Which of the following should be disclosed in a Summary of Significant Accounting Policies? a. Depreciation...
Which of the following should be disclosed in a Summary of Significant Accounting Policies?
a. Depreciation method followed
b. Types of executory contracts
c. Claims of equity holders
d. Amount for cumulative effect of change in accounting principle
Homework Answers
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Which of the following should be disclosed in a Summary of Significant Accounting Policies? a. Depreciation...
Choose the correct answer 1) When a change in accounting principle is reported, what is likely...
Choose the correct answer 1) When a change in accounting principle is reported, what is likely sacrificed? A.Relevance. B.Consistency. C.Conservatism. D.Representational faithfulness. 2)Which of the following changes should be accounted for using the retrospective approach? A. A change in the estimated life of a depreciable asset. B. A change from straight-line to declining balance depreciation. C. A change in policy increasing product warranty period from 1 year to 2 years for new products. D. A change from the completed-contract method...
The accounting and auditing literature discuss several different types of accounting changes. For each of the changes listed below (a through d), indicate whether the auditor should add a paragraph to...
The accounting and auditing literature discuss several different types of accounting changes. For each of the changes listed below (a through d), indicate whether the auditor should add a paragraph to the audit report, assuming that the change had a material effect on the financial statements and was properly justified, accounted for, and disclosed. Assume that the organization is a U.S. nonpublic company. a. Change from one GAAP to another GAAP b. Change in accounting estimate not affected by a...
A summary of significant accounting policies and explanations of specific items on the financial statements will...
A summary of significant accounting policies and explanations of specific items on the financial statements will be given in: O A. the income statement. B. the balance sheet. O C. notes to financial statements. OD. the report of independent registered public accounting firm
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is...
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement Net of Tax Disclosed Separately a. No No b. Yes Yes c. No Yes d. Yes No 51. Which of the following is true about intraperiod tax allocation? a. It arises because certain revenue and expense items appear in the income statement either before or after...
2. Look at the section, “Summary of Significant Accounting Policies” A. What inventory costing method does A&F use...
2. Look at the section, “Summary of Significant
Accounting Policies”
A. What inventory costing method does A&F use to
value its inventory?
B. List the two operating segments A&F identifies
for 2016:
1.
2.
C. List the three geographic segments A&F
identifies for 2016:
1.
2.
3.
D. A&F identifies its sales per quarter.
1. Which quarter has the highest amount of sales for
2016?
2. Why do you think this is the highest quarter for
A&F?
This question is on my study guide...
Question 12 (1 point) Which is a shareholders' equity account in the balance sheet? Salaries payable....
Question 12 (1 point) Which is a shareholders' equity account in the balance sheet? Salaries payable. Accumulated depreciation. Accounts receivable. Paid-in capital. Previous Page Next Page Submit Quiz of 15 questions saved Page 13 of 1 Previous Page Question 13 (1 point) eastern is preparing its annual report for the current fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following item: 1. Inventory costing method. Required: Indicate whether the...
Identifying Where Items are Disclosed in Financial Statements and Notes Match each of the following financial...
Identifying Where Items are Disclosed in Financial Statements and Notes Match each of the following financial reporting items a through j from a company with a December 31, 2020, year-end with one of the following four reporting options: Reporting Option 1. Disclosed as part of the summary of significant accounting policies note. 2. Disclosed as a separate note. 3. Reported on the face of the balance sheet. A 4. Not reported as part of the financial statements and accompanying notes....
Which of the following items appear on the corporate income statement before income from continuing operations?...
Which of the following items appear on the corporate income statement before income from continuing operations? a. Extraordinary gain b. Loss on discontinued operations c. Cumulative effect of a change in accounting principle d. Income tax expense
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of...
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 Book $ 6,867 $ 8, 705 5,8355 .624 43,046 44,469 1,941 1,441 57,689 60,239 erences 179, 492 (71,782) 107,710 176,958 (66,787) 110,171 Assets Current assets Cash and cash equivalents Receivables (net) Inventories...
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of...
The balance sheet and disclosure of significant accounting
policies taken from the 2017 annual report of Walmart
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ 6,867 $ 8,705 5,835 5,624 43,046 44,469 1.941 1.441 57.68960, 239 179,492 (71,782) 107,71€...
A summary of significant accounting policies and explanations of specific items on the financial statements will be given in: O A. the income statement. B. the balance sheet. O C. notes to financial statements. OD. the report of independent registered public accounting firm
2. Look at the section, “Summary of Significant
Accounting Policies”
A. What inventory costing method does A&F use to
value its inventory?
B. List the two operating segments A&F identifies
for 2016:
1.
2.
C. List the three geographic segments A&F
identifies for 2016:
1.
2.
3.
D. A&F identifies its sales per quarter.
1. Which quarter has the highest amount of sales for
2016?
2. Why do you think this is the highest quarter for
A&F?
This question is on my study guide...
Question 12 (1 point) Which is a shareholders' equity account in the balance sheet? Salaries payable. Accumulated depreciation. Accounts receivable. Paid-in capital. Previous Page Next Page Submit Quiz of 15 questions saved Page 13 of 1 Previous Page Question 13 (1 point) eastern is preparing its annual report for the current fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following item: 1. Inventory costing method. Required: Indicate whether the...
Identifying Where Items are Disclosed in Financial Statements and Notes Match each of the following financial reporting items a through j from a company with a December 31, 2020, year-end with one of the following four reporting options: Reporting Option 1. Disclosed as part of the summary of significant accounting policies note. 2. Disclosed as a separate note. 3. Reported on the face of the balance sheet. A 4. Not reported as part of the financial statements and accompanying notes....
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 Book $ 6,867 $ 8, 705 5,8355 .624 43,046 44,469 1,941 1,441 57,689 60,239 erences 179, 492 (71,782) 107,710 176,958 (66,787) 110,171 Assets Current assets Cash and cash equivalents Receivables (net) Inventories...
The balance sheet and disclosure of significant accounting
policies taken from the 2017 annual report of Walmart
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ 6,867 $ 8,705 5,835 5,624 43,046 44,469 1.941 1.441 57.68960, 239 179,492 (71,782) 107,71€...
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