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The Financial Accounting Standards Board (FASB) indicated that the traditional accounting information system design actually constrained standard setting in FASB Statement 95, "A Statement of Cash Flows." The Board received 450 comment letters, most from bank lending officers-accounting information users-who favored requiring the direct method for the cash flow statement. Corporation accountants, on the other hand, favored the indirect method due to excessive implementation costs. They appealed to the Board because they could not currently obtain gross operating cash receipts and payments directly from their accounting systems. The FASB decided to allow both the direct and indirect methods, largely due to design limitations of traditional accounting systems.
a. Explain the limitations of the traditional accounting architecture that make it difficult to directly trace the cash flows of an organization.
b. Did FASB respond properly to accounting's information customers? Justify your response.
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Calculate the combined pre-determined OH rate using (1) units of production (2) machine hours: 40,000 machine hours, variable mfg OH $80,000, Fixed mfg OH $325,000. The company expects to produce 10,000 units and each product requires 4 hours of m..
Evaluate the legal aspects of acquiring, holding, and disposing of real property. Evaluate the legal aspects of acquiring, holding, and disposing of personal property. Analyze the business use of insurance for various risks.
After selling the stocks from the portfolio, what would be the total beta of the remaining stocks in your portfolio? What would be the beta of your portfolio if you purchase the new stocks and put it in your portfolio?
Explain the net revenue approach to revenue recongnition employed in general fund and special revenue fund (and other governmental fund) accounting and reporting, including why it is used.
hours worked, 48; federal income tax withheld, $341; cumulative earnings for year prior to current week, $96,780; social security tax rate, 6.0% on maximum of $103,004; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid..
What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?
describes GASB requirements for accounting for Investment Trust Funds. Include a discussion of when the use of investment trust funds is appropriate;the investments to be included and excluded; the basis at which investments are to be reported;rep..
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
Hull Inc. is considering the acquisition of equipment that costs $200,000 and has a useful life of 6 years with no salvage value. The incremental net cash flows that would be generated by the equipment are:payback period of this investment
On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances: Unamortized Accrued Interest; Bonds Payable Premium Payable Expense:
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
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