Identify and explain the accounting practice violation

Assignment Help Accounting Basics
Reference no: EM132660291

Question - Ordinary repairs on capital assets were recorded as follows:

Capital assets 10,000

Cash 10,000

Capital assets are collateral for the Bank's loan, and the Bank is the key user of these financial statements.

What is the Financial Accounting issue? (i.e., recognition, measurement, presentation, disclosure)

1. Identify and explain the accounting practice violation(s) with reference to the Conceptual Framework for Financial Reporting ('Pyramid' Illustration in Kieso textbook).

2. Identify implications to the users of the financial statements.

3. Explain briefly how you would "fix" the problem from a "Proper Accounting Practice" perspective.

Provide the correct Journal Entry if possible.

Reference no: EM132660291

Questions Cloud

ECON2002 Principles of Economics Assignment : ECON2002 Principles of Economics Assignment Help and Solution, Laureate International Universities - Assessment Writing Service - understand the broader social
Homeland security recommendations : Explain the influence of faulty intelligence sharing on the 9/11 attack. Compare and contrast law enforcement information sharing before 9/11 and today.
What is the projects expected NPV : Utah Enterprises is considering buying a vacant lot that sells for $1.2 million. What is the projects expected NPV
Design of most police and sheriff departments : What is the current structure and design of most police and sheriff's departments?
Identify and explain the accounting practice violation : Identify and explain the accounting practice violation(s) with reference to the Conceptual Framework for Financial Reporting
What is the structure of closed managerial system : What is the structure of a closed managerial system? What is the structure of a private prison? Why would states want to use private prisons?
Discuss advantages of using country codes : Discuss advantages of using country codes for search. Describe information that can be found on site and discuss how this information can benefit your research.
Debate whether the researchers hypotheses are consistent : Debate whether the researcher's hypotheses are consistent with our understanding of evolution. In your answer you should discuss possible alternative hypotheses
Find the victim bleeding but conscious : You find the victim bleeding but conscious, with two of the victim's friends and several onlookers standing nearby.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entry to record the employers fica taxes

Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer pa..

  Buying and selling division-allocation practice

There are various steps that can be used to reconcile the use of different approaches between the buying and selling divisions

  Calculate the discounted payback period

Capital budgeting methods, no income taxes. Yummy Candy Company is considering purchasing a second chocolate dipping machine in order to expand their business.

  Explain on what will be the possible outcomes

Explain on what will be the possible outcomes if the company reject the special order without any consideration

  The property has been appraised at a fair value of 855000

below are transactions related to impala company. athe city of pebble beach gives the company 5 acres of land as a

  What shortcut use to estimate without using calculator

Although this week's Homework focuses on student loan choices/payments we will be focusing on estimating discounts. Everyone loves a bargain.

  What is wyatt basis for the new van

Wyatt, Inc. owns a delivery van which he purchased for $50,000. After depreciation of $30,000 had been deducted, the van was traded-in for a new van.

  Patton company purchased 400000 of 10 bonds of scott co on

patton company purchased 400000 of 10 bonds of scott co. on january 1 2011 paying 376100. the bonds mature january 1

  Prepare journal entries for equipment for years ending dec

Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.

  Explain the concept of depreciation which of the following

a variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited

  Compute the wildhorses inventory turnover

An ending inventory of $117000, and cost of goods sold of $655000 for the year. Compute the Wildhorse's inventory turnover for 2017

  Calculate the ending balance of accounts receivable

Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. The ending balance of Accounts Receivable would be

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd