ch11
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ch11

Course Number: ACCT 3230, Spring 2011

College/University: University of Colorado...

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CHAPTER 11 DEPRECIATION, IMPAIRMENTS, AND DEPLETION IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer T F T T F F T F F T T F T F T T F T F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20 Description Nature of depreciation. Nature of depreciation. Depreciation, depletion, and amortization. Definition of depreciation base. Factors involved in...

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CHAPTER 11 DEPRECIATION, IMPAIRMENTS, AND DEPLETION IFRS questions are available at the end of this chapter. TRUE-FALSE Conceptual Answer No. Description T 1. Nature of depreciation. F 2. Nature of depreciation. T 3. Depreciation, depletion, and amortization. T 4. Definition of depreciation base. F 5. Factors involved in depreciation process. F 6. Definition of inadequacy. T 7. Objection to straight-line method. F 8. Units-of-production approach. F 9. Accelerated depreciation method. T 10. Declining-balance method. T 11. Group or composite approach. F 12. Use of the composite approach. T 13. Accounting for changes in estimates. F 14. Computation of impairment loss amount. T 15. First step in determining an impairment. T 16. Reporting impaired assets held for disposal. F 17. Method used to compute depletion. T 18. Costs included in depletion base. F 19. Computing asset turnover ratio. T 20 Profit margin on sales ratio.

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University of Colorado Denver - ACCT - 3230
CHAPTER 12INTANGIBLE ASSETSIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF F F F T T T F T T T F T T F F F F F FNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionCharacteristic
University of Colorado Denver - ACCT - 3230
CHAPTER 13CURRENT LIABILITIES AND CONTINGENCIESIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF F T T F F T F T F T F T F T T F F F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.Descri
University of Colorado Denver - ACCT - 3230
CHAPTER 14LONG-TERM LIABILITIESIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerT F T F F T F F F T T F T T T T F F F FNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. *19. *20.DescriptionBond int
University of Colorado Denver - ACCT - 3230
CHAPTER 15STOCKHOLDERS EQUITYIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerT F T F T F T F F T F T T F F T T F F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionState a corp
University of Colorado Denver - ACCT - 3230
CHAPTER 16DILUTIVE SECURITIES AND EARNINGS PER SHAREIFRS questions are available at the end of this chapter.TRUE-FALSEDilutive SecuritiesConceptualAnswerT F T F F T F T F T F F T F T F T. F. T FNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
University of Colorado Denver - ACCT - 3230
CHAPTER 17INVESTMENTSIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF T F F T F T F T T F T F T F T F T F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionExamples of debt sec
University of Colorado Denver - ACCT - 3230
CHAPTER 18REVENUE RECOGNITIONIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF T T F T F T T F F T F F T F F T T F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionRecognition
University of Colorado Denver - ACCT - 3230
CHAPTER 19ACCOUNTING FOR INCOME TAXESIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF F T T F T F T F T F T T F F T T T F FNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionTaxa
University of Colorado Denver - ACCT - 3230
CHAPTER 20ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITSIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF T F T T F F T F T F F T F T F T F F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18.
University of Colorado Denver - ACCT - 3230
CHAPTER 21ACCOUNTING FOR LEASESIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerT F F T F F T F F T F F T F T F T F T TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionBenefits o
University of Colorado Denver - ACCT - 3230
CHAPTER 22ACCOUNTING CHANGES AND ERROR ANALYSISTRUE-FALSEConceptualAnswerF T F T F T T T F T F F T F T T F F T TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionChange in accounting estimate. Errors in financial
University of Colorado Denver - ACCT - 3230
CHAPTER 23STATEMENT OF CASH FLOWSIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF T T F T F T F T F T F F T F F T T F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.DescriptionPrimary
University of Colorado Denver - ACCT - 3230
CHAPTER 24FULL DISCLOSURE IN FINANCIAL REPORTINGIFRS questions are available at the end of this chapter.TRUE-FALSEConceptualAnswerF T T F F T F T F T F T F T F T F T T FNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.Descr
University of Colorado Denver - ACCT - 3230
CHAPTER 1Financial Accounting and Accounting StandardsASSIGNMENT CLASSIFICATION TABLETopics 1. 2. 3. 4. 5. 6. 7. 8. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical de
University of Colorado Denver - ACCT - 3230
CHAPTER 2Conceptual Framework Underlying Financial AccountingASSIGNMENT CLASSIFICAT ION TABLE (BY TOPIC)Topics 1. 2. 3. Conceptual framework general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial st
University of Colorado Denver - ACCT - 3230
CHAPTER 12Intangible AssetsASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Intangible assets; concepts, definitions; items comprising intangible assets. Patents; franchise; organization costs; trade name. Goodwill. Impairment of intangibles. Resear
University of Colorado Denver - ACCT - 3230
CHAPTER 15Stockholders EquityASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Stockholders rights; corporate form. 2. Stockholders equity. Questions 1, 2, 3 4, 5, 6, 16, 17, 18, 29, 30, 31 7, 10 8, 9 11, 12, 17 3, 13, 14, 15 3 7, 10, 16, 17 1, 2, 4,
University of Colorado Denver - ACCT - 3230
CHAPTER 16Dilutive Securities and Earnings Per ShareASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. 2. 3. Convertible debt and preferred stock. Warrants and debt. Stock options, restricted stock. Earnings Per Share (EPS)terminology. EPSDetermining
University of Colorado Denver - ACCT - 3230
CHAPTER 24Full Disclosure in Financial ReportingASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics * 1. * 2. * 3. * 4. * 5. * 6. * 7. * 8. *9. *10. *11. *12. *13. *14. *15. *16. *17. The disclosure principle; type of disclosure. Role of notes that accomp
University of Colorado Denver - ACCT - 3230
CHAPTER 1Financial Accounting and Accounting StandardsASSIGNMENT CLASSIFICATION TABLETopics 1. 2. 3. 4. 5. 6. 7. 8. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical de
University of Colorado Denver - ACCT - 3230
CHAPTER 2Conceptual Framework Underlying Financial AccountingASSIGNMENT CLASSIFICAT ION TABLE (BY TOPIC)Topics 1. 2. 3. Conceptual framework general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial st
University of Colorado Denver - ACCT - 3230
CHAPTER 3The Accounting Information SystemASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. 2. 3. 4. 5. 6. 7. 8. *9. *1 0. Worksheet. *1 1. *These topics are dealt with in an Appendix to the Chapter. 22 21, 22, 23 11 Transaction identification. Nomin
University of Colorado Denver - ACCT - 3230
CHAPTER 12Intangible AssetsASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Intangible assets; concepts, definitions; items comprising intangible assets. Patents; franchise; organization costs; trade name. Goodwill. Impairment of intangibles. Resear
University of Colorado Denver - ACCT - 3230
CHAPTER 15Stockholders EquityASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Stockholders rights; corporate form. 2. Stockholders equity. Questions 1, 2, 3 4, 5, 6, 16, 17, 18, 29, 30, 31 7, 10 8, 9 11, 12, 17 3, 13, 14, 15 3 7, 10, 16, 17 1, 2, 4,
University of Colorado Denver - ACCT - 3230
CHAPTER 16Dilutive Securities and Earnings Per ShareASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. 2. 3. Convertible debt and preferred stock. Warrants and debt. Stock options, restricted stock. Earnings Per Share (EPS)terminology. EPSDetermining
University of Colorado Denver - ACCT - 3230
CHAPTER 24Full Disclosure in Financial ReportingASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics * 1. * 2. * 3. * 4. * 5. * 6. * 7. * 8. *9. *10. *11. *12. *13. *14. *15. *16. *17. The disclosure principle; type of disclosure. Role of notes that accomp
University of Colorado Denver - ACCT - 4620
Solutions 2-35, 2-36, 2-372-35SOLUTION: Casa Royale, Inc.,(a)The CPA issued a qualified audit report as shown by the first sentence of the opinionparagraph. This sentence contains the phrase "except for the effects of such adjustments,if any, as mig
University of Colorado Denver - ACCT - 4620
2-32SOLUTION: Clinton CompanyGenerally Accepted Auditing StandardsJones's Actions Resultingin Failure to Comply WithGenerally Accepted Auditing StandardsGeneral Standards(1)The auditor must have adequatetechnical training and proficiency toperfo
Waterloo - AFM - 101
1LEARNING OBJECTIVESchapterFinancial Accounting and Its Environment11. Define accounting and identify its objectives. 2. Distinguish among the three major types of accounting. 3. List the three primary financial statements and briefly summarize the i
Waterloo - AFM - 101
AFM 101: Introduction to Financial Accounting Spring 2010Instructor: Robert G. Ducharme, CAPage 1 of 9School of Accounting and FinanceThe University of WaterlooAFM101: Introduction to Financial AccountingSpring 2010Course OutlineAbout this Course
Waterloo - AFM - 101
AFM 101 MiscLAB1- Ending retained earnings beginning retained earnings = net income dividends- Beginning Total Equity, plus / minus Net Income / Loss, plus Additional ShareholderInvestment, less Dividends = Ending Total Equity- PURCHASE OF TRUCKS FOR
Waterloo - AFM - 101
University of WaterlooAFM 101Final ExamStudent Name: _Student Number: _RatiosPrice- Earnings Ratio_Market Price_Net IncomeFinancial Leverage Ratio_Average Total Assets_Average Shareholders EquityTotal Asset Turnover Ratio_Net Sales_Average T
Waterloo - AFM - 101
w1/2(W)Gross profitFrom Wikipedia, the free encyclopediaIn accounting, gross profit or sales profit is thedifference between revenue and the cost ofmaking a product or providing a service, beforededucting overhead, payroll, taxation, and interestp
Waterloo - AFM - 101
Chapter 1Financial Statements andBusiness DecisionsFinancial Accounting, Third Canadian Edition1-1The Objectives of Financial AccountingFinancial statements are the primarymeans of communicating financialinformation to parties outside thebusiness
Waterloo - AFM - 101
Chapter 2Investing and Financing Decisionsand the Balance SheetFinancial Accounting, Third Canadian Edition2-1Business BackgroundTo understand amounts appearingon a companys balance sheet weneed to answer these questions:Whatbusinessactivities
Waterloo - AFM - 101
Chapter 2 Exercise 1 (1 of 13)The following table sets forth a partial listing of items onMicrosofts balance sheet as at June 30, 2002. Enterone X to indicate type of account, and one X toindicate usual account balance.Type of AccountAccountAccount
Waterloo - AFM - 101
Chapter 3Operating Decisions and theIncome StatementFinancial Accounting, Third Canadian Edition3-1Business BackgroundHow do business activitiesaffect the income statement?How are these activitiesrecognized and measured?How are these activities
Waterloo - AFM - 101
Chapter 3 Exercise 3 (A)The following economic events relate to a corporation that operates asa law firm.a. Complete the following table by indicating the amount and effect ofeach transaction (+ or -) on the accounting equation.b. Prepare the journal
Waterloo - AFM - 101
fundamentalsIntrawest 2003 Annual ReportFive-Year Historical ReviewYEARS ENDED JUNE 30 (IN MILLIONS OF UNITED STATES DOLLARS, EXCEPT PER SHARE AMOUNTS) C O N S O L I D AT E D O P E R AT I O N S REVENUE20032002200120001999Resort operations Real es
Waterloo - AFM - 101
AFM 101Intrawest Financial Statements ReviewFrom the 2003 Annual Report for Intrawest CorporationRead the Financial Statements (as supplied on the ACE website) from the 2003 Annual Report and browse through the notes to the financial statements and oth
Waterloo - AFM - 101
Chapter 4Adjustments,Financial Statements, andthe Quality of EarningsFinancial Accounting, Third Canadian Edition4-1The Accounting CyclePhase 1:During theAccountingPeriodStart of the Accounting PeriodPerform transaction analysis.q Record jour
Waterloo - AFM - 101
Chapter 4 Exercise 1 (1 of 3)Lisa and Charlie operate a yacht maintenance service thatthey incorporated as Reliable Yacht Repair Inc. Theyrecently talked to their banker about obtaining a loan. Thebanker sounded interested, but wants to see last month
Waterloo - AFM - 101
Chapter 5Reporting and InterpretingCash FlowsFinancial Accounting, Third Canadian Edition5-1Business BackgroundPositive cash flows permit a company to . . .paydividends toownerstake advantageof marketopportunitiesexpand itsoperationsreplace
Waterloo - AFM - 101
Chapter 5 Exercise 1 (1 of 2)Complete the first two columns in the following table by indicating:1. Whether each transaction would appear in the operating activities(O), investing activities (I), or financing activities (F) section of thestatement or,
Waterloo - AFM - 101
Chapter 6Communicating andInterpreting AccountingInformationFinancial Accounting, Third Canadian Edition6-1Players in the Accounting Communication ProcessManagementPreparationCFO, CEO, Accounting StaffGuided by GAAPIndependent AuditorsVerifica
Waterloo - AFM - 101
Chapter 6 Exercise 1 (1 of 5)The following is a list of financial statement items and amounts from arecent income statement and balance sheet of Basic Corporation. Thecompany closed its books on December 31, 20A. For each financialstatement item liste
Waterloo - AFM - 101
Chapter 7Reporting and InterpretingSales Revenue, Receivables,and CashFinancial Accounting, Third Canadian Edition7-1Accounting for Sales RevenueThe revenue principle requires thatrevenues be recorded when earned:Goods or services havebeen deliv
Waterloo - AFM - 101
Chapter 7 Exercise 1 (1 of 14)StarTrac Company entered into the following transactions during the yearended December 31, 20A. The company sells merchandise (unit sales price$1,000) on account to customers with invoice terms of 2/10, n/30 and usesthe g
Waterloo - AFM - 101
Chapter 8Reporting and Interpreting Costof Goods Sold and InventoryFinancial Accounting, Third Canadian Edition8-1Understanding the BusinessProvides accurateinformationRoles of theAccountingSystemProvides up-to-dateinformationProvides informa
Waterloo - AFM - 101
Chapter 8 Exercise 1 (1 of 6)Claremont Sweet Shoppe orders and sells toffees by the pound. OnJuly 1st, Claremont had 500 pounds of toffee on hand which waspurchased at $1.00 per pound. Claremont made a number ofpurchases of toffee during July:Date of
Waterloo - AFM - 101
Chapter 9Reporting and Interpreting Property,Plant, and Equipment; NaturalResources; and IntangiblesFinancial Accounting, Third Canadian Edition9-1Understanding The BusinessCostly excesscapacity reducesprofits.Insufficientcapacity resultsin lo
Waterloo - AFM - 101
Chapter 9 Exercise 1 (1 of 4)On January 1, 20A, Coopers Industries bought a parcel of land and abuilding for use in its operations by paying the seller $100,000 in cash,signing a five year, 12% note payable in the amount of $100,000, andissuing 3,000
Waterloo - AFM - 101
Chapter 10Reporting and InterpretingCurrent LiabilitiesFinancial Accounting, Third Canadian Edition10-1Business BackgroundThe acquisition of assets is financed fromtwo sources:Debt - fundsfrom creditorsEquity funds fromownersThe mix of debt an
Waterloo - AFM - 101
Chapter 10 Exercise 2At the end of December 20A, there were two days wages unpaid andunrecorded because the weekly payroll will not be paid until January 3,20B. Wages for the last two days of December amounted to $2,000.In addition, at December 31, 20
Waterloo - AFM - 101
Chapter 11Reporting and InterpretingLong-term LiabilitiesFinancial Accounting, Third Canadian Edition11-1Understanding the BusinessThe acquisition of assets is financed fromtwo sources:Debt - fundsfrom creditorsEquity funds fromownersThe mix o
Waterloo - AFM - 101
Chapter 12Reporting and InterpretingOwners EquityFinancial Accounting, Third Canadian Edition12-1Understanding The BusinessAdvantagesof acorporationSimple tobecome anownerFinancial Accounting, Third Canadian EditionEasy totransferownership
Waterloo - AFM - 101
Chapter 12 Exercise 1 (A January 1)Prepare journal entries for each of the following transactions.Part A (January 1): Sold and issued 40,000 common shares for cashat $30 per share and issued 5,000 preferred shares for cash of $75 pershare with a 8% cu
Waterloo - AFM - 101
Chapter 13Analyzing FinancialStatementsFinancial Accounting, Third Canadian Edition13-1Understanding The BusinessFINANCIAL STATEMENT USERSMANAGEMENTEXTERNAL DECISIONMAKERS. . . uses accounting datato make product pricingand expansiondecisions
Waterloo - AFM - 101
AFM 101: Introduction to Financial Accounting (Spring 2010)Using Lyryx For AssignmentsMany years of experience as a student and then as an instructor has convinced me thatstudent success is highly correlated with ongoing preparation. The readings andc
Waterloo - AFM - 101
Log onto Lyryx: https:/login.lyryx.comClick on Registration StudentsFill in all fieldsSelect yourcorrect courseEnsure you pickyour correct sectionand instructorEnter the Lyryxcode packagedwith your textThen click on NextComplete your registrat
Waterloo - AFM - 101
AFM 101: Introduction to Financial AccountingMidterm ExamStudent Name: _Student Number: _RatiosPrice- Earnings RatioMarket PriceNet IncomeFinancial Leverage Ratio_Average Total Assets_Average Shareholders EquityTotal Asset Turnover Ratio_Net S