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intermediate accounting reporting
Intermediate Accounting 14th Edition Fred Skousen, James Stice, Earl Kay Stice - Solutions
10. What t\pe of account is Market Adjustment? How is it disclosed on the financial statements?
11. How is a permanent dechne in the value of investments recorded?
13. How are trading, available-for-sale, and held-tomaturity securities disclosed on the balance sheet—as current or long-term assets?
14. Where are the cash flow effects of purchases and sales of equity securities disclosed?
16. 'What is the only significant difference between the provisions of IAS 39 and those of FASB Statement No.115?'^,
17. What adjustment is needed when a company switches (a) from the equity method and (b) to the equity method of valuing securities?
18. Why is the impairment of a loan accounted for differently from the decline in value of a debt securit)^?
4. What is a bargain purchase option?
5. How is the lease term measured?
11. What amount should be recorded as an asset and a liability for capital leases on the books of the lessee?
12. Why do asset and liabilit}' balances for capital leases usually differ after the first year?
16. Distinguish a sales-type lease from a direct financing lease.
17. Unguaranteed residual values accrue to the lessor at the expiration of the lease. How are these values treated in a sales-t) pe lease?
18. Under what circumstances are the minimum lease payments for the lessee different from those of the lessor?
20. Describe the specific lease disclosure requirements for lessees.
21. What disclosures are required by the FASB for lessors under sales-type and direct financing leases?
22. How does the lease classification standard in IAS 17 differ from that in Statement No. 13?
23. 'What lease accounting proposal has been circulating among the members of the G4?
24. 'When should the profit or loss be recognized by the seller-lessee in a sale-leaseback arrangement?
25. Real estate leases can include land and/or buildings.Explain how the four criteria for determining lease capitalization are applied to the following:(a) Leases involving land only.(b) Leases involving land and buildings.(c) Leases involving buildings only.
4. One possibility- for reporting income tax expense in the income statement for a given year is to merely report the amount of income tax payable in that year. VCTiat is wrong with this approach?
5. WTiat are the major advantages of the asset and liabilirs'method?
6. What is a drawback of the asset and liability method?
7. Describe how a change in enacted future tax rates is accounted for under the asset and liabiiitv method.
8. WTien is a valuation allowance necessary?
9. How does the FASB define the probabilit\- term"more Likely than not" in Statement Xo. 109?
10. What are the sources of income through which the tax benefit of a deferred tax asset can be realized?
11. In apphing the net operating loss carryback and carryforward provisions, what order of application is followed for federal tax purposes?
12. How is the classification of assets arising from NOL carryforwards determined under Statement No.109?
13. Under what conditions would scheduling the temporary difference reversals be required under Statement No. 109?
14. What was the most significant change in accounting for income tax carryforwards made by FASB ^Statement No. 109?
15. How do changes in the balances of deferred income taxes affect the amoimt of cash paid for income taxes?
16. If a company experiences a current operating loss, it may earn' the loss backward and forward. >X'hat impact do these carr\-backs and carryforwards have on the reported operating loss? on the statement of cash flows?
17. What rules govern the netting of deferred tax assets and deferred tax liabilities?
18. Why is accounting for income taxes not as significant an issue in some foreign countries as it is in the United States?
19. In 1996. the USC revised L\S 12. Did that revision make the international standard for deferred tax accounting more or less similar to the U.S. standard?
20. Briefly describe the partial recognition approach to accounting for deferred income taxes.^:
21. Describe the "with and without " approach of intraperiod tax allocation.
22. What is the proper sequence for computing intraperiod tax allocation?
1. Gross payroll is taxed by both federal and state governments. Identifv' these taxes and indicate who bears the cost of the tax, the employer or the employee.
2. How should compensated absences be accounted for?
3. The sales manager for Off-Road Enterprises is entitled to a bonus equal to 1 2% of profits. Wliat difficulties may arise in the interpretation of this profitsharing agreement?
4. Distinguish between (a) a defined benefit plan and a defined contribution plan, (b) a contributor)' plan and a noncontributory plan, (c) a multiemployer plan and a single-employer plan.
5. What is meant by the term vesting?
6. What factors must be considered by actuaries in determining the amount of future benefits under a defined benefit plan?
7. What five accounting issues were addressed by the EASE in relation to defined benefit plans?
9. List and briefly describe the six basic components of net periodic pension expense.
10. Explain how prior service costs arise (a) at the inception of a pension plan, and (b) at the time of a plans amendment.
11. How is the service cost portion of net periodic pension expense to be measured according to FASB Statement No. 87?
12. Does pension cost include the actual return on plan assets or the expected return? Explain.
14. (a) How is the transition gain or loss arising from adoption of FASB Statement No. 87 computed? (b)How is the unrecognized transition gain or loss amortized?
16. Why is a corridor amount identified in recognizing gain or loss from pension plans?
18. What is the function of the pension disclosure requirement included in the pension standards?
19- Distinguish between a pension settlement and a pension curtailment.
20. Which international accounting standard governs the accounting for pensions? When was this standard last revised?
21. What are the two major differences between IAS 19 and U.S. GAAP?
22. What innovation in accounting for pensions is currently being considered in the United Kingdom?
23. What is meant by postretirement benefits, and what is the primary issue in accounting for their costs?
24. Describe the differences between pension plans and other postretirement benefit plans.
25. What is the full eligibility date, and why is it an important date in accounting for postretirement benefits?
26. Describe the major differences between the accounting for pensions and other postretirement benefits.
2. Why is a derivative often an executory contract?Give another example of an executory' contract.
4. Why would a company enter into an interest rate swap?
9. When does partial hedge ineffectiveness occur?
11. What is the notional amount of a derivative? How can the notional amount be misleading?
15. Describe the appropriate treatment of contingent gains.
17. Under what circumstances should the existence of an environmental liability' be considered "probable"?
18. In what ways can segment information assist in the analysis of a company's financial statements?
19. How is a business segment defined under the provisions of FASB Statement No. 131?
20. How large must an internally defined segment be in order for separate financial statement disclosure to be required?
21. Is segment information prepared according to GAAP? Explain.
22. Distinguish between the two primar)^ viewpoints concerning the preparation of interim financial statements.
23. Why should investors be careful in interpreting interim reports?
2. What limitations should be recognized in using EPS data?
4. ViTiat distinguishes a simple capital structure from a complex capital structure?
6. Why are EPS figures adjusted retroactively for stock dividends, stock splits, and reverse stock spUts?
7. What is meant bv "dilution of EPS"'?
8. What is an antidilutive security? WTiy are such securities generally excluded from the computation of EPS?
9. What is the treasun,' stock method of accounting for outstanding stock options, warrants, and rights in computing diluted EPS?
10. Convertible debt that is dilutive requires an adjustment to income. What is the nature of the adjustment?
11. What is the meaning of the tf-converted method of computing EPS?
12. If stock options are actually exercised during the year, how is diluted EPS affected?
13. Why are all convertible securities and options antidilutive when a company is operating at a loss?^e>^
1. How do accounting changes detract from the informational characteristics of comparability' and consisteno'as described in FASB Concepts Statement No. 2?
2. List the three categories of accounting changes and explain briefly why such changes are made.
4. (a) List several examples of areas where changes in accounting estimates are often made. Cb) Explain briefly the proper accounting treatment for a change in estimate, (c) Why is this procedure considered proper for recording changes in accounting estimates?
6. What information should pro forma statements include?
8. Ca) When should the effects of a change in accounting principle be reported as a restatement of prior periods? (h) Although no justification was given by the APR for selecting certain items for special treatment, what might be a possible reason?
9. The Dallas Company purchased a delivery van in 1999. At the time of purchase, the vans service life was estimated to be ~ years with a salvage value of S500. The company has been using the straight-line method of depreciation. During 2002. the company determined that because of extensive use,
10. (a) List the four types of changes in reporting entities that might occur, (b) How^ are these changes treated? (c) What assumption does the treatment of a change in reporting entity make?
11. Describe the effect on current net income, beginning retained earnings, individual asset accounts, and contra asset accounts when:(a) Depreciation is changed from the straight-line method to an accelerated method.(b) Depreciation is changed from an accelerated method to the straight-line
12. (a) How are accounting errors to be treated? (b)What are counterbalancing errors?
13. The Mendez Manufacturing Company failed to record accrued interest for 1999, S800; 2000, S700;and 2001, $950. What is the amount of overstatement or understatement of the retained earnings account at December 31, 2002?
14. Goods purchased FOB shipping point were shipped to Merkley & Co. on December 31 , 2002. The purchase was recorded in 2002, but the goods were not included in ending inventor)^ (a) What effect would this error have had on reported income for 2002 had it not been discovered? (b) Wliat entr\^
15. How does the accounting for a change in depreciation method differ under LAS 8 from the approach used under U.S. GAAP?
16. How does the accounting for a change in accounting principle differ under IAS 8 from the approach used under U.S. GAAP?
4. What is meant by a common-size statement? What are its advantages?
5. What is the purpose of the DuPont framework?
10. How do accounting differences impact the usefulness of financial ratio comparisons?
11. What are the advantages and disadvantages of each of the following types of special-purpose financial statements?(a) Statements translated into the local language.(b) Statements denominated in the currency of the target users.(c) Statements that are partially or fully restated to the accounting
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