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What are the three major financial statements of a company and what do they show? What is the fourth major financial statement that many companies present.
List and briefly discuss the types of pronouncements issued by the FASB.
List several professional organizations that play an important role in the accounting standard-setting process.
What is the SEC considering doing in regard to U.S. companies filing with it and their use of international standards?
Write a brief report that identifies the three organizations and provides a brief chronological history of each, including the pronouncements issued.
Explain the meaning of the term "accounting principles" as used in the audit report.
I thought that companies in the United States would follow U.S. accounting rules for preparing their financial statements.
What is the most general objective of financial reporting? Who are investors and creditors?
What is the "derived company objective" and what types of information about a company should be reported to satisfy this objective?
What is relevant accounting information? Identify and define the ingredients of relevant accounting information.
What is reliable accounting information? Identify and define the ingredients of reliable accounting information.
What is the continuity assumption and why is it important in financial accounting?
What is recognition? What is realization? What two factors provide guidance for revenue recognition? Why is revenue usually recognized at the time of sale?
What is conservatism and how might it conflict with neutrality?
For the IASB Framework, list the objective of financial statements and identify the underlying assumptions, qualitative characteristics, and constraints.
Certain accounting assumptions and principles have had an important impact on the development of generally accepted accounting principles.
Assuming that Exquisite has a net profit margin of 10%, what additional financing (AFN) will be needed to Support the increase in sales?
The company desires finished goods inventory at the end of each quarter equal to 30% of the budgeted unit sales for the next quarter.
How well does the factor model explain the variation in portfolio returns? On what basis can you make an evaluation of this nature?
Explain the difference between public debt offerings and private debt offerings.
In today's technology environment, hackers present a substantial risk to a firm's accounting or business system.
Identify the manufacturing costs involved in producing your product and classify each cost as direct materials, direct labor, or manufacturing overhead.
How many units of the product or service do you anticipate being able to sell over the first year?
Do you believe that prices should reflect the value that consumers are willing to pay or should prices primarily reflect the cost involved in making a product.
At the start of 2015, the company estimated monthly production and sales of 40 batches.