Matthew_McCoy_Week_1_Assignment

Matthew_McCoy_Week_1_Assignment - Karen Weller since she is...

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Matthew McCoy Week 1 Problems CA 1-10 1. b,e Accounting Standards Executive Committee 2. a Accounting Principles Board 3. c Committee on Accounting Procedure 4. d Financial Accounting Standards Board CA 1-11 1. d Staff Positions 2. f Interpretations (of the FASB) 3. c Statement of Financial Accounting Standards 4. e EITF Statements 5. a Opinions 6. b Statement of Financial Accounting Concepts CA 1-12 a) The ethical issue is reporting the rule early to more fairly report the company’s financial condition and earnings. By not implementing the rule early, the company could mislead investors into thinking that the company is in better financial standing than what it really is. b) The financial vice president doesn’t have to implement the rule until required to do so, although one could argue that potentially misleading investors could be considered immoral. c) By implementing the rule early, the company would be forced to practice the new rule and get used to it before it is actually required. This would be beneficial to
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Unformatted text preview: Karen Weller since she is the controller, and she would need to get used to this new rule, as well as possibly have a better standing with the FASB. d) Any stakeholder in the company could potentially be affected by the new rule, especially those that have more stake in the company because the rule will affect the reported net income for the year. E2-2 a) Verifiability b) Representational faithfulness c) Consistency d) Neutrality e) Comparability f) Relevance g) Comparability and consistency h) Reliability i) Relevance and reliability j) Timeliness E2-3 a) gains and losses b) liabilities c) investments by owners d) distributions to owners e) gains f) assets g) equity h) expenses i) equity j) revenues k) distributions to owners l) comprehensive income E2-4 a) 7 b) 6 c) 8 d) 2 e) 9 f) 1 g) 4 h) 11 i) 10 j) 3...
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Matthew_McCoy_Week_1_Assignment - Karen Weller since she is...

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