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Financial Accounting Reporting Analysis And Decision Making 6th Edition Shirley Carlon - Solutions
14.13 Define artificial intelligence.
14.12 Explain blockchain and bitcoin. LO10
14.11 Explain the concept of big data. LO10
14.10 Discuss what cloud computing is. LO10
14.9 Describe the current state of adoption of XBRL reporting. LO7
14.8 What are the benefits of XBRL for internal and external users of financial information? LO7
14.7 Discuss how XBRL is used in reporting systems. LO5
14.6 Describe the typical modules in the SAP ERP system. LO4
14.5 Explain how an ERP system supports key business processes. LO2
14.4 What key business processes does an ERP system support? LO3
14.3 Explain the benefits of an ERP system. LO2
14.2 Explain how an ERP system integrates the activities within an organisation. LO2
14.1 Describe each of the accounting functions that are available using Xero. LO1
14.8 Integrated accounting packages and various modules can be purchased based on the: LO1(a) size of the business.(b) nature of the business.(c) number of employees.(d) all of the above.
14.7 LO1 When using Xero, which accounting process is automatically performed when a sales invoice is ‘approved’?(a) Posting the transaction to the ledger accounts.(b) Updating the bank reconciliation.(c) Preparing the profit and loss statement.(d) Recording the payment on the invoice.
14.6 What best describes the big data phenomenon? LO10(a) Computing software that can heal itself.(b) Green computing initiatives.(c) Software services that can be leased.(d) Data that has come from social media or environmental systems.
14.5 Which of the following statements is not true about cloud computing? LO9(a) It removes all concern about data and systems security for businesses.(b) It relies on the internet as the platform for delivering services to users.(c) It consists of three types of services: SaaS, IaaS (including
14.4 XBRL will potentially assist in strengthening information transparency because it: LO7(a) offers greater search power and customised information for different stakeholders.(b) is a typology based on specific business reporting requirements.(c) is technically superior to HTML and reduces the
14.3 Which of the following best describes the relationship between accounting information LO5 systems and accounting standards?(a) Accounting information systems must comply with all accounting standards.(b) Accounting standards dictate the way an accounting information system must store and
14.2 Which of the following is not an advantage of XBRL? LO7(a) Interchangeable data.(b) Less accurate financial reporting.(c) Recognition by major accounting package vendors.(d) Paperless reporting.
14.1 The four major functions that are linked by an ERP system are: LO2(a) sales/marking, manufacturing, accounting/finance, and human resources.(b) sales/marketing, manufacturing, customer, and accounting/finance.(c) customer, sales/marketing, production, accounting/finance and human resources.(d)
14.10 appreciate new technologies and how they may impact the future of accounting.
14.9 categorise the different types of cloud-based computing including Software as a Service
14.8 understand the various concepts in using XBRL
14.7 justify the benefits of XBRL
14.6 compare and contrast the different ways XBRL can be used
14.5 explain how XBRL is used in reporting systems
14.4 describe the main modules in an ERP system through using SAP as an example
14.3 categorise the key business processes that ERP systems support
14.2 understand why organisations are motivated to implement or upgrade to an enterprise resource planning (ERP) system
14.1 appreciate the use of a computerised accounting information system such as Xero
13.26 Outline two future developments in financial reporting.
13.25 Briefly outline how the elements of GAAP are applied.
13.24 There are four bases of measurement outlined in the Conceptual Framework. Briefly describe each of these. Identify common alternative measurement bases that can be found in general purpose financial reports.
13.23 What are the two basic common recognition criteria that are applied to assets, liabilities, revenues and expenses?
13.22 At what point should an entity recognise income? Provide examples to support your explanation.
13.21 How is equity defined in the Conceptual Framework? Provide examples of transactions or events that affect equity. Provide examples of transactions and events that do not affect equity.
13.20 Define assets and explain the recognition criteria for assets as outlined in the Conceptual Framework.
13.19 Define income and expenses as outlined in the Conceptual Framework.
13.18 Define liabilities and outline the recognition criteria for liabilities as outlined in the Conceptual Framework.
13.17 Cost is a constraint that limits the information provided by financial reporting. Explain whether fundamental or enhancing qualitative characteristics can be sacrificed to reduce costs. Justify the reasons for your answer.
13.16 The Conceptual Framework identifies qualitative characteristics as fundamental or enhancing.Describe each of the qualitative characteristics. What makes a qualitative characteristic fundamental or enhancing? Do you believe this is an important distinction?
13.15 Explain why general purpose financial reports should be seen more as models of transactions and events that have occurred in relation to an entity rather than as an exact depiction of transactions and events.
13.14 General purpose financial reports are only one source of information for users when making a variety of decisions. What other sources of information are available to users and why is it important that they obtain them? Support your discussion with examples.
13.13 The Conceptual Framework outlines a constraint on providing financial reports. Explain this constraint.
13.12 The Conceptual Framework identifies a number of qualitative characteristics that financial information should possess if it is to be useful for decision making. Faithful representation is one such characteristic. Do you believe that financial information can, in reality, be neutral and free
13.11 Two qualitative characteristics that financial information should possess are relevance and faithful representation. Explain these concepts and discuss whether you believe one is more important than the other, or if they are equally important?
13.10 Provide a brief summary of each of the qualitative characteristics and the constraint on providing financial information as outlined in the Conceptual Framework.
13.9 Compare and contrast the primary users of financial reports and their information needs as outlined in the Conceptual Framework with the other users of financial reports.
13.8 Identify the primary users and their uses of financial information as outlined in the Conceptual Framework.
13.7 Explain the objective of general purpose financial reporting as defined in the Conceptual Framework.Why is it necessary to have an objective?
13.6 Differential reporting means applying different sets of rules for different categories of entities preparing general purpose financial reports. Identify the different categories of entities and explain their reporting requirements.
13.5 Explain what is meant by the reporting entity concept as proposed in the exposure draft ED/2010/2.In your answer, discuss the feature. Do you believe that the accounting entity concept is helpful?
13.4 What are the advantages or benefits of the Conceptual Framework for financial reporting? Do you believe that these benefits can actually be achieved?
13.3 What is the Conceptual Framework?
13.2 Explain how accounting concepts, principles and recognition criteria are interrelated and provide guidance when recording certain transactions. Provide at least one example to illustrate your answer.
13.1 Explain the concepts and principles that underlie accounting.
13.22 LO8 Which of the following has/have been identified as future developments for financial reporting?(a) A definition of the reporting entity as part of the Conceptual Framework for financial reporting.(b) Integrated reporting.(c) Emissions trading as part of sustainability reporting.(d) All of
13.21 LO8 When preparing general purpose financial reports, the elements of GAAP should be applied in the following order:(a) underlying concepts and principles, accounting standards, the Conceptual Framework.(b) accounting standards, the Conceptual Framework, underlying concepts and principles.(c)
13.20 LO7 Which of the following statements is not true in relation to the definitions and/or recognition criteria for elements in financial reports as outlined in the Conceptual Framework?(a) The definitions of equity, income and expenses are related to the definitions of assets and
13.19 As outlined in the Conceptual Framework, income should be recognised when: LO7(a) an inflow of future economic benefits is certain and can be measured reliably.(b) the cash is received.(c) an inflow of future economic benefits is probable and can be measured reliably.(d) an outflow of future
13.18 In the Conceptual Framework, expenses are defined as: LO7(a) decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity
13.17 In the Conceptual Framework, an asset is defined as a resource: LO7(a) owned by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.(b) controlled by the entity from which future economic benefits are expected to flow to the
13.16 LO6 Which of the following is considered to be a constraint of providing financial information in the Conceptual Framework?(a) Full disclosure.(b) Understandability.(c) Materiality.(d) Cost.
13.15 LO6 Which of the following is a fundamental qualitative characteristic of information as outlined in the Conceptual Framework?(a) Comparability.(b) Understandability.(c) Faithful representation.(d) Verifiability.
13.14 LO6 The enhancing qualitative characteristics of financial information outlined in the Conceptual Framework include:(a) understandability, timeliness, verifiability and comparability.(b) understandability, verifiability, reliability and comparability.(c) understandability, relevance, faithful
13.13 Reporting entities generally don’t include: LO5(a) public companies.(b) government authorities.(c) some large private companies.(d) sole traders.
13.12 The criteria used to determine if an entity is a reporting entity include: LO5(a) separation of ownership from management.(b) size measured in relation to sales, assets, borrowings, customers and employees.(c) political and economic importance.(d) all of the above.
13.11 Accounting entities are: LO5(a) all reporting entities.(b) never reporting entities.(c) sometimes also reporting entities.(d) both accounting entities and reporting entities.
13.10 LO4 The primary users of financial information in the category of other creditors as outlined in the Conceptual Framework include:(a) employees, suppliers and customers.(b) employees, lenders and customers.(c) lenders, suppliers and customers.(d) employees, lenders, customers and suppliers.
13.9 The primary users of financial information as outlined in the Conceptual Framework are: LO4(a) resource providers, recipients of goods and services and parties performing a review or oversight function.(b) existing and potential equity investors, lenders and other creditors.(c) resource
13.8 LO3 The objective of general purpose financial reporting as defined in the Conceptual Framework is to provide:(a) information that is useful to present and potential investors in making rational investment, credit and similar decisions.(b) information that is useful to creditors in making
13.7 Due process is: LO2(a) where governments from around the world work together to prepare unified accounting standards.(b) the process where all interested parties are consulted and invited to provide feedback when standards are developed.(c) the process entities go through to collect cash when
13.6 The Conceptual Framework: LO2(a) has been completed and is awaiting approval by the International Accounting and Reporting Board (IARB).(b) is in the process of being prepared by the IARB.(c) is the result of a joint project between the International Accounting Standards Board (IASB)and
13.5 The Conceptual Framework: LO2(a) consists of 4 sections.(b) includes the objective of general purpose financial reporting.(c) defines the elements in financial reports and the qualitative characteristics.(d) all of the above.
13.4 LO1 Which of the following is not a concept or a principle underlying the recording of accounting information?(a) The monetary concept.(b) The accounting entity concept.(c) The going concern principle.(d) The reliability principle.
13.3 Valuing assets at their market value rather than at their cost is inconsistent with the: LO1(a) monetary concept.(b) accounting entity concept.(c) cost principle.(d) all of the above.
13.2 The cost principle states that: LO1(a) assets should be recorded at cost and subsequently adjusted when the market value changes.(b) every entity can be separately identified and accounted for.(c) all assets should be initially recorded at their cost.(d) only transaction data capable of being
13.1 The accounting entity concept states that: LO1(a) the life of an entity can be divided into artificial periods.(b) useful reports covering an accounting period can be prepared for the entity.(c) activities of an entity should be kept separate and distinct from the activities of its
13.9 appreciate, at an introductory level, various future developments in financial reporting.
13.8 integrate principles, concepts, standards and the Conceptual Framework
13.7 define assets, liabilities, equity, income and expenses and apply recognition criteria
13.6 identify and apply the qualitative characteristics and constraint on financial reporting
13.5 explain the nature of a reporting entity
13.4 identify the primary and other users, and their uses of financial reports
13.3 explain the objective of general purpose financial reporting
13.2 describe the Conceptual Framework for Financial Reporting (the Conceptual Framework)
13.1 explain and apply the concepts and principles underlying the recording of accounting information
12.10 Identify and briefly explain five limitations of financial analysis.
12.9 Indicate whether each of the following changes generally signals good or bad news about an entity:(a) Decrease in gross margin rate.(b) Decrease in inventory turnover.(c) Decrease in quick ratio.(d) Increase in return on assets.(e) Increase in price/earnings ratio.(f) Increase in debt to total
12.8 The price/earnings ratio of Domino’s Pizza Enterprises Limited was 54.8 and the price/earnings ratio of Telstra Corporation Limited was 16.4. Which company did the securities market favour?Explain.
12.7 Which ratios should be used to help answer each of these questions?(a) How efficient is an entity in using its assets to produce sales?(b) How long does it take for customers to pay their accounts?(c) How many dollars of profit were generated for each dollar of sales?(d) How liquid is this
12.6 Megasonic Ltd, a retail store, has an inventory turnover of 8 times. The industry average is 14 times. Does Megasonic Ltd have a problem with its inventory?
12.5 Discuss the advantages of calculating the average collection period of receivables. How does an entity determine if there is an issue with receivables collection based on the average collection period calculation?
12.4 Explain how calculating current cash debt coverage for an entity overcomes a disadvantage of the current and quick ratios.
12.3 The current ratio and the quick ratio are both measures of liquidity. Explain how the quick ratio overcomes some of the limitations of the current ratio.
12.2 Two popular methods of financial statement analysis are horizontal analysis and vertical analysis.Explain the difference between these two methods.
12.1 (a) Distinguish among the following bases of comparison: intra-entity, industry averages and interentity.(b) Give the principal purpose of using each of the three bases of comparison.
12.15 LO5 Which of the following are generally considered to be limitations of financial statement analysis?(a) Use of estimates, e.g. for depreciation.(b) Use of cost for asset purchases.(c) Use of alternative accounting methods, e.g. for inventory valuation.(d) All of the above.
12.14 Which of the following is not considered to be true in relation to segmental data? LO5(a) Entities which make significant sales in different industries are required to report segment data.(b) Entities which are highly diversified are required to report segment data.(c) Segment data includes
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