Questions from Financial Reporting

Q: Is the presentation of a personal income statement appropriate?

Is the presentation of a personal income statement appropriate?

Q: Many important events that influence the prospects for the entity are not

Many important events that influence the prospects for the entity are not recorded in the financial records. Comment and give an example.

Q: Some industry practices lead to accounting reports that do not conform to

Some industry practices lead to accounting reports that do not conform to the general theory that underlies accounting. Comment.

Q: An entity may choose between the use of the accrual basis of

An entity may choose between the use of the accrual basis of accounting and the cash basis. Comment.

Q: Boston Celtics Limited Partnership II and Subsidiaries presented the following consolidated

Boston Celtics Limited Partnership II and Subsidiaries presented the following consolidated statements of income for 1998, 1997, and 1996. Required a. Comment on Amortization of NBA Franchise and Oth...

Q: Why did the FASB commence the Accounting Standards Codification™ project?

Why did the FASB commence the Accounting Standards Codification™ project?

Q: Would an accountant record the personal assets and liabilities of the owners

Would an accountant record the personal assets and liabilities of the owners in the accounts of the business? Explain.

Q: At which point is revenue from sales on account (credit sales

At which point is revenue from sales on account (credit sales) commonly recognized?

Q: Elliott Company constructed a building at a cost of $50,

Elliott Company constructed a building at a cost of $50,000. A local contractor had submitted a bid to construct it for $60,000 a. At what amount should the building be recorded? b. Should revenue b...

Q: Dexter Company charges to expense all equipment that costs $25 or

Dexter Company charges to expense all equipment that costs $25 or less. What concept supports this policy?