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KIVS_SM_CH24COMPLETE - CHAPTER 24 Full Disclosure in...

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24-1 CHAPTER 24 Full Disclosure in Financial Reporting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis * 1. The disclosure principle; type of disclosure. 2, 3, 23 1, 2, 3 * 2. Role of notes that accompany financial statements. 1, 4, 5 1, 2 1, 2, 3, 4 * 3. Subsequent events. 6 3 1, 2 1 4, 12 * 4. Segment reporting; diversified firms. 7, 8, 9, 10, 11 4, 5, 6,7 3 2 5, 6, 7 * 5. Discussion and analysis. 12, 13 * 6. Interim reporting. 16, 17, 18, 19 8, 9 * 7. Audit opinions and fraudulent reporting. 20, 21 11 * 8. Earnings forecasts. 14, 15 10 *9. Interpretation of ratios. 22, 23, 24, 28 4, 5, 6 5 11 *10. Impact of transactions on ratios. 8 4, 5, 6 3 13 *11. Liquidity ratios. 8 4, 5, 6 3, 5 *12. Profitability ratios. 4, 5, 6 3, 5 *13. Coverage ratios. 4, 5, 6 *14. Activity ratios. 25, 26 8, 9 4, 5, 6 3 *15. Comprehensive ratio problems. 4, 5, 6 3, 5 *16. Percentage analysis. 24, 27 3, 4 *17. International Accounting. 29, 30, 31 *This material is dealt with in an Appendix to the chapter.
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24-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Review the full disclosure principle and describe implementation problems. 2. Explain the use of notes in financial statement preparation. 1, 2, 3 1, 2 1 3. Discuss the disclosure requirements for major business segments. 4, 5, 6, 7 3 2 4. Describe the accounting problems associated with interim reporting. 5. Identify the major disclosures in the auditor’s report. 6. Understand management’s responsibilities for financials. 7. Identify issues related to financial forecasts and projections. 8. Describe the profession’s response to fraudulent financial reporting. *9. Understand the approach to financial statement analysis. *10. Identify major analytic ratios and describe their calculation. 8, 9 4, 5, 6 3, 5, 6 *11. Explain the limitations of ratio analysis. *12. Describe techniques of comparative analysis. 3 *13. Describe techniques of percentage analysis. 4
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24-3 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E24-1 Post-balance-sheet events. Moderate 10–15 E24-2 Post-balance-sheet events. Moderate 15–20 E24-3 Segmented reporting. Moderate 5–10 *E24-4 Ratio computation and analysis; liquidity. Simple 20–30 *E24-5 Analysis of given ratios. Moderate 20–30 *E24-6 Ratio analysis. Moderate 30–40 P24-1 Subsequent events. Difficult 40–50 P24-2 Segmented reporting. Moderate 24–30 *P24-3 Ratio computations and additional analysis. Moderate 35–45 *P24-4 Horizontal and vertical analysis. Simple 40–60 *P24-5 Dividend policy analysis. Difficult 40–50 CA24-1 General disclosures, inventories, property, plant, and equipment. Simple 10–20 CA24-2 Disclosures required in various situations. Moderate 20–25 CA24-3 Disclosures, conditional and contingent liabilities. Simple 24–30 CA24-4 Post-balance-sheet events. Moderate 20–25 CA24-5 Segment reporting. Moderate 30–35 CA24-6 Segment reporting—theory. Simple 20–25 CA24-7 Segment reporting—theory. Moderate 24–30 CA24-8 Interim reporting. Simple 20–25 CA24-9 Treatment of various interim reporting situations. Moderate 30–35 CA24-10 Financial forecasts. Moderate 24–30 CA24-11 Disclosure of results—ethics.
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