Ch 1 + Notes-3 - Complexities(cont Mythical Mountain GAAP...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Complexities (cont.) GAAP provide some measure of uniformity but they allow considerable discretion Accounting choices and estimates affect amounts on financial statements __________ of fixed assets is a good example (choice of method, different “good faith” estimates possible for asset life and salvage value) 1- 1- 2 Mythical  Mountain
Background image of page 2
1- 1- 3 More Complications _________  and Other Intangible Assets Consolidation of parent and  __________ Accounting for ________ and ________ Translation of foreign operations ______________ sheet financing Accounting for ______________ _______ sets of books (yes, it’s legal!!) -  financial vs. tax reporting 
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Quality of Financial Reporting Management has considerable discretion within GAAP Potential exists to “______________” the profit/loss reported 1- 1- 4
Background image of page 4
Quality of Financial Reporting (cont.) Reflect an _____________ picture of a company’s financial condition and
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

Page1 / 12

Ch 1 + Notes-3 - Complexities(cont Mythical Mountain GAAP...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online