Questions from Intermediate Accounting

Q: How do firms report a material subsequent event on the financial statements

How do firms report a material subsequent event on the financial statements?

Q: Over what period must management assess the entity’s ability to continue as

Over what period must management assess the entity’s ability to continue as a going concern under U.S. GAAP?

Q: Over what period must management assess the entity’s ability to continue as

Over what period must management assess the entity’s ability to continue as a going concern under IFRS?

Q: What is a related-party transaction? Why does the FASB

What is a related-party transaction? Why does the FASB require disclosure of related parties?

Q: How does the role of the FASB differ from that of the

How does the role of the FASB differ from that of the Securities and Exchange Commission with regard to the establishment of accounting standards?

Q: What information is provided in the Management’s Discussion and Analysis section of

What information is provided in the Management’s Discussion and Analysis section of the financial statements?

Q: Identify and compute the cash flow related to each item on the

Identify and compute the cash flow related to each item on the following income statement. Use the direct method.

Q: What do auditors attest to in an audit report?

What do auditors attest to in an audit report?

Q: What does it mean when an auditor issues an adverse opinion on

What does it mean when an auditor issues an adverse opinion on the financial statements?

Q: Explain the five different types of auditor’s opinions.

Explain the five different types of auditor’s opinions.