Questions from Intermediate Accounting

Q: Carol Keene, corporate comptroller for Dumaine Industries, is trying to

Carol Keene, corporate comptroller for Dumaine Industries, is trying to decide how to present “Property, plant, and equipment” in the balance sheet. She realizes that the statement of ca...

Q: The partner in charge of the Kappeler Corporation audit comes by your

The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2014. B...

Q: Where can authoritative IFRS guidance be found related to the statement of

Where can authoritative IFRS guidance be found related to the statement of financial position (balance sheet) and the statement of cash flows?  

Q: Briefly describe some of the similarities and differences between GAAP and IFRS

Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.  

Q: In its December 31, 2014, balance sheet Oakley Corporation reported

In its December 31, 2014, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?  

Q: Included in Outkast Company’s December 31, 2014, trial balance are

Included in Outkast Company’s December 31, 2014, trial balance are the following accounts: Prepaid Rent $5,200; Debt Investments (trading) $56,000; Unearned Fees $17,000; Land (held for invest...

Q: Briefly describe the convergence efforts related to financial statement presentation.

Briefly describe the convergence efforts related to financial statement presentation.  

Q: Rainmaker Company prepares its financial statements in accordance with IFRS. In

Rainmaker Company prepares its financial statements in accordance with IFRS. In 2014, Rainmaker recorded the following revaluation adjustments related to its buildings and land: The Company’s...

Q: The net income for the year for Genesis, Inc. is

The net income for the year for Genesis, Inc. is $750,000, but the statement of cash flows reports that the net cash provided by operating activities is $640,000. What might account for the differen...

Q: How does information from the balance sheet help users of the financial

How does information from the balance sheet help users of the financial statements?