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business
modern advanced accounting
Advanced Accounting Concepts And Practice 9th Edition Arnold J. Pahler - Solutions
What two major reporting level categories of financial statements exist?
What two financial statements exist at the government-wide reporting level?
What is the measm-ement focus and basis of accounting for the government-wide financial statements}
What two major categories of activities are reported in the governme?it-wide financial state¬ ments}
What six financial statements exist in the fimd financial statements reporting level?
What is the measurement focus and basis of accounting at the fund financial statements re¬porting level?
What two major categories of activities are reported in the fund financial statements report¬ing level?
Which two items in the fund financial statements must be reconciled to which two items in the government-wide financial statements}
Where must the required reconciliations in Question 20 be shown?
How are Internal Service Funds reported?
How are Fiduciary Funds reported?
How are General Capital Assets and General Long-Term Liabilities reported?
How is depreciation of General Capital Assets handled under GASB’s new reporting model?
What is the definition of Required Supplementary Informatioji}T7 . What information is reported as Required Supplementary Information}
What are the four categories of NPOs?
What are the five main characteristics of NPOs.^
When a private NPO ceases its operations, what happens to its remaining assets after all lia¬bilities are settled?
Is it appropriate to compare an NPO’s revenues with its costs and expenses? Why or why not?
What title is used for the operating statement of private NPOs? Why is this title used instead of statement of income?
What does the term financial flexibility mean?
How does an entity officially become an NPO?
What are the two categories of restrictions used in FAS 116 and FAS 117}
How are contributions of works of art, bistorical treasures, and similar assets accounted for under FAS 116}
How are contributed (donated) services accounted for under FAS 116}
Why are certain contributed (donated) services not recognized in the statement of activities under FAS 116}
Under what conditions are gifts of long-lived assets not reported as restricted support under FAS 116}
How are conditional promises to give reported under FAS 116}
How are investments in debt and equity securities valued under FAS 124}
Which long-lived assets must be depreciated under FAS 93?
Wbat are the three classifications of net assets required in the statement of financial position under the FAS 117}
How is the expiration of a temporary restriction reported in the statement of activities under FAS 117}
Revenues and expenses are generally reported at their gross amounts in the statement of ac¬tivities. Under what exception may revenues be reported net of related expenses under FAS 117}
What is a general partnership}
How is partnership defined?
What is a limited liability partnership}
Why is it advisable to use an attorney’s services in preparing a partnership agreement}
What is the function of the partnership agreement}
What essential items should be set forth in the partnership agreement}
Must partnerships follow GAAP? Why or why not?
What common features may be structured into a profit and loss sharing formula?
Can partners be paid salaries}
What performance criteria may be incorporated into a profit-sharing formula?
What is the function of the drawings account? Is it really necessary?
How are loans from a partner to a partnership accounted for on the partnership’s books?
Why might it be appropriate to use the old profit and loss sharing formula in certain transac¬tions instead of the new formula?
In what broad areas do partnerships commonly deviate from GAAP?
Should partnership financial statements be prepared so that partnership earnings are compa¬rable to what they would have been had the corporate form of business been used? Why or why not?
Between what two broad categories is the Bankruptcy Code divided (pertaining to business corporations)?
What fundamental objectives does the Bankruptcy Code accomplish?
Under what conditions may an involuntary petition be filed?
What is meant by the term creditors with priority}
What is the order of priority of creditors with priority?
In an involuntary bankruptcy filing, do secured creditors lose their right to their security?
Why do companies try to restructure their debt outside Chapter 1 1 of the Bankruptcy Code if at all possible?
What are the advantages of filing for reorganization under Chapter 11 of the Bankruptcy Code?
What are the general procedures for determining whether a gain on the restructuring of debt exists as set forth in SOP 90-7}
How are material gains on the restructuring of debt reported under SOP 90-7}
Does FAS IS apply to bankruptcy reorganizations}
What is the key difference between SOP 90-7 and FAS 15}
What is meant by a discharge of indebtedness in a bankruptcy reorganization?
Which debts cannot be discharged in a bankruptcy reorganization?
Is a discharge of indebtedness automatic in a liquidation proceeding? In a reorganization pro¬ ceeding?
On what basis is the statement of affairs prepared?
What are two purposes for which a statement of affairs may be used?
How does the statement of affairs differ from the balance sheet}
What are four classifications of liabilities that can appear in a statement of affairs?
When some or all of a noncontrolling interest is acquired, is the purchase method of account¬ing used?
Does the accounting method for the acquisition of some or all of a noncontrolling interest de¬pend on whether the parent or the subsidiary acquires the noncontrolling interest?
When a subsidiary has acquired some or all of its outstanding noncontrolling interest at an amount or decreased? in exces
When a parent’s interest in a subsidiary was acquired in blocks, and a portion of such holdings is sold, what method is used to reduce the Investment account?
Concerning Question 4, which methods are acceptable for federal income tax-reporting pur¬poses?
When a parent disposes of a portion of its common stock holdings in a subsidiary, why must the equity method of accounting be applied up to the date of sale?
In which situations does a parent “lose” when a subsidiary issues additional common shares to the public?
Does a parent make a general ledger entry when a subsidiary declares a stock dividend?
Does a parent make a general ledger entry when a subsidiary effects a stock split?
Why are consolidated statements alone considered insufficient and inadequate financial re¬ports?
What is the basis of segmentation required by FAS 131? Can you explain this approach?
How does FAS 131 define the term operating segment?
To which entities does FAS 131 apply and to which does it not apply?
What two basic quantitative disclosures are required for reportable operating segments?
What certain account amounts must be disclosed for a reportable segment if those amounts are included in the measure of the profit or loss used to manage the segment?
What is the purpose of aggregating certain operating segments?
Is aggregation mandatory or permissive?
Is aggregation performed before or after performing the three 10% or more quantitative thresholds tests? Explain.
What conditions must exist for aggregation of certain operating segments?
What conditions must exist for aggregation of reportable operating segments?
Which three items do the 10% ot more quantitative thresholds tests involve?
What is the purpose of the 75% test?
How does one apply the 75% test?
What is the purpose of the "ten is enough” guideline?
How are «o«reportable operating segments dealt with in reporting segment information?
What three items required to be reported for operating segments must be reconciled to the cor¬responding consolidated amounts?
What three types of information are reported for entity-wide disclosures?
Does FAS 131 apply to interim period financial statements?
Restate and then translate or translate and then restate — which is correct?
What is the general procedure for restating foreign GAAP to U.S. GAAP?
What is meant by the term monetary accounts^
As to foreign units, is a decrease in the direct exchange rate a favorable or unfavorable eco¬nomic event? Is an increase favorable or unfavorable?
What is meant by the current exchange rate} What is meant by the historical exchange rate}
What is the foreign currency unit of measure approach} Summarize it.
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