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business
introductory accounting
Introductory Accounting A Measurement Approach For Managers 1st Edition Daniel P. Tinkelman - Solutions
The following information all pertains to the Able Company.There were no items affecting comprehensive income except the ones that are reported in the income statement.A. Prepare a multi-step income statement.B. Prepare a statement of changes in shareholders’ equity.C. Prepare an ending
The following information all pertains to the Baker CompanyThere were no items affecting comprehensive income except the ones that are reported in the income statement.A. Prepare a multi-step income statement.B. Prepare a statement of changes in shareholders’ equity.C. Prepare an ending
In which section (operating, investing, or financing) of a cash flow statement would you expect to see each of the following items? The cash flow statement is prepared under the indirect method, like the example in the chapter.A. Net income B. Dividends paid C. Depreciation and other non-cash
Listed below are items taken from the cash flow statement of the Chowder Company.Use the information shown to create a cash flow statement for the company, with separate totals for operating, investing, and financing cash flows. Hint—the net change in cash for the year should equal a decrease of
Listed below are items taken from the cash flow statement of the Bisque company. This company is just like the company in the previous problem, except that it uses the direct method of reporting operating cash flows.Use the information shown to create a cash flow statement for the company, using
The FASB and IASB have stated that the purpose of financial reporting is to meet the needs of current and potential investors and creditors. Look at the income statement for The Gap, Inc., presented in the chapter as Table 3.4.A. What needs of current shareholders does this statement seem to
At one time, railroads used a different income presentation to try to convince workers that the shareholders were not getting an excessive share of the company’s earnings.A graph like Figure 3.3 below was produced by the Southern Pacific Railroad in 1950 (Feeney 2004).Do you think this was a
Find the current day’s Wall Street Journal, and look at the graphs.Can you find any that violate the guidelines given in this chapter?A. For example, do you see any with “chartjunk”, or any graphs where the vertical scales do not start at zero?B. Are there reasons why the Wall Street Journal
Most U.S. companies report their expenses in functional categories such as “cost of goods sold” or “selling expenses” instead of using such “natural categories” as salaries, rents, property taxes, and depreciation.A. Do you have an opinion as to which method is more helpful to
In an article, Agnes Herzberg (1977) cited a saying that “Words are for those who cannot understand tables, and graphs are for those who cannot read.” Do you agree that the main purpose of graphs should be to provide information to people too dumb to study tables? Why or why not?
This chapter has been largely devoted to discussing financial reports. Every day, most people listen to, or read, news reports on radio, television, the internet, or in newspapers. Do you see financial reporting as similar to, or different from, regular news reports with regard to:A. Whether the
The FASB (1980) defined“materiality” as “The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the
Define the term “measurement.”
Name the various components of a measurement system.
Assume you are going to cook spaghetti and tomato sauce for six people for dinner, and you are going shopping for the ingredients.You have everything you need, except tomatoes and pasta.A. What objects are you are shopping for?B. What is the most important attribute that you need to consider in
When you buy a box of cookies in the store, the box usually has information on it containing many different types of measurements about the nutritional content of a “serving” of cookies.A. What is the object of measurement?B. Name at least two attributes that are typically measured about the
What criteria have been suggested to judge whether a measurement system is good or bad?
The United States government measures many different things. For each of the following, indicate whether the measurement meets the normal goals of a measurement system:A. The Weather Service reports the high temperature for the day in many cities. Is this measurement:a. Powerful (capable of being
A local magazine makes a listing every year of the places that sell the best pizza in your city. Do you think that a valid measurement system is used to make this list? Why or why not?
What are the typical objects of financial accounting?
What are some examples of the objects of managerial accounting?
In the accounting measurement system, give an example of:A. An object of measurement B. An attribute that accountants measure C. Rule-makers D. Measurers E. Verifiers F. Users and a decision that a user might make
The chapter indicates that there are a variety of other fields that can provide insights to help accountants deal with certain measurement issues. What fields might be relevant to the following issues?A. Deciding what information investors want from financial statements?B. Deciding what factors
Explain the different purposes of financial accounting, managerial accounting, and tax accounting.
Who are main users of financial accounting reports, managerial accounting reports, and tax returns?
Who sets standards for:A. Financial accounting rules in the United States?B. Financial accounting rules in most other countries?
Why is there no one standard-setter for managerial accounting rules?
Match the four types of differences in accounting values mentioned in the text to the examples below:A. Professional judgment versus statutory control B. Uniformity versus flexibility C. Conservatism versus optimism D. Secrecy versus transparency——In the former Soviet Union, all companies had
The chapter lists a number of features of the U.S. economy that the FASB says shape the accounting system. Indicate whether it is true or false that the following items are among those that shape the U.S.financial accounting system:——The U.S. is a private enterprise economy, with privately
Give three examples of changes in accounting that have followed business crises.
Explain what is meant by each of the following views on the proper objectives of accounting:A. The decision-usefulness view B. The economic consequences view C. The critical–interpretive view
What is the FASB’s view of what the purpose of financial accounting should be?
The chapter says that a measurement system can affect society in several ways. As an example, consider the use of GMAT scores in the United States.A. Do they shape how people think about the ability of applicants to business schools to succeed in the schools?B. Do they help make business school
The chapter says that a measurement system can affect society in several ways. As an example, consider a European-owned company that mines gold in Africa.25 The company is worried that the African people and government will believe it is making too much money, and not sharing enough with the local
The chapter says that a measurement system can affect a business in several ways. As an example, consider a worldwide company with headquarters in New York City and divisions in many different locations. The company has an annual budget, and every month every part of the company has to report and
Consider a college transcript as the output of a measurement system.A. Identify the:a. “Object” being measuredb. “Attribute” of the object being measuredc. “Rules” for measurementd. “Standard-setters”e. “Measurers”f. “Verifiers”g. “Users” and their decisions h. Process
Under the No Child Left Behind Act, passed in 2001, every public elementary school that receives some federal funding is required to give its students certain tests of reading and math every year. Schools whose students do poorly on these tests for several years are labelled “failing schools,”
In the U.S. the Federal Bureau of Investigation (“FBI”) uses a Uniform Crime Reporting (“UCR”) system to track violent crimes (like murder) and property crimes (such as theft of motor vehicles or burglary). Local police departments report certain data to the FBI, who create reports. From
Assume that you own and manage a small clothing store.A. What kinds of financial information would you want to run your business?B. What kinds of nonfinancial information would you want (for example, about customers, employees or suppliers)?C. What information would you want to keep private from
One of the first U.S. major industries to be regulated was the railroads. Farmers and manufacturers depended on railroads to get their products to market, and often there was only one railroad serving an area. Farmers and manufacturers had very little bargaining power, and they believed that the
The chapter indicates that two very different objectives of accounting are to provide useful information for making decisions about the future, and to provide accountability for what happened in the past.A. Assume you are an investor, trying to predict a company’s future profits. Indicate whether
In many companies, the top management receives bonuses based upon the profits measured by the accounting system. Also, many companies believe that the stock market reacts strongly to reported profits.For accounting purposes, at the time the money is spent, expenditures on training employees,
An early accounting scholar wrote, in 1933, “The central accounting issue in a corporation concerns the amount of profit available for dividends.” (Littleton 1933, p. 206)A. What user group would see this as the central issue in accounting for corporations?B. What might each of these other
Joni Young (2006) criticized the Financial Accounting Standards Board’s (FASB’s) focus on providing information to investors and creditors. She wrote:From the perspective of a rational, economic decision-maker, sweatshop labor is significant or meaningful only to the extent it reduces cash
In the 1980s and early 1990s, the “savings and loan” banks in the United States ran into great financial difficulty because of mismanagement, changes in regulations, and changes in interest rates. Over 1,000 were closed by the U.S. government. Because the U.S.government insured the deposits in
In the 1930s, when the SEC was created, it was not clear whether the SEC would simply set all accounting standards, or whether it would let the private sector, and private bodies of accountants, take the lead on setting standards. The decision by the SEC to allow private standard-setting bodies to
The SEC website contains a great deal of information about accounting rules and particular companies. The home page is at www.sec.gov.A. Go to the SEC home page, and click “About” and then “What We Do.”What does the SEC see as its goals?B. From the SEC home page, click “Divisions” and
The FASB website contains copies of standards it has set, and information about its activities. Parts of this website require you to pay for access, but other parts are publicly available. Many universities have purchased academic access codes, so your instructor may be able to give you an access
Go the FASB’s website at www.fasb.org. Click the tab for“Standards,” and then “Concepts Statements.”A. What does the FASB say is the purpose of the Concepts Statements?B. Are these Concepts Statements binding rules?C. On the same page, scroll down until you find “Concepts Statement
The IASB website, www.iasb.org, contains much information about this organization.A. Go to the home page, and then click on the tab “About us.” What kind of organization is the IASB? Is it a governmental or private organization?B. From the “About us” tab, click on “Who we are and what we
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