Questions from Advanced Accounting

Q: Air France—KLM Group reports the following balance sheet for the

Air France—KLM Group reports the following balance sheet for the year ended December 31, 2013. Required: A. In what order are assets listed on the balance sheet? B. Comment on other...

Q: If a non-SEC reporting company decided to issue monthly interim

If a non-SEC reporting company decided to issue monthly interim financial statements, would the GAAP Codification apply?

Q: Red Hat, Inc. reported comprehensive income from 2008 to 2010

Red Hat, Inc. reported comprehensive income from 2008 to 2010 as follows ($ thousands): Required: A. Assuming that Red Hat has not purchased or sold any available-for-sale securities, what has happe...

Q: Are interim periods considered stand-alone financial statements or are they

Are interim periods considered stand-alone financial statements or are they considered an integral part of the annual financial statements under current GAAP? Do you concur with this position? Why or...

Q: If a company does not present a separate fourth-quarter interim

If a company does not present a separate fourth-quarter interim report for its income statement, but presents only the annual income statement at that time, are there any additional disclosure require...

Q: How does the presentation of personal balance sheets differ from balance sheets

How does the presentation of personal balance sheets differ from balance sheets for entities (in general terms)? Where is this located in the Codification?

Q: Where are estimated income taxes reported on the statement of financial condition

Where are estimated income taxes reported on the statement of financial condition for personal financial statements?

Q: Are International Financial Reporting Standards (IFRS) issued by the International

Are International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) considered authoritative by the Codification?

Q: Many companies with defined benefit plans are curtailing or eliminating the plans

Many companies with defined benefit plans are curtailing or eliminating the plans altogether. With a defined benefit plan, the company guarantees some set amount (or formula-determined payment) when t...

Q: You and two of your former college friends, Freeman and Oxyman

You and two of your former college friends, Freeman and Oxyman, formed a partnership called FOB, which builds and installs fabricated swimming pools. The business has been operating for 15 years and h...