Testbank to accompany Company Accounting 10e by Ken Leo, Jeffrey Knapp, Sue McGowan & John Sweeting Prepared by Peter Baxter [pic] © John Wiley & Sons Australia, Ltd 2015 Chapter 1: Nature and regulation of companies Multiple-choice questions 1. The advantages of a company over a partnership and sole trader do not include which of the following? a. Members are able to sell their shares at any time to another person without having to obtain permission
Words: 4004 - Pages: 17
CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results
Words: 6804 - Pages: 28
Board (IASB) in their Conceptual Framework for Financial Reporting state that ‘the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit’. This Conceptual Framework
Words: 7356 - Pages: 30
Finance Assignment Names: ABRAR MOHAMMAD MAHA MOHAMMAD Student I.D.’s: 7611, 7422 Class: C-17 Course Title: Principles of Finance Course Code: FIN211 Introduction Financial Statement: It is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants
Words: 4608 - Pages: 19
those areas should be ignored. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. The IASB and FASB have collaborated for the past 10 years. This collaboration was a goal toward convergence of U.S. generally accepted accounting principles (GAAP). The convergence project began with the two organizations conducting a joint meeting in Norwalk
Words: 1423 - Pages: 6
and financial experts, but over the years they have grown to become a powerful tool in analyzing the financial health of organizations for anyone who is interested. According to Ruhl & Smith (2013), the motivation behind the joint FASB/IASB conceptual framework was to make accounting information useful and the two most important components of usefulness are faithful representation and relevance (p. 11). Below the 2013 Procter & Gamble Annual Report will be used to analyze the financial statements
Words: 1179 - Pages: 5
with a firm's auditors. True False | 10. | Auditors play an important role in the resource allocation process by adding credibility to financial statements. True False | 11. | The purpose of the conceptual framework is to provide a structure and framework for a consistent set of GAAP. True False | 12. | In the United States the
Words: 17634 - Pages: 71
accounting industry. IFRS stands for International Financial Reporting Standards. IFRS defines the accounting standards that are developed and approved by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The IASB is a private sector that was established in the year of 2011 and currently has 16 members. While GAAP, Generally Accepted Accounting Principles, is a combination of authoritative standards and simply the commonly accepted ways of recording and
Words: 835 - Pages: 4
financial reporting results would be different for companies. IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. No, IASB and FASB conceptual frameworks are organized in similar ways; they both agree that the objective of financial reporting is to provide useful information to investors and creditors. When developing a standard conceptual framework both parties should look at issues such as, characteristic of relevance be traded off in
Words: 937 - Pages: 4
austen and I will tell you about the proposal of a new or changed standard, how it is approved and also the way in which the objective of financial reporting was changed. A new standard arises because it is realized that certain aspects of the framework need to be tightened up or made clearer, which means reporting becomes easier. A lot of the time changes are made to existing standards, rather than drafting a whole new standard. A new standard comes about via a process set out in paragraph
Words: 494 - Pages: 2
