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Question: In what order must partnership assets be


In what order must partnership assets be distributed?


> Where in the Codification is the guidance for foreign currency transactions located? List the topic number (i.e., ASC XXX).

> The __________ is the functional currency of a foreign subsidiary with operations that are relatively self-contained and integrated within the country in which it is located. In such cases, the __________ method of translation would be used to translate

> Provide examples of non-recognized subsequent events.

> Currency exchange rate fluctuations may impact Mattel’s results of operations and cash flows. Mattel’s currency transaction exposures include gains and losses realized on unhedged inventory purchases and unhedged receivables and payables balances that ar

> List the relevant paragraph in the Codification that describes the minimum disclosure requirements for personal financial statements.

> What requirements must be satisfied if a foreign subsidiary is to be consolidated?

> Write the name of the fund(s) in which each of the following transactions or events would be recorded. 1. Bonds, the proceeds of which were to be used for the construction of a new City Hall, were issued. 2. A sum of money was appropriated, to be advance

> The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partne

> Why is the SEC, once so reluctant to accept IAS, now very willing to allow firms using IFRS to issue securities in the U.S. stock market without reconciling to U.S. GAAP?

> What is the rationale for the harmonization of international accounting standards?

> In recent months, virtually every topic that has come to the attention of the standard-setters has been undertaken as a joint effort of the FASB and the IASB rather than as an individual effort by one of the two boards. List and discuss some of the joint

> As mentioned in Chapter 1, the project on business combinations was the first of several joint projects undertaken with the FASB and the IASB in their move to converge standards globally. Nonetheless, complete convergence has not yet occurred, and there

> When should an NNO record donated services in its accounting records?

> May board designated funds ever be accounted for in the unrestricted current fund? Explain.

> What is the major difference in accounting between conditional and unconditional pledges? Give an example of each.

> What is the major difference in accounting for the general fund of a hospital and the unrestricted fund of other NNOs?

> Define subsequent events. When should an entity recognize subsequent events in the financial statements?

> Identify three different types of endowment funds and explain how they differ.

> The following events relate typical activities in a municipality that affect the General Fund. 1. The Meadville City Council passed an ordinance approving a general operating budget of $580,000 for fiscal year 2015. The city’s only source of revenue is f

> What capital assets (if any) of ONNOs need not be depreciated?

> Are all major capital facilities acquisitions accounted for in a capital projects fund? Explain.

> Why are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund?

> A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Explain the circumstances that would result in each of these different treatments.

> Are fiduciary funds governmental funds or proprietary funds? Explain.

> What is the difference between a governmental fund and a proprietary fund?

> Why are governments required to prepare financial statements on a government-wide basis using full accrual accounting?

> Describe some of the major reconciling items between a government fund and the government-wide financial statements.

> The following funds and account groups are recommended for use in accounting for state and municipal governmental financial operations: A. General Fund. B. Special Revenue Fund. C. Debt Service Fund. D. Capital Projects Fund. E. Agency Fund. F. Enterpris

> Franchise fee revenue is recognized (with an appropriate provision for estimated uncollectible amounts) when all material services relating to the sale have been substantially performed by the franchisor. Describe the conditions that must be met to satis

> During 2015, the City of Greenfield engaged in the following financial activities: 1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,900,000 and appropriations for expenditures of $1,850,000

> Identify and describe four types of interfund activities.

> What exception to the normal expenditure recognition criteria is associated with debt service funds and what is the justification for this exception?

> Eleven funds are recommended to account for the various activities and resources of a governmental unit. Identify these funds by title and type and briefly state (in two sentences or less) the basic purpose of each fund.

> Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.

> Distinguish between an expense and an expenditure.

> Distinguish between an appropriation, an encumbrance, an expenditure, and a disbursement.

> What are the revenue-recognition criteria for expendable fund entities? How do these criteria differ from revenue recognition criteria for profit-oriented enterprises?

> Define a fund as the term is applied in accounting for the activities of governmental units and other nonbusiness organizations.

> Why may it be difficult or impossible for a governmental unit to determine the total cost of performing a particular activity or function?

> Describe the principal financial statements used to report on the activities and status of expendable fund entities.

> At the beginning of 2015, the City of Fairview reported an Unassigned Fund Balance of $555,000 and a supplies inventory balance of $175,000. During the year, Fairview purchased $225,000 in supplies and used supplies of $220,000. The city reports inventor

> Which topic and subtopic require entities to disclose all significant accounting policies? Is this information required to be disclosed on an interim basis?

> How does the adoption of a budget for a general fund entity differ from the adoption of a budget by a commercial unit?

> Why is depreciation on fixed assets not recorded in the records of expendable fund entities?

> Is the year-end balance in the Encumbrances account a liability? Explain.

> Explain the purposes of encumbrance accounting. Might encumbrance accounting be used by commercial enterprises?

> What characteristics distinguish nonbusiness organizations from profit-oriented enterprises?

> Discuss the possible outcomes in the situation where the equity interest of one partner is inadequate to absorb realization losses.

> Why does a debit balance in a partners’ capital account create problems in the UPA order of payment for a partnership liquidation?

> Discuss the three basic assumptions necessary for calculating a safe cash distribution. How is this safe cash distribution computed?

> Following is the preclosing trial balance for the General Fund of the City of Doyle. Note 1: Includes $50,000 of encumbrances from 2015. Required: Prepare in general journal form the closing entries for the General Fund of Doyle City. Doyle City T

> Why are realization gains or losses allocated to partners in their profit and loss ratios?

> Blood River Productions enters into a sale agreement for its recent film. A sale occurs when the entity transfers control of the master copy of a film and all the associated rights that go along with it (that is, an entity sells and gives up all rights t

> Discuss the methods used to record changes in partnership membership.

> What is meant by dissolution and what are its causes?

> List some of the alternative methods of calculating a bonus that may appear in a partnership agreement.

> Explain why a partnership is viewed in accounting as a “separate economic entity.”

> Distinguish between a partner’s interest in capital and his interest in the partnership’s income and losses. Also, make a general distinction between a partner’s capital account and his drawing account.

> How might a partner withdrawing in violation of the partnership agreement and without the consent of the other partners be treated? What about a partner who is forced to withdraw?

> Under what two conditions will the bonus and goodwill methods of recording the admission of a partner yield the same result?

> Describe the methods that might be used to disclose reportable segment information.

> Listed are transactions of the Town of Jackson. 1. A budget consisting of estimated revenues of $1,950,000 and appropriations for expenditures of $1,800,000 was passed by the town council. 2. Property taxes of $1,150,000 were assessed; $1,115,000 are exp

> List the types of information that must be presented for each reportable segment of a company under the rules of SFAS No. 131 [ASC 280].

> What segmental disclosures are required, if any, for interim reports?

> Suppose a not-for-profit entity purchases short-term highly liquid investments using resources that have donor-imposed restrictions that restrict their use to long-term investment purposes. In preparing the statement of cash flows, can these highly liqui

> List the three major types of enterprise wide information disclosures required by SFAS No. 131 [ASC 280], and explain how the firm’s designation of reportable segments affects these disclosures.

> Describe the guidelines to be used in determining (a) what constitutes an operating segment, and (b) whether a specific operating segment is a significant segment.

> Define the following: (a). Operating segment. (b). Reportable segment.

> Why do financial statement users (financial analysts, for example) need information about segments of a firm?

> What are the minimum disclosure requirements established ASC 270 for interim financial reports?

> Describe how changes in estimates should be treated in interim financial statements.

> Describe the basic procedure for computing income tax provisions for interim financial statements.

> Go online and find the City of Atlanta’s Comprehensive Annual Financial Report for the year ended June 30, 2013. Find the footnotes related to defined pensions and other post-employment benefits (OPEB). Required: 1. Determine the amount of unfunded pens

> When must a firm present segmental disclosures for major customers? What is the reason for this requirement?

> How are foreign operations defined under SFAS No. 131 [ASC 280]?

> What types of information must be disclosed about foreign operations under SFAS No. 131 [ASC 280–10–50–40]?

> Does the Codification apply to both governmental and nongovernmental entities?

> For what types of companies would segmented financial reports have the most significance? Why?

> Under the current rate method, describe how the various balance sheet accounts are translated (including the equity accounts) and how this translation affects the computation of various ratios (such as debt to equity or the current ratio). In particular,

> What is meant by an entity’s functional currency and what are the economic indicators identified by the FASB to provide guidance in selecting the functional currency?

> Explain the effects on income from hedging a foreign currency exposed net asset position or net liability position.

> Describe a forward exchange contract.

> Explain what is meant by the “two-transaction method” in recording exporting or importing transactions. What support is given for this method?

> Listed are typical financial activities of a local governmental unit. 1. The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,000,000, and appropriations for expenditures are $3,800,000. 2. Statements of prop

> List some of the criteria laid out by the FASB that are required for a gain or loss on forecasted transactions (a cash flow hedge) to be excluded from the income statement. If these criteria are satisfied, where are the gains or losses reported, and when

> Differentiate between forward-based derivatives and option based derivatives.

> Define a derivative instrument, and describe the keystones identified by the FASB for the accounting for such instruments.

> What is a put option, and how might it be used to hedge a forecasted transaction?

> In a limited partnership with multiple general partners, the determination of which, if any, general partner within the group controls and consolidates the limited partnership is based on an analysis of the relevant facts and circumstances. List the righ

> Name the three stages of concern to the accountant in accounting for import–export transactions. Briefly explain the accounting for each stage.

> The FASB classifies forward contracts as those acquired for the purpose of hedging and those acquired for the purpose of speculation. What main differences are there in accounting for these two classifications?

> Define currency exchange rates and distinguish between “direct” and “indirect” quotations.

> List some of the major differences in accounting between IFRS and U.S. GAAP.

> How does the FASB view its role in the development of an international accounting system? Currently, two members of the IASB were previously affiliated with the FASB. Comment on what effect this might have on the likelihood that the U.S. standard-setters

> For each of the items listed below, determine how the amount would be classified in Fund Balance (either nonspendable, restricted, committed, assigned, or unassigned fund balance). 1. Inventory costing $17,000 was purchased to be used for highway repair

> Describe the attitude of the FASB toward the IASB (International Accounting Standards Board).

> Discuss the types of ADRs that non-U.S. companies might use to access the U.S. markets.

> The following footnote was disclosed at the beginning of 2016 (January 1, 2016). The capital lease began on January 1, 2015 when the fair value of the capital lease was $21,776 (with a six-year life). The operating lease began on January 1, 2016 when t

> On December 1, 2014, King Company exported equipment that had cost $210,000 to a Brazilian company for 1,000,000 real. The account is to be settled on January 31, 2015. King Company is a calendar-year company and uses a perpetual inventory system. Direct

> The first two lines of Unilever Group’s 2013 consolidated income statement (using IFRS) report the following amounts (in millions of euros): Required: A. On the income statement, the first two lines in Unilever’s inc

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