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Explain how accrual accounting affects the determination of a company's income.
What specific principles must a company apply to the reporting of inventories in its interim financial reports?
List the minimum disclosures that must be made by a publicly held company in its interim financial report.
Write a short memo that briefly explains why sometimes a company is required (or elects) to report the fair value of an asset.
Define income under the "capital maintenance" concept. Identify the alternative ways of measuring capital under this concept.
Define comprehensive income. What was the intent of the FASB in developing this conceptual definition?
What two criteria must ordinarily be met for revenues to be recognized? When does a company usually recognize revenue?
What are three principles for recognizing the expenses to be matched against revenues?
What items are included in a company's "income from continuing operations"?
What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to each major component of income disclosed on the income .
How is an extraordinary item defined? Explain the two criteria that must be met to classify an event as extraordinary.
Why do changes in accounting estimates arise? Give examples of a change in accounting estimate and indicate how such a change should be accounted for.
What is a statement of cash flows? What are the three major sections of the statement?
What are the most common cash inflows from and the most common cash outflows for operating activities in a company's statement of cash flows?
Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000.
Show how Mangold Corporation would report its earnings per share for the current year.
Show how Owens, Inc., would report the correction of its error on its statement of retained earnings for the current year.
Prepare the operating activities section of the statement of cash flows for Amelia's Bookstore for the current year.
Assume the monetary amount of each item is material and the company uses a periodic inventory system.
A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies .
Prepare journal entries to record whatever reversing entries you think are appropriate.
What are the major financial statements of a company and what do they show?
Define an asset. What are the three characteristics of an asset?
List the major sections (and the components of each section) of a company's balance sheet.
Prepare the current assets section of Dorothy Corporation's year-end balance sheet.