1. A change may be coming
1. The IFRS primarily follows rules-based accounting, which requires a practicing
accountant to follow a list of rules in deciding how to record and disclose a particular
2. A rules-based approach to setting a
2nd Midterm Exam A Spring 2011
2.7 pts. per TRUE/FALSE question
1. Total equity in the statement of financial position estimates a company's
market value. F
2. There is no single, universally best formula for measuring a company's
2nd Midterm Exam B
To receive either any credit or partial credit, you must support answers
to the problems with appropriate supporting computations/analysis.
1. P3-1: 33%
Presented below is a list of balance sheet accounts in alphabetical order.