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Problem No. 1 : As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the IASB's Framework for the Preparation of Financial Statements.Instructions1. What is the objective of financial reporting?2. What other means are there of communicating information, besides financial statements?3. Indicate some of the users and the information they are most directly concerned with in economic decision-making. Problem No. 2 : Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting.
Instructions1. How is "materiality" defined in the Framework?2. Briefly discuss how materiality relates to (1) the relevance of financial information, and (2) completeness.3. Your aunt observes that under IFRS, the financial statements are prepared on the accrual bases. According to the Framework, what does the "accrual basis" mean? Problem No. 3: As a junior accountant of a company you are required to download financial statements of your company to answer the following questions.
1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step. 2. Give details of Revenue along with NOTE Number from the Notes disclosures portion. 3. Details of Operating expenses (Administrative and Selling and Marketing). 4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number. 5. Show a picture of Retained Earnings statement or Equity Statement as an reverence to your assigned work with highlighting last year retained earning balance.
Determine the amount of gross profit to be recognized in each of the three years. Prepare all required journal entries for each of the years (credit "Various accounts" for construction costs incurred). Purpose a partial balance sheet for 2009 a..
Calculating of Individual costs and WACC Dillon Labs has asked its financial manager to measure the cost of each specific type of capital as well as
Find out the net operating profit or loss for the business. Provide detailed assumptions to support each line item in your Proforma P&L Statement.
Services for the initial fee will be performed in 2011. What amount of net unearned franchise fees would Potter report at December 31, 2010?
The NPV of a project is $1200 and the cost of capital is 15% p.a. If the project lasts 4 years, the EAC of the project is closest to
journal entries for the purchase and the sale of shares.shott farm supplies corporation purchased 800 shares of general
Seadrill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing the software, the company also provides consulting services and support to ensure smooth operation of the software.
William has decided to purchase a large apartment complex. He pays $100,000 cash, obtains a loan on the property for $500,000, and assumes the first mortgage balance of $250,000. He also gives the sellers $100,000 of marketable securities that he pur..
If the company uses the entire $10 million of idle cash to repurchase shares at the market price, what will be the company's earnings per share?
For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?
Explain how Greg's Graphics has financed the increase in assets. Discuss whether Greg's Graphics' liquidity is adequate. Explain why interest expense is growing.
Determine whether the assembly line is impaired, and if so, the amount of the impairment. If there is an impairment, prepare the adjusting journal entry.
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