Part -1
1) If you were given complete authority, how would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the current system handles this process?
Please provide reference in APA format and make it about 300 words.
2) Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31st, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
3) If you were a potential investor and could only review one financial statement of a company in which you would like to buy stock, which financial statement would you choose and why? Be specific with your answer and provide about 250 words.
4) Identify three situations in which accounting measures are based on present values. Do these present value applications involve single sums or annuities, or both single sums and annuities? Explain. Be brief and provide 200 words and provide reference in APA format.
Part -2:
1) Do you think a uniform set of accounting standards across all nations will work? Provide pros and cons to your argument. Provide Reference in APA format and maximum of 200 words.
2) Many companies hold equity securities of other companies as investments. The journal entries and accounting methods differ, depending on the percentage of interest held. Discuss briefly the various categories of these investments and why the accounting approach differs. Provide reference in APA format and Maximum 250 words.
3) There are differences between financial statements prepared for calculating income taxes and those prepared for financial reporting purposes. The former is prepared according to the Internal Revenue Code while the latter is prepared according to GAAP. What are the differences between the objectives of financial statements for calculating tax liability and financial reporting? Provide reference in APA format maximum 200 words.
4) The most common types of pension plans are the defined-contribution plan and the defined-benefit plan. Discuss the advantages and disadvantages of each. Provide reference in APA format and maximum 200 words.