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Codification Chapter 5
Course: ACG 301, Fall 2011School: University of North...
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RESEARCH (a) Codification PROFESSIONAL String: FASB ASC 235-10-05--Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background (Predecessor Standard [APB 22]) Codification String: Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background 05-3 The accounting policies of an entity are the specific accounting principles and the methods...
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RESEARCH
(a)
Codification PROFESSIONAL String: FASB ASC 235-10-05--Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background (Predecessor Standard [APB 22]) Codification String: Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background 05-3 The accounting policies of an entity are the specific accounting principles and the methods of applying those principles that are judged by the management of the entity to be the most appropriate in the circumstances to present fairly financial position, cash flows, and results of operations in accordance with generally accepted accounting principles (GAAP) and that, accordingly, have been adopted for preparing the financial statements.
(b)
(c)
Codification String: Presentation > 235 Notes to Financial Statements > 10 Overall > 50 Disclosure 50-3 Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. general, In the disclosure shall encompass important judgments as to appropriateness of principles relating to recognition of revenue and allocation of asset costs to current and future periods; in particular, it shall encompass those accounting principles and methods that involve any of the following: a. b. A selection from existing acceptable alternatives. Principles and methods peculiar to the industry in which the entity operates, even if such principles and methods are predominantly followed in that industry. Unusual or innovative applications of GAAP.
c.
PROFESSIONAL RESEARCH (Continued) (d) 50-4 Codification String: Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background Examples of disclosures by an entity commonly required with respect to accounting policies would include, among others, those relating to the following: a. b. c. d. e. g. Basis of consolidation Depreciation methods Amortization of intangibles Inventory pricing Accounting for recognition of profit on long-term construction-type contracts Recognition of revenue from franchising and leasing operations.
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University of North Carolina, Wilmington - ACG - 301
PROFESSIONAL RESEARCH: FASB CODIFICATION (a) Transfer of receivables is addressed in FASB ASC 860-10: Codification String: Broad Transactions > 860 Transfers and Servicing > 10 Overall > 05 Background > The predecessor literature can be accessed by clicki
University of North Carolina, Wilmington - ACG - 301
PROFESSIONAL RESEARCH(a)The codification provides guidance at: FASB ASC 330-10-05 (Codification String: Assets > 330 Inventory > 10 Overall > 05 Background). The primary predecessor literature is: "Restatement and Revision of Accounting Research Bulleti
University of North Carolina, Wilmington - ACG - 301
Review for ACG 301 Exam #1 Here is the information you need to know . I am not kidding!Chapter 1 Chapter 2 Objective of financial reporting Securities Exchange Commission (SEC) Committee on Accounting Procedure (CAP) Accounting Principles Board (APB) FA
University of North Carolina, Wilmington - ACG - 301
ACG 301 - Exam #3 Review Chapter 7 Cash what is cash? What is considered cash on the balance sheet? Receivables what are receivables? Trade vs. nontrade receivables? AR valuation? Trade discount? Sales Discount? Know how to compute a sales discount. Unco
University of North Carolina, Wilmington - ACG - 301
Accounting 301-001, Cameron Hall 123 . 11:00 12:15 External Financial Reporting I Fall 2011Instructor: Office: Office Phone: Home Phone: Fax: E-mail address: Class Schedule: Daniel Ivancevich 230-B, Cameron Hall 962-7681 452-0365 (between 9:00 AM and 9:0
University of North Carolina, Wilmington - ACG - 301
CHAPTER 10Acquisition and Disposition of Property, Plant, and EquipmentCHAPTER REVIEW1. Chapter 10 presents a discussion of the basic accounting problems associated with the incurrence of costs related to property, plant, and equipment; and the account
University of North Carolina, Wilmington - ACG - 301
CHAPTER 11Depreciation, Impairments, and DepletionCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 11 presents a discussion of the factors involved in the accounting and recording of
University of North Carolina, Wilmington - ACG - 301
CHAPTER 1 REVIEW1. Chapter 1 describes the environment that has influenced both the development and use of the financial accounting process. The chapter traces the development of financial accounting standards, focusing on the groups that have had or cur
University of North Carolina, Wilmington - ACG - 301
CHAPTER 2 REVIEW1. Chapter 2 outlines the development of a conceptual framework for financial reporting. The conceptual framework is composed of a basic objective, fundamental concepts, and recognition, measurement, and disclosure concepts. Each of these
University of North Carolina, Wilmington - ACG - 301
CHAPTER 3The Accounting Information SystemCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendices to the chapter. 1. Chapter 3 presents a concise yet thorough review of the accounting process. The basic elements of
University of North Carolina, Wilmington - ACG - 301
CHAPTER 4Income Statement and Related InformationCHAPTER REVIEW1. Chapter 4 presents a detailed discussion of the concepts and techniques that underlie the preparation of the Income Statement and Retained Earnings Statement and the reporting of other c
University of North Carolina, Wilmington - ACG - 301
CHAPTER 5Balance Sheet and Statement of Cash FlowsCHAPTER REVIEW*Note:All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 5 presents a detailed discussion of the concepts and techniques that underlie the pre
University of North Carolina, Wilmington - ACG - 301
CHAPTER 6Accounting and the Time Value of MoneyCHAPTER REVIEW1. (L.O. 1)Chapter 6 discusses the essentials of compound interest, annuities and present value. These techniques are being used in many areas of financial reporting where the relative values
University of North Carolina, Wilmington - ACG - 301
CHAPTER 7Cash and ReceivablesCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. (S.O. 1)Chapter 7 presents a detailed discussion of two of the primary liquid assets of a company, cash and recei
University of North Carolina, Wilmington - ACG - 301
CHAPTER 8Valuation of Inventories: A Cost-Basis ApproachCHAPTER REVIEW1. Careful attention is given to the inventory account by many business organizations because it represents one of the most significant assets held by the enterprise. Inventories are
University of North Carolina, Wilmington - ACG - 301
CHAPTER 9Inventories: Additional Valuation IssuesCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 9 concludes the discussion of inventories by addressing certain unique valuation prob
University of North Carolina, Wilmington - ACG - 301
CHAPTER 12Intangible AssetsCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 12 discusses the basic conceptual and reporting issues related to intangible assets. Valuing and Amortizing
University of North Carolina, Wilmington - ACG - 302
Accounting 302-001, Cameron Hall 101 . 2:00 3:15 Accounting 302-002, Cameron Hall 101 . 3:30 4:45External Financial Reporting II Spring 2012Instructor: Office: Office Phone: Home Phone: Fax: E-mail address: Class Schedule: May 8) Daniel Ivancevich 230-B
University of North Carolina, Wilmington - ACG - 302
Name _ ACG 302 Quiz Chapter 16 Spring 2012 A) B) C) D) 1. The conversion of bonds is most commonly recorded by the incremental method. proportional method. market value method. book value method. 2. On July 1, 2012, an interest payment date, $80,000 of Pa
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Name _ ACG 302 Quiz Chapter 13 Spring 2012A) B) C) D) A) B) C) D) A) B) C) D) 1. Of the following items, the only one which should not be classified as a current liability is current maturities of long-term debt. sales taxes payable. short-term obligatio
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Name: _ ACG 302 Quiz Chapter 14 Spring 2012 1. If bonds are issued initially at a premium and the effective-interest method of amortization is used, interest expense in the earlier years will be greater than if the straight-line method were used. greater
University of North Carolina, Wilmington - ACG - 302
Name _ ACG 302 Chapter 15 Quiz Spring 2012 A) B) C) D) 1. A primary source of stockholders' equity is income retained by the corporation. appropriated retained earnings. contributions by stockholders. both income retained by the corporation and contributi
University of North Carolina, Wilmington - ACG - 302
Intermediate Accounting13-1Prepared by Coby Harmon University of California, Santa Barbara13Current Liabilities and ContingenciesIntermediate Accounting 14th Edition13-2Kieso, Weygandt, and WarfieldLearning Objectives Learning Objectives1. 2. Des
University of North Carolina, Wilmington - ACG - 302
CHAPTER 13Current Liabilities and ContingenciesCHAPTER REVIEW1. Chapter 13 presents a discussion of the nature and measurement of items classified on the balance sheet as current liabilities. Attention is focused on the mechanics involved in recording
University of North Carolina, Wilmington - ACG - 302
CHAPTER 14Long-Term LiabilitiesCHAPTER REVIEW*Note:All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 14 presents a discussion of the issues related to long-term liabilities. Long-term debt consists of prob
University of North Carolina, Wilmington - ACG - 302
CHAPTER 15Stockholders' EquityCHAPTER REVIEW1. Chapter 15 focuses on the stockholders' equity section of the corporate form of business organization. Stockholders' equity represents the amount that was contributed by the shareholders and the portion th
University of North Carolina, Wilmington - ACG - 302
CHAPTER 17InvestmentsCHAPTER REVIEW1. The problems of accounting for investments involve measurement, recognition, and disclosure. Investments are generally classified as either debt securities or equity securities. Chapter 17 covers both temporary and
University of North Carolina, Wilmington - ACG - 302
CHAPTER 18Revenue RecognitionCHAPTER REVIEW1. One of the most difficult issues facing accountants concerns the recognition of revenue by a business organization. Although general rules and guidelines exist, the significant variety of marketing methods
University of North Carolina, Wilmington - ACG - 302
CHAPTER 19Accounting for Income TaxesCHAPTER REVIEWIntroduction 1. Chapter 19 addresses the issues related to accounting for income taxes. Taxable income is computed in accordance with prescribed tax regulations and rules, whereas accounting income is
University of North Carolina, Wilmington - ACG - 302
CHAPTER 21Accounting for LeasesCHAPTER REVIEW1. Many businesses lease substantial portions of the property and equipment they use in their business organization as an alternative to ownership. Because leasing provides some financial, operating, and ris
University of North Carolina, Wilmington - ACG - 302
CHAPTER 22Accounting Changes and Error AnalysisCHAPTER REVIEW1. Chapter 22 discusses the different procedures used to report accounting changes and error corrections. The use of estimates in accounting as well as the uncertainty that surrounds many of
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