Questions from Intermediate Accounting

Q: What are the enhancing qualities of the qualitative characteristics? What is

What are the enhancing qualities of the qualitative characteristics? What is the role of enhancing qualities in the conceptual framework?

Q: An accountant must be familiar with the concepts involved in determining earnings

An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is dependent on the proper recognition, in...

Q: Presented below are comments made in the financial press.

Presented below are comments made in the financial press. Instructions Prepare responses to the requirements in each item. (a) Rep. John Dingell, the ranking Democrat on the House Commerce Committee,...

Q: What is the distinction between comparability and consistency?

What is the distinction between comparability and consistency?

Q: Why is it necessary to develop a definitional framework for the basic

Why is it necessary to develop a definitional framework for the basic elements of accounting?

Q: For what purposes did the AICPA in 1959 create theAccounting Principles Board

For what purposes did the AICPA in 1959 create theAccounting Principles Board?

Q: Expenses, losses, and distributions to owners are all decreases in

Expenses, losses, and distributions to owners are all decreases in net assets. What are the distinctions among them?

Q: What are the four basic assumptions that underlie the financial accounting structure

What are the four basic assumptions that underlie the financial accounting structure?

Q: In what ways was it felt that the statements issued by the

In what ways was it felt that the statements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?

Q: The life of a business is divided into specific time periods,

The life of a business is divided into specific time periods,usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. (...