Questions from General Accounting

Q: Samsung Group upholds a belief in shared responsibility — to its people

Samsung Group upholds a belief in shared responsibility — to its people, the planet and society. Samsung Electronics produces a sustainability report that includes the company’s profiles as well as it...

Q: True Blue Ltd is reviewing its accounting policies and estimations. Detailed

True Blue Ltd is reviewing its accounting policies and estimations. Detailed below are its current policies and estimations. Using these current policies, the company’s calculated pr...

Q: The International Accounting Standards Board (IASB) and the US accounting

The International Accounting Standards Board (IASB) and the US accounting standard–setting board worked on a joint project to develop a new standard on revenue recognition. Podcasts summarizing the pr...

Q: Jim St Cloud operates a wholesale clothing operation called St Cloud’s Designs

Jim St Cloud operates a wholesale clothing operation called St Cloud’s Designs. All the sales and purchases of the business are made on credit. The opening and closing balances for a...

Q: Groupon is a US company with a deal-of-the

Groupon is a US company with a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Since its formation, it has faced a number of questions relatin...

Q: Depreciation expense is an allocation of the cost of an asset over

Depreciation expense is an allocation of the cost of an asset over the asset’s useful life. Entities assess the useful lives of their various assets. The notes to the accounts for tw...

Q: In its 2018 annual report, Qantas Airways referred to ‘underlying

In its 2018 annual report, Qantas Airways referred to ‘underlying profit’ and ‘statutory profit’. Identify the differences in these profit figures. Debate the merits of reporting non-statutory profit...

Q: The 2017 statement of profit or loss (referred to as consolidated

The 2017 statement of profit or loss (referred to as consolidated income statement) for Wesfarmers is provided below. Required Using the above information, answer the following questions. (a) Give an...

Q: Review the following quote from Colquhoun (2013). Investors assessing

Review the following quote from Colquhoun (2013). Investors assessing the recent reporting season of publicly listed companies will base their opinions of corporate performance largely on a handful of...

Q: The ASX convened the ASX Corporate Governance Council (ASXCGC) in

The ASX convened the ASX Corporate Governance Council (ASXCGC) in August 2002. It was prompted by suggestions from ASIC and government that ASX take a leadership role in formulating a non-legislative...