB) The Financial Accounting Standards Board (FASB) establishes and improves standards of financial accounting and reporting for the guidance and education of the public,

Ngày tải lên: 17/02/2014, 10:20

... 120 24105 Kiel (Germany) Kiel Working Paper No 1272 Economic Reforms, Foreign Direct Investment and its Economic Effects in India by Chandana Chakraborty Peter NunnenkampMarch 2006 The responsibility ... of financial and equity participation (Athreye and Kapur 2001: 418) Moreover, if Gupta (2005) is right in that India's earlier import substitution strategy had impaired the economic benefits ... Arabi (2005) and Agarwal (2001), FDI in India has remained domestic market seeking It is widely believed that the type of FDI and its structural composition matter at least as much for economic growth

Ngày tải lên: 21/02/2014, 01:20

... Broadband demand and economic impact in Latin America Proceedings of the 3 rd ACORN-REDECOM Conference Mexico City May 22-23 rd 2009 1 ESTIMATING BROADBAND DEMAND AND ITS ECONOMIC ... estimates the demand for broadband technology in Latin America and quantifies the macroeconomic impact of broadband technology on employment and productivity. While the total number of broadband access ... Broadband and economic output Moving now to impact on economic impact, cross-sectional country analyses have identified the relationship between broadband deployment and level of economic

Ngày tải lên: 21/08/2014, 15:25

... at Stockholm School of Economics and Routledge The series focuses on the economic and business world of the East Asian region and inparticular the driving forces, trends and developments in the ... prior to financial liberalization(Akyüz 1993, Villanueva and Mirakhor 1990, Caprio et al 1994, Gertler and Rose 1996, Demirguc-Kunt and Detragiache 1998, Drees and Pazarbasioglu 1998, andSikorski ... Japanese financial system resulting from the failure of its regulatory authorities to resolve the problem of nonperforming loansand a series of policy errors In other words, Japan’s economic and financialperformance

Ngày tải lên: 03/11/2014, 17:35

... Chapter 1: Financial Accounting and Its Economic Context The Role of Financial Reporting in Investment Decisions Profit-seeking companies ... decisions - decisions affect the company and its managers  Financial Reporting and Investment Decisions Content of Financial Reports   The Management Letter The Financial Statements: – – – –  Balance ... company and to the shareholders of the company  It expresses an opinion as to whether the financial statements present fairly the financial activities of the company and whether the financials...

Ngày tải lên: 24/11/2016, 11:10

... acquisition and sale of a company’s products and services – Collections from sales, rent, interest, etc – Cash paid to suppliers and employees, and for rent, selling activities, interest, and taxes ...   Operating revenues and expenses: usual and frequent Other revenues and expenses: unusual or infrequent Disposal of a business segment Extraordinary items: unusual and infrequent 12 The Statement ... activities – acquisition and sale of productive assets – Financing activities – issue and retirement/repayment of liabilities and equity The Balance Sheet The balance sheet reports the financial position...

Ngày tải lên: 24/11/2016, 11:10

... Measurement Fundamentals of Financial Accounting Basic Assumptions Basic assumptions are foundations of financial accounting measurements  The basic assumptions are – Economic entity – Fiscal period ... concern – Stable dollar  Economic Entity A company is assumed to be a separate economic entity that can be identified and measured  This concept helps determine the scope of financial statements ... statements  Examples — Disney and ABC, General Electric and NBC  Fiscal Period (Periodicity) It is assumed that the life of an economic entity can be broken down into accounting periods  The result...

Ngày tải lên: 24/11/2016, 11:11

... Debits and Credits   Based on the accounting equation, we can increase or decrease various accounts depending on their classification: Note that we use debits and credits instead of plusses and ... and a few accounts However, with thousands of transactions and hundreds of accounts, the spreadsheet program is inefficient Therefore accountants use a “double entry” system based on debits and ... Chapter 4: The Mechanics of Financial Accounting Chapter 4: The Mechanics of Financial Accounting   The first step in the accounting process is transaction analysis This...

Ngày tải lên: 24/11/2016, 11:11

... between the company and its customers and suppliers?  How are the company’s sales and profits affected by changes in the economy?  Reading and Studying the Financial Statements and Notes Read the ... Chapter 5: Using Financial Statement Information Control and Prediction  Financial accounting numbers are useful in two fundamental ways: – They help investors and creditors influence and monitor ... Five Steps of Financial Statement Analysis Assessing the business environment  Reading and studying the financial statements and footnotes  Assessing earnings quality  Analyzing the financial...

Ngày tải lên: 24/11/2016, 11:11

... Materiality 19 Sales Returns and Allowances   If sales returns are small in amount, adjust A/R and create a contra to Sales called Sales Returns when the merchandise is returned Sales allowances ... Management of Cash Restrictions placed on a company’s access to its cash are typically imposed by creditors to help ensure future interest and principal payments Compensating balances are sometimes ... 2008 and default on collection in 2009 Record sale in 2008: A/R 1,000 Sales Revenue 1,000 Record default in 2009: Bad Debt Expense 1,000 A/R 1,000 Note: this is called the direct method, and is...

Ngày tải lên: 24/11/2016, 11:11

... Trade-Offs Income and Asset Measurement  Economic Consequences  – Income Taxes and Liquidity – Bookkeeping Costs – LIFO Liquidation and Inventory Purchasing Practices – Debt and Compensation ... Purchase of 100 units @ $20: Inventory 2,000 Accts Pay 2,000 December 20 Sale of 50 units @ $30: Cash 1,500 Sales 1,500 COGS 1,000 Inventory 1,000 December 30 AJE to recognize loss of units @$20 each ... costs of inflows [BI + P(net)] to EI and COGS? Methods:  Specific identification  Average for both COGS and EI  FIFO - (first-in, first-out) for COGS  – and LISH (last-in, still here) for EI...

Ngày tải lên: 24/11/2016, 11:11

... to its market value, and a realized loss that reduces net income should be recognized immediately whether the security is classified as trading or available-for-sale Mark-to-Market Accounting and ... forms  The key accounting question related to SPEs is whether the sponsoring company (e.g., Company A) should include (consolidate) the financial statements of the SPE with its own financial statements ... Changes of Securities on Hand at the End of the Accounting Period In the case of available-for-sale securities, the unrealized price changes are considered permanent accounts and are carried in the...

Ngày tải lên: 24/11/2016, 11:11

... Overview of Accounting for Property, Plant, and Equipment Acquisition - What Costs to Capitalize?  General Rule: – Capitalize (add to an asset account) the costs to acquire the asset and to prepare ... asset and to prepare it for its intended use Dr Asset (purchase price, sales tax, delivery, installation, etc) Cr Cash, Notes Payable, etc  Land – Has indefinite life and therefore is not depreciated ... materials reduces cost)  Land Improvements – Have definite life and therefore are depreciated – Fences, walls, parking lots, driveways  Buildings – Have definite life and therefore are depreciated...

Ngày tải lên: 24/11/2016, 11:12

... Introduction to Liabilities: Economic Consequences, Current Liabilities and Contingencies Liabilities  What is a liability? – “Probable future sacrifice of economic benefits arising from present ... Accrued liabilities - accrue expense and liability at the end of the current period, and usually paid sometime during the next year For each item, debit expense and credit liability Examples include: ... Issues and recommendations: - Likelihood? Probable - Disclose? Yes - Disclosure? Indicate range and level of probability (250,000 – 1.5 million) - Accrue? Since probable (or greater) and estimable,...

Ngày tải lên: 24/11/2016, 11:12