change in accounting estimate A changes that occurs as the result of new events, more experience, or
additional information. Companies should not adjust previously reported results for changes in estimates
but should report them prospec
CHAPTER 6 DEDUCTIONS AND LOSSES: IN GENERAL
CLASSIFICATION OF DEDUCTIBLE EXPENSES 1. 2. Section 61 provides an "all inclusive" definition of income, but deductions are allowed only by statute or legislative grace. An introductory preview of
Quiz 4 ; Section 10:15 12:05
Score _/ 15
1. Gerald Corporation constructed a building at a cost of $10,000,000. Average accumulated
expenditures were $4,000,000, actual interest was $600,000, and avoidable interest was $300,000.
NOTE: This exam will be DUE by midnight, Friday, June 20, 2013.
Multiple-Choice (30 pts.):_
Problem 1 (20 pts.):_
Problem 2 (20 pts.):_
Problem 3 (30 pts.):_
Problem 4 (30 pts.):_
Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
CHAPTER 11 INVESTOR LOSSES
THE TAX SHELTER PROBLEM 1. In addition to discussing investment interest and limitations on other investment losses (see items 43 and 44 in these lecture notes), this chapter deals with the at-risk provisions and t
Chapter 15 Outline
A. (L.O. 1)The Corporate Form of Organization.
1. The primary forms of business organization are the proprietorship, the
partnership, and the corporation.
Influence of state corporate law. Each state has its own business corporation
Chapter 14 Outline
A. (L.O. 1)Long-term Debt.
Consists of present obligations not payable within the operating cycle of the company or
a year, whichever is longer.
Covenants or restrictions, for the protection of both lenders and borrowers, are stat
Chapter 13 Outline
A. (L.O. 1)The Concept of Liabilities.
1. The question of what is a liability is not simple to answer. This can be seen if preferred
stock is analyzed.
In general, liabilities involve future disbursements of assets or services.
CHAPTER 8 OUTLINE
VALUATION OF INVENTORIES: A COST BASIS APPROACH
Inventories are often the most significant current assets. Inventory is assets held
for sale in the ordinary course of business or goods used/consumed in the
Chapter 11 Outline
A. (L.O. 1)Depreciationa method of cost allocation.
Depreciation is not a matter of valuation, but a means of cost allocation.
Depreciation is the accounting process of allocating the cost of tangible assets to
expense in a ration
CHAPTER 9 AUTHORS NOTES
1. Chapter 9 concludes the discussion of inventories by addressing certain unique valuation problems
not covered in Chapter 8. Chapter 9 also includes a description of the development and use of
various estimation techniques used t
Bond Amortization Schedule
Revenue and Expense Statement (Cash Basis)
For the Year Ended 12.31.07
Accounting 350, Summer 2009 Quiz #4, Chpts. 8 & 9 1.
Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that wer
Intermediate Accounting, Theory and Practice Syllabus
Course Title: Intermediate Accounting, Theory and Practice (Online) (X120B)
Course Catalog Description: Intermediate Accounting, Theory and Practice (Online) X 120B
4 units. Prerequisite
CHAPTER 7 OUTLINE
CASH AND RECEIVABLES
What is Cash? Includes coin, currency, bank deposits including checking and savings
accounts and negotiable instruments such as money orders, cashiers checks, personal
checks and bank drafts.
CHAPTER 6 OUTLINE
ACCOUNTING AND THE TIME VALUE OF MONEY
Whether facing an investment alternative, retirement planning, debt retirement, etc., you must have a
sound understanding of the fundamentals of the time value of money if you are to make informed
CHAPTER 5 OUTLINE
BALANCE SHEET AND STATEMENT OF CASH FLOWS
Usefulness and Purpose of the Balance Sheet
Provides information about an entitys assets, liabilities and equity
Helps assess risk and predict future cash flows.
CHAPTER 4 OUTLINE
INCOME STATEMENT AND RELATED INFORMATION
Uses and Limitations of the Income Statement
The income statement helps investors and creditors predict the amounts, timing and
uncertainty of future cash flows. It helps wi
CHAPTER 3 OUTLINE
THE ACCOUNTING INFORMATION SYSTEM
Event-The source/cause of changes in assets, liabilities and equity. It may be internal or external.
Transaction-An external event that involves a transfer or exchange between two or more ent
ACCOUNTING TREATMENT OF INTANGIBLES
TYPES OF INTANGIBLE ASSETS
CALCULATING AND RECORDING IMPAIRMENT LOSS
IMPAIRMENT OF INDEFINITE-LIFE INTANGIBLESOTHER
assumption One of the parts in the third level of the conceptual framework; a concept that the accounting
profession assumes as foundational for the financial accounting structure. There are four basic assumptions:
(1) economic entity, (
CHAPTER 10 DEDUCTIONS AND LOSSES: CERTAIN ITEMIZED DEDUCTIONS
INTRODUCTION 1. Personal Deductible Expenses. Chapter 10 is principally concerned with expenses that are essentially personal in nature but which are deductible due to legislative
amortization The allocation of the cost of intangible assets in a systematic way. (p. 667).
bargain purchase A situation, often the result of a market imperfection, in which the purchaser in a
business combination pays less than the fai