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quizs

Course: ACTG 3P33, Fall 2011

School: Brock University

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Question 1 of 10 0.0/ 1.0 Points A loss on a company's temporary investments from the application of fair value reporting should be reflected in the current financial statements as A. a note or parenthetical disclosure only. B. a current loss resulting from holding securities. C. an extraordinary item shown as a direct reduction from retained earnings. D. other comprehensive income and deducted in the equity...

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Question 1 of 10 0.0/ 1.0 Points A loss on a company's temporary investments from the application of fair value reporting should be reflected in the current financial statements as A. a note or parenthetical disclosure only. B. a current loss resulting from holding securities. C. an extraordinary item shown as a direct reduction from retained earnings. D. other comprehensive income and deducted in the equity section of the balance sheet. Answer Key: B Question 2 of 10 1.0/ 1.0 Points When an investment changes its classification from available-for-sale to held-to-maturity the transfer takes place at: A. Historical cost B. Equity C. Book value value D. Market value which becomes the new cost Answer Key: D Question 3 of 10 1.0/ 1.0 Points On August 1, 2006, Camby Company acquired $60,000 face value 10% bonds of Hanson Corporation at 104 plus accrued interest. The bonds were dated May 1, 2006, and mature on April 30, 2011, with interest payable each October 31 and April 30. The bonds will be on April 30, 2011, with interest payable each October 31 and April 30.

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Brock University - ACTG - 3P33
Chapter 21AccountingChangesandErrorAnalysisAccountingChangesandErrorAnalysisChanges in AccountingChangesPolicies and Estimates,and ErrorsandTypes of accountingchangesAlternative accountingmethodsPerspectivesMotivations forchangeIFRS and Pr
Brock University - ACTG - 3P33
Chapter 21AccountingChangesandErrorAnalysisAccountingChangesandErrorAnalysisChanges in AccountingChangesPolicies and Estimates,and ErrorsandTypes of accountingchangesAlternative accountingmethodsPerspectivesMotivations forchangeIFRS and Pr
Brock University - ACTG - 3P33
Chapter 21AccountingChangesandErrorAnalysisQuestionsfromlastclassE 21-9E 21-112AccountingChangesandErrorAnalysisChanges in AccountingChangesPolicies and Estimates,and ErrorsandTypes of accountingchangesAlternative accountingmethodsPerspec
Brock University - ACTG - 3P33
Chapter 22StatementofCashFlowsStatementofCashFlowsIntroduction toIntroductionthe Statement ofCash FlowsCashUsefulness ofthe statementWhat is cash?Classification ofcash flowsFormat of thestatementPreparing aPreparingStatement of CashFlows
Brock University - ACTG - 3P33
I.II.III.IV.V.VI.BasicconceptsanddefinitionsAccountingfordebtinvestmentsAccountingforequityinvestmentsPrivateentityGAAPImpairmentPre2011GAAP(a)Financialasset(FA)1.2.3.i.ii.CashEquityinstrumentofanotherentityorContractualrightToreceive
Brock University - ACTG - 3P33
I.II.III.IV.V.VI.BasicconceptsanddefinitionsAccountingfordebtinvestmentsAccountingforequityinvestmentsPrivateentityGAAPImpairmentPre2011GAAP)IASBrecommendations(requiredafter2012,canbeadoptedearly)Investors influenceover the investee?(cons
Brock University - ACTG - 3P33
EXERCISE 18-12(a)BalanceSheetAccountDec. 31, 2011Deductible(Taxable)TemporaryDifferences50,000(150,000)Future Tax CurrentCarryingTaxTaxAssetLongAmountBasisRate(Liability)TermPP & E$930,000 $980,00045%$ 22,500LTConstruction in Pr
Brock University - ACTG - 3P33
Chapter 22StatementofCashFlowsIndirectMethod:ExampleTax Consultants Inc. began operations on January 1, 2011.The income statement and balance sheet for year 2011 follow.Income StatementRevenuesLess: Operating expensesIncome before TaxLess: Income
Brock University - ACTG - 3P33
Chapter 22StatementofCashFlowsStatementofCashFlowsIntroduction toIntroductionthe Statement ofCash FlowsCashUsefulness ofthe statementWhat is cash?Classification ofcash flowsFormat of thestatementPreparing aPreparingStatement of CashFlows
Brock University - ACTG - 3P33
Impairment Investments must be reviewed for possibleimpairment to ensure that future benefitjustifies the valuation on the balance sheet There are three different impairment models: Incurred loss Expected loss Fair value loss1Impairment: Incurred
Brock University - ACTG - 3P33
Chapter 18IncomeTaxesIncomeTaxesCurrentCurrentIncomeTaxesTaxesFuture/DeferredFuture/DeferredIncome TaxesIncomeIncome Tax LossIncomeCarryover BenefitsCarryoverTax basisAccountingincome andtaxable incomeCalculation oftaxable incomeCal
Brock University - ACTG - 3P33
IncomeTaxesCurrentCurrentIncomeTaxesTaxesFuture/DeferredFuture/DeferredIncome TaxesIncomeIncome Tax LossIncomeCarryover BenefitsCarryoverTax basisAccountingincome andtaxable incomeCalculation oftaxable incomeCalculation ofcurrent inco
Brock University - ACTG - 3P33
IncomeTaxesCurrentCurrentIncomeTaxesTaxesFuture/DeferredFuture/DeferredIncome TaxesIncomeIncome Tax LossIncomeCarryover BenefitsCarryoverTax basisAccountingincome andtaxable incomeCalculation oftaxable incomeCalculation ofcurrent inco
Brock University - ACTG - 3P33
E209(a) Entries for Morrison Corp. are as follows:1/7/11Building (Leased) . 5,500,000Cash .5,500,000Property Tax Expense .Insurance Expense .Cash .12/31/11 Rent Receivable .Rental Income .($325,000 X 6 / 12 = $162,500)Depreciation Expense .Ac
Brock University - ACTG - 3P33
LeasesLeasingLeasingBasicsBasicsThe leasingenvironmentConceptualnature of aleaseCurrentstandardsClassificationClassificationApproach LesseesClassificationClassificationApproach LessorsClassification criteriaClassification criteriaHow
Brock University - ACTG - 3P33
MidtermReviewClassQuestions Investments E 9-7 E 9-9 E 9-23 Leases E 20-14 E 20-17 E 20-18 E 20-19Group 1Group 2 Pensions E 19-5 E 19-9 E 19-12 E 19-14 E 19-22Group 3Split up into groups,have 15 minutes toprepare to presentresponses1
Brock University - ACTG - 3P33
Chapter 19PensionsandOtherEmployeeFutureBenefitsPensionsandOtherEmployeeFutureBenefitsIntroductionIntroductionand BenefitPlan BasicsPlanIntroductionDefinedcontributionplansDefinedbenefit plansNature ofpension plansDefined BenefitDefined
Brock University - ACTG - 3P33
PensionsandOtherEmployeeFutureBenefitsIntroductionIntroductionand BenefitPlan BasicsPlanIntroductionDefinedcontributionplansDefinedbenefit plansNature ofpension plansDefined BenefitDefinedPension PlansPensionThe employers obligationPla
BU - CS - 101
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CS101 Lecture 27:Flash: Working with ImagesIncorporating imagesBrightness fade-in/fade-outSpotlight effectsAaron Stevens (azs@bu.edu)29 November 2011Computer S cienceWhat Youll Learn TodayComputer S cience Review, Q&A: Flash Tweening Using Flas
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CS101 Lecture 29:HowWorksAaron Stevens (azs@bu.edu)1 December 2011Computer S cienceWeb Traffic - pct of Page ViewsComputer S cienceSource: alexa.com, 4/5/2010What Youll Learn TodayComputer S cience What is a search engine? How does Google enab
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