Questions from Advanced Accounting

Q: On December 1, 2014, King Company exported equipment that had

On December 1, 2014, King Company exported equipment that had cost $210,000 to a Brazilian company for 1,000,000 real. The account is to be settled on January 31, 2015. King Company is a calendar-year...

Q: The following footnote was disclosed at the beginning of 2016 (January

The following footnote was disclosed at the beginning of 2016 (January 1, 2016). The capital lease began on January 1, 2015 when the fair value of the capital lease was $21,776 (with a six-year life...

Q: Discuss the types of ADRs that non-U.S.

Discuss the types of ADRs that non-U.S. companies might use to access the U.S. markets.

Q: Describe the attitude of the FASB toward the IASB (International Accounting

Describe the attitude of the FASB toward the IASB (International Accounting Standards Board).

Q: For each of the items listed below, determine how the amount

For each of the items listed below, determine how the amount would be classified in Fund Balance (either nonspendable, restricted, committed, assigned, or unassigned fund balance). 1. Inventory costin...

Q: How does the FASB view its role in the development of an

How does the FASB view its role in the development of an international accounting system? Currently, two members of the IASB were previously affiliated with the FASB. Comment on what effect this might...

Q: List some of the major differences in accounting between IFRS and U

List some of the major differences in accounting between IFRS and U.S. GAAP.

Q: Define currency exchange rates and distinguish between “direct” and “

Define currency exchange rates and distinguish between “direct” and “indirect” quotations.

Q: The FASB classifies forward contracts as those acquired for the purpose of

The FASB classifies forward contracts as those acquired for the purpose of hedging and those acquired for the purpose of speculation. What main differences are there in accounting for these two classi...

Q: Name the three stages of concern to the accountant in accounting for

Name the three stages of concern to the accountant in accounting for import–export transactions. Briefly explain the accounting for each stage.