GB Class 24 11/26
TF Case 1.1 Prepare a list of 5 facts and answer questions 1 and 2 HHT: E3-26A
1. Consider the principles, assumptions, and constraints of GAAP. Define the matching principle and
explain why it is important to user of finance st
GB class 22 11/19 IN: Ch 10: Q 3 TF Case 1.5 5 facts and answer questions 1 and 2 HHT: P3-67A, S5-8
3. Provide an example of each of the following types of adjusting entries: Revenue Accrual, Expense
Accrual, Revenue Deferral, Expense Def
GB class26 12/5
IN: Ch11: Q2
Q2: What is earning management? Give an example of how a companys accounting for inventory and
uncollectible can be used to manage earnings.
Earning management is when inventory costs are steadily rising; LIFO would g
GB 11/7 class 19
IN: Ch 9: Q 1,2
1. What are five objectives of a system of internal control?
Safeguarding assets from theft and fraud, including cash, the easiest asset to steal.
Encouraging employees to comply with company policies- to train
11/21 TF Case 1.9: a list of 5 facts and answer questions 1 and 2 HHT: P3-76B
TF Case 1.9
1. Consider the principles GAAP. Define the revenue recognition principle and explain why it is
important to users of financial statements.
Day 17 Manual Homework
On September 1, 2013, Joe and Kerry Hunter formed a corporation called Hunter Rent-All to
rent equipment. The new corporation was able to begin operations immediately by purchasing
the assets and taking over the location of Rent-It,
GB Class 25 12/03
IN: Ch 11: Q 1 HHT: P3-72A, part 1
IN Q1: List three methods of accounting for inventory and describe how they differ.
There are three choices: last-in-first out (LIFO); First-in-first-out (FIFO); and specific cost.
If they used
11/14 Class 21
IN: Ch 10: Q 1,2 HHT: S3-6 HHT: S11-14 TF Case 2.1: Prepare a list of 5 facts
Q1. Explain the revenue and expense recognition principles and provide an example of each.
Revenue recognition principles tell accountants when to rec
GB 11/12 class 20
TF Case 2.1: Prepare a list of 5 facts
At Enron executives to achieve high-revenue growth because their salary increases and cash
bonus amounts were linked to report revenues.
Enron made significant use of stock options as a fur
I. TITLE: SHAW v. DELTA AIRLINES, INC.
II, CITE: 798 F.Supp. 1453 (1992)
This action concerns the crash of an airplane operated by Defendant SkyWest Airlines,
Inc. Plaintiff Shaw suffered serious personal injuries dur
1.Jacobsen Corporation prepares its financial statement applying International Financial Reporting Standards. During
its 2011 fiscal year, the company reported before-tax income of $620,000. This amount does not include the following
two items, both of wh
The Reuschel Company began 2011 with inventory of 11,500 units at a cost of $6.71 per unit. During
2011, 48,000 units were purchased for $8.71 each. Sales for the year totaled 51,300 units leaving 8,200
units on hand at the end of 2011. Reuschel uses a pe