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1. (Conceptual Framework-General) Roger Morgan has some questions regarding the theoretical framework in which standards are set. He knows that the FASB and other predecessor organizations have attempted to develop a conceptual framework for accounting theory formulation. Yet, Roger's supervisors have indicated that these theoretical frameworks have little value in the practical sense (i.e., in the real world). Roger did notice that accounting standards seem to be established after the fact rather than before. He thought this indicated a lack of theory structure but never really questioned the process at school because he was too busy doing the homework. Roger feels that some of his anxiety about accounting theory and accounting semantics could be alleviated by identifying the basic concepts and definitions accepted by the profession and considering them in light of his current work. By doing this, he hopes to develop an appropriate connection between theory and practice.
(a) Help Roger recognize the purpose of and benefit of a conceptual framework.
(b) Identify any Statements of Financial Accounting Concepts issued by FASB that may be helpful to Roger in developing his theoretical background.
(a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
The Bryan company issued $500000 of 10% face value bond on January1,2010 for$486,000.The bond are due Dec 31,2012, and pay interest semiannually on june 30, and Dec 31.the company use the straight line amortization method.
warner co. started a new publication called contest news. its subscribers pay 24 to receive 12 issues. with every new
a company has outstanding 13.50 million shares of 6.50 par common stock and 2.1 million shares of 5.10 par preferred
Unlike most mutual funds, why are hedge funds able to charge performance fees on top of management fees?
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
dicenta corporation reported net income of 273000 in 2012 and had 50000 shares of common stock outstanding throughout
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140. under the allowance method of accounting for bad debts why must uncollectible accounts receivable be estimated at
Interest is payable semi-annually
Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..
on june 1 2011 kirby inc. issued 3000000 6 bonds for 2938200 which includes accrued interest. interest is payable
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