Questions from Financial Reporting


Q: (1). Lennar Homebuilding costs and expenses include $51.

(1). Lennar Homebuilding costs and expenses include $51.3 million, $373.5 million and $340.5 million, respectively, of valuation adjustments and write-offs of option deposits and pre-acquisition cost...

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Q: The accounts of Consolidated Can contain the following amounts at December 31

The accounts of Consolidated Can contain the following amounts at December 31, 2012: Cost of products sold …………………………………..$410,000 Dividends…………………………………………………………3,000 Extraordinary gain (net of tax)…...

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Q: What are the three major categories on a balance sheet?

What are the three major categories on a balance sheet?

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Q: Can cash dividends be paid from retained earnings? Comment.

Can cash dividends be paid from retained earnings? Comment.

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Q: Why should notes to financial statements be reviewed?

Why should notes to financial statements be reviewed?

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Q: Where do we find a description of a firm’s accounting policies?

Where do we find a description of a firm’s accounting policies?

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Q: Describe the relationship between the terms ethics and morals.

Describe the relationship between the terms ethics and morals.

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Q: What is the relationship between ethics and law?

What is the relationship between ethics and law?

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Q: Identify the basic accounting equation.

Identify the basic accounting equation.

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Q: What is the relationship between the accounting equation and the double-

What is the relationship between the accounting equation and the double-entry system of recording transactions?

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