Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 3 . Which of the following statements is not an objective of financial reporting? a. Provide information that is useful in investment and credit decisions. b. Provide information about enterprise resources, claims to those resources, and changes to them. c. Provide information on the liquidation value of an enterprise
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Copyright ©2008 John Wiley & Sons, Inc. Preview of Chapter 2 As the opening story indicates, users of financial statements need relevant and reliable information. To help develop this type of financial information, financial accounting and reporting relies on a conceptual framework. In this chapter, we discuss the basic concepts underlying the conceptual framework, as follows. CONCEPTUAL FRAMEWORK U N D E R LY I N G F I N A N C I A L A C C O U N T I N
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ACCT 301 Final Examination Answers – UMUC Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acct-301-final-examination-answers-umuc/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com (Multiple Choice) On April 1, 20X6, Ratchford Industries issued $500,000 of 12%, 10-year bonds. The bonds, which were issued at 103, pay interest on October 1 and April 1. The entry
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Kellogg vs Nestle Kellogg Company Kellogg’s Company (“Kellogg’s”) was founded in 1906 and incorporated in Delaware in 1922. Kellogg’s is a publicly traded company on the New York Stock Exchange under the ticker symbol K. Kellogg’s is engaged in the manufacturing and marketing of ready-to-eat cereal and convenience foods. Kellogg’s manufactures these products in 20 countries and markets them in over 180 countries. Major brand names trademarked by Kellogg’s include: All-Bran, Apple Jacks, Cheez-It
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communicates the results to decision makers. Accounting Equation Assets=Liabilities+Equity Accounts Payable A short term liability that will be paid in the future Accounts Receivable The right to receive cash in the future from customers for good sold or for services performed Assets Economic resources that are expected to benefit the business in the future.Something the business owns or has control of. Audit An examination of a company's financial statements and records Balance Sheet
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leased asset * lease assets are of specialized nature Investment property is not held for: (a) use in the production/supply of goods/services or for administrative purposes (b) sale in the ordinary course of business OWNER-OCCUPIED PROPERTY > property held by an owner or by the lessee under a finance lease for use in the production/supply of goods/services or for administrative purposes >Fixed asset or Property, Plant & Equipment >generates cash flows that are attributable not merely
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personal check, and taking possession of the goods. It's a simple transaction—we exchange our money for the store's groceries. In the world of business, however, many companies must be willing to sell their goods (or services) on credit. This would be equivalent to the grocer transferring ownership of the groceries to you, issuing a sales invoice, and allowing you to pay for the groceries at a later date. Whenever a seller decides to offer its goods or services on credit, two things happen: (1)
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financial stake in the organization’s affairs – creditors, investors, employees etc. On the other hand the second category of accounting is primarily concerned with providing information relating to the conduct of the various aspects of a business like cost or profit associated with some portions of business operations to the internal parties viz., management. This category of accounting is called as Management accounting. In order to perform the primary task of decision making managers of business
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EITF ABSTRACTS Title: Reporting Revenue Gross as a Principal versus Net as an Agent Dates Discussed: March 16, 2000; May 17–18, 2000; July 19–20, 2000 Issue No. 99-19 References: FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises ISSUE FASB Statement No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments FASB Statement No. 113, Accounting and Reporting for Reinsurance of
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Question B i. For the first Jim’s proposal which is to accelerate the production and shipment of a large order to Imperial, in my opinion Jim proposal is a good earning management because under literature, Scott 2000, state that there are two type of efficient earning management and opportunistic earning management. While for this proposal it falls under efficient earning management. This is because Jim is trying to improve earnings informativeness in communicating private information. Jim is
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