Questions from Financial Accounting

Q: Is the matching concept related to (A) the cash

Is the matching concept related to (A) the cash basis of accounting or (B) the accrual basis of accounting?

Q: What inventory costing methods are allowed under IFRS? How does this

What inventory costing methods are allowed under IFRS? How does this differ from the treatment under U.S. GAAP?

Q: (A) What is the most important output of the accounting

(A) What is the most important output of the accounting cycle? (B) Do all companies have an accounting cycle? Explain.

Q: Knott Inc. has a petty cash fund of $750.

Knott Inc. has a petty cash fund of $750. (A) Since the petty cash fund is only $750, should Knott implement controls over petty cash? (B) What controls, if any, could be used for the petty cash fund?...

Q: Briefly discuss why global accounting standards are needed in today’s business environment

Briefly discuss why global accounting standards are needed in today’s business environment.

Q: What body is responsible for setting International Financial Reporting Standards?

What body is responsible for setting International Financial Reporting Standards?

Q: Rodgers Corporation produces and sells football equipment. On July 1,

Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,4...

Q: What is the difference between adjusting entries and adjusting entries and adjusting

What is the difference between adjusting entries and adjusting entries and adjusting entries correcting entries?

Q: Kroger , a grocery store, recently had a price-earnings

Kroger , a grocery store, recently had a price-earnings ratio of 13.7, while the average price-earnings ratio in the grocery store industry was 22.5. What might explain this difference?

Q: Distinguish between prime costs and conversion costs.

Distinguish between prime costs and conversion costs.