Questions from General Accounting

Q: Since the FASB makes the standards that are used by business and

Since the FASB makes the standards that are used by business and industry, they make accounting theory. Comment on this statement.

Q: The comingling of legal and contingent liabilities exists under current GAAP accounting

The comingling of legal and contingent liabilities exists under current GAAP accounting. Discuss potential problems this creates and propose alternatives to address them.

Q: Describe the incentives that might motivate income smoothing, and the ways

Describe the incentives that might motivate income smoothing, and the ways it could be done.

Q: In 2003, South Africa was the first country to adopt IFRS

In 2003, South Africa was the first country to adopt IFRS with fair value accounting. The country does not allow for differential accounting treatment depending on the size of enterprise. What type of...

Q: 1. Discuss as many of the potential trade-offs among

1. Discuss as many of the potential trade-offs among the qualities mentioned in SFAC No. 8 as you can and give either a general or a concrete example of each one. 2. Analyze three accounting standards...

Q: 1. Presented in the exhibit for Case 1 (see text

1. Presented in the exhibit for Case 1 (see text) is a graph of accounting income, cash flows from operations, and working capital flows from operations for W. T. Grant Company, a retailer that filed...

Q: 1. Agency theory takes the view that the corporation is the

1. Agency theory takes the view that the corporation is the locus or nexus of many competing and conflicting interests. List as many of these conflicting groups as you can and discuss in detail the na...

Q: How do objectives differ from postulates?

How do objectives differ from postulates?

Q: Do you think that the funds flow statement is more “factual

Do you think that the funds flow statement is more “factual” and less “interpretative” than the income statement and balance sheet?

Q: Do you think that the standards mentioned in ASOBAT are really standards

Do you think that the standards mentioned in ASOBAT are really standards? Why or why not?