Intermediate Accounting Iii - 2135 Words

Midterm Exam Review 1.The revenue recognition principle provides that revenue is recognized when? Pages 907-8 Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded when? An alternative available when the seller is exposed to continued risks of ownership through return of the product is what? Page 910 2. In selecting an accounting method for a newly-contracted long-term construction project, the principal factor to be considered should be what? Page 933 The†¦show more content†¦No other differences existed between book income and taxable income except for the amount of depreciation. [page 984]) Assuming a 30% tax rate, what amount was deducted for depreciation on the corporations tax return for the current year? 5. Machinery was acquired at the beginning of the year. Depreciation recorded during the life of the machinery could result in (Page 1002) Future Future Taxable Amounts Deductible Amounts a. Yes Yes b. Yes No c. No Yes d. No No Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on the balance sheet if A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reported Before it is reported in financial income in financial income a. Yes Yes b. Yes No c. No Yes d. No No 6. Deferred taxes should be presented on the balance sheet (Page 984) Deferred tax amounts that are related to specific assets or liabilities should be classified as current or noncurrent based on A deferred tax liability is classified on the balance sheet asShow MoreRelatedIntermediate Accounting: Ifrs Edition1249 Words   |  5 PagesFINANCIAL ACCOUNTING II COURSE OUTLINE SEMESTER II, 2012 – 2013 Lecturer: Mrs. Diana Weekes-Marshall BSc, FCCA, FCA diana.weekes-marshall@cavehill.uwi.edu Room SSA5 Tel: 417-4872 (office) Office Hours: By appointment only COURSE AIMS This course builds on the foundation established in the Level I Financial Accounting courses and the Level II Intermediate Accounting course, ACCT 2014 Financial Accounting I. Financial Accounting II followsRead MoreAcademic Mission Statement1174 Words   |  5 Pagesa bright future and that my goals are going to become a reality once I graduate. After graduation, my plan is to work for the government for few years, after that period of time; I’m planning to develop my own company that would be dedicated to accounting services for individuals, companies, and to offer financial advice. What do I value? I value my family, the quality of time that I can spend with them, I value the moments when we laugh because those will rejoice our lives, I value the good memoriesRead MoreThe Education System in Saudi Arabi1093 Words   |  5 Pagessystem. PRIMARY EDUCATION : I. Primary School Duration: Six years (ages 6 to 12) Curriculum: Arabic, art education, geography, history, home economics (for girls), mathematics, physical education (for boys), Islamic studies and science II. Intermediate School: Duration: Three years (ages 12 to 15) General Curriculum: Arabic, art education, English, geography, history, home economics (for girls), mathematics, physical education (for boys), religious studies and science SECONDARY EDUCATIONRead MoreCoca Cola vs Pepsi1313 Words   |  6 PagesThe Coca-Cola Company versus PepsiCo, Inc. Andy Berg Ufuoma Omosebi Intermediate Accounting III ACC305 19 November, 2011 Coca Cola and Pepsi are the two most popular and widely recognized beverage brands in the United States. Pepsi and Coca Cola contrast each other on their taste, its associated colors and themes, and ingredients. Even the pension plans and funding status are a competitive comparison. 1. Compare the pension plans of Coca-Cola and PepsiCo, including type of plan and fundedRead MoreTen Publicized Audit Failures1655 Words   |  7 Pagesnegligence, breach of contract, fraud and other wrongful conduct,† then filed for bankruptcy protection. It was alleged that the financial performance was masked through deceptive accounting by the executives while pocketing profits for personal benefits without disclosures to the board of directors or the public. iii. AOL Time Warner (2002) - Ernst Young At the time of the AOL Time Warner scandal, sitting in the president’s chair was Robert Pittman. With the purchase of Time Warner, theRead MoreNupath Foods1326 Words   |  6 PagesQuestion; Discuss accounting for investment, clearly indicating the IAS for the disclosure of investment. Accounting for Investments Introduction * This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.1 This Standard does not deal with: (a) The bases for recognition of interest, dividends and rentals earned on investments which are covered by Accounting Standard 9 on revenue recognition; (b) Operating orRead MoreChapter 7— Net Present Value and Other Investment1149 Words   |  5 Pagesrequired rate of return of a project to recoup the initial outlay is called discounted payback period. An investment is accepted if its discounted payback period is less than prescribed number of years. 6) Accounting rate of return: ARR is a non-discounted cash flow method in which accounting information’s are used rather than cash flows. ARR= (Average annual profit after tax/Average investment over the life of the project) * 100. Question 2 : Why is the NPV a preferred method when evaluatingRead MoreAssignment : Type Of Firm And Industry1615 Words   |  7 PagesIII. Description of Internship Assignment a. Type of firm and industry The firm I conducted my internship at is Robert C. Alario CPA PC. It is an accounting firm based in Leominster Massachusetts but with offices also in Harvard, Massachusetts and Worcester Massachusetts. The firms serves the public accounting needs for individuals, corporation, and non-profit entities. Their services include tax planning and preparation, payroll services, bookkeeping, auditing, QuickBooks assistance, financialRead MoreMANAGEMENT CONTROL SYSTEMS, TRANSFER PRICING, AND MULTINATIONAL CONSIDERATIONS4428 Words   |  18 Pagesa minimum transfer price 9. Incorporate income tax considerations in multinational transfer pricing CHAPTER OVERVIEW Chapter 22 examines management control systems of organizations with emphasis on the role of a subsystem, that of the accounting information system. In Chapter 6 the concept of management control systems was introduced through the budgeting process. The three key properties of a management control system are described in this chapter but studied in three different chapters:Read MoreJohnson Bank V. George Korbakes Company, Llp909 Words   |  4 Pagesrecognition of revenue prior to its realization. This is with accordance with GAAP. Becker, p. 39. Was the footnote sufficient disclosure of this information? Legally speaking, yes. Ethically speaking, no. GKCO did comply with U.S. generally accepted accounting principles (GAAP) in regards to making adequate disclosures in the footnotes (Arens 48.) However, GKCO should not have relied that anyone not familiar with footnotes disclosures would have read those footnotes. Should GKCO have included the licensee’s