Questions from Intermediate Accounting

Q: Refer to the 2009 balance sheet for Consolidated Edison. 1

Refer to the 2009 balance sheet for Consolidated Edison. 1. Compute the following financial ratios for Consolidated Edison for 2008: (a) Debt ratio (total liabilities/total assets) (b) Current ratio (...

Q: Why is standard setting such a difficult and complex task?

Why is standard setting such a difficult and complex task?

Q: What are the major advantages of computers as compared with manual processing

What are the major advantages of computers as compared with manual processing of accounting data?

Q: What are the major types of notes attached to the financial statements

What are the major types of notes attached to the financial statements?

Q: One of your clients overheard a computer manufacturer sales representative saying that

One of your clients overheard a computer manufacturer sales representative saying that the computer will make the accountant obsolete. How would you respond to this comment?

Q: Why are differing national accounting standards converging to a common global standard

Why are differing national accounting standards converging to a common global standard?

Q: What is the general practice in reporting earnings per share?

What is the general practice in reporting earnings per share?

Q: What is the IASB? What is the SEC position regarding IASB

What is the IASB? What is the SEC position regarding IASB standards?

Q: Define comprehensive income. How does it differ from net income?

Define comprehensive income. How does it differ from net income?

Q: List and explain the main reasons why a conceptual framework of accounting

List and explain the main reasons why a conceptual framework of accounting is important.