财务会计英语版课后答案文档格式.docx
- 文档编号:17957462
- 上传时间:2022-12-12
- 格式:DOCX
- 页数:16
- 大小:24.10KB
财务会计英语版课后答案文档格式.docx
《财务会计英语版课后答案文档格式.docx》由会员分享,可在线阅读,更多相关《财务会计英语版课后答案文档格式.docx(16页珍藏版)》请在冰豆网上搜索。
Page11
1.Listseveraleconomicdecisionsthatrelyonaccountinginformation.
Answer:
·
Whethertograntaloan
Howmuchtopayforashareofcommonstock.
Whethertograntarateincreasetoanelectricutility
Howmuchindamagestheloserofalawsuitmustpay
Howmuchofabonustopayaplantmanager
Whethertoenteranewmarket
2.Whydofinancialstatementshavefootnotes,andwhatkindsofinformationmightyoufindinthem?
Financialstatementshavefootnotesbecausefinancialdisclosureisacomplexbusiness.Thenotestellussomeofthespecificsaboutthecompanyenvironment,whataccountingmethodsthecompanyhasused,whattheaccountingnumbersmightbeifalternativemethodshadbeenused,andsomeofthemajorcontingenciesthatarenotformallyincludedinthestatementproper.
Page20
1.Describetheprocessofsettingaccountingstandards.Whataretherolesofallthepartiesyoumention?
TheFASB,aprivate,not-for-profitorganization,setsGAAPintheU.S.Itpubliclydeclaresanagenda,promulgates"
ExposureDrafts"
ofproposedstandards,holdsopenmeetings,andinvitesinputfrominterestedparties.TheFASBhasbeendelegatedthisauthoritybytheSEC,agovernmentagencywithlegalauthoritytodetermineGAAP.
2.Thinkofanexample,liketheexecutivecompensationexampleinthechapter,whereincentivesmightexisttobiasaccountingnumbersonewayoranother.
Thereareotherexamples,buthereisonethatisdifferent.Ataxpayerhasincentivestobiasreportedincomedownwardinordertominimizeincometaxpayments.However,itisimportanttounderstandthattaxaccountingrulesaredifferentfromGAAP,andthisbookisaboutGAAP.Chapter14coversGAAPfortaxesinmoredetail.
Otherexamplesinclude:
Anentrepreneurseekingaloanfromabankorfundingfromaventurecapitalistmighthaveincentivestobiasaccountingnumberstolookfavorable.
Afirmthatissubjecttoscrutinyforearningexcessprofits(e.g.,anoilcompany)mighthaveincentivestobiasaccountingnumberstolooklessfavorable.
Autilitysubjecttorateregulationmighthaveanincentivetobiasaccountingnumberstolooklessfavorableinordertogainmoregenerousincreasesinitsrates.(Atthiswriting,thereisaratherseverecontroversyaboutwhetherelectricutilitiesinCaliforniaaregenuinelyinfinancialdifficultyandshouldbeallowedtocontinuetoimposelargerateincrease.)
Chapter2
Page38
1Defineassets,liabilities,andequities.Gaveanexampleofeach.Howareassetsvalued?
Howareliabilitiesvalued?
Anassetisaprobablefutureeconomicbenefitobtainedor
controlledbyanentityasaresultofapasttransaction.Cash
marketablesecurities,accountsreceivable,inventories,prepaidexpenses,patents,copyrights,trademarks,andproperty,plantandequipmentareallexamplesofassets.Aliabilityisaprobablefuturesacrificeofeconomicbenefitsarisingfrompresentobligationsofanentitytotransferassetsorprovideservicesasaresultofapasttransactionorevent.Accountspayable,accruedliabilities,unearnedrevenues,warranties,andbondspayableareallexamplesofliabilities.Accountingvaluationofassetsusesseveraldifferentmethods,includingmarketvalue,expectedrealizablevalue,lowerofcostormarket,presentvalueoffuturecashflows,andhistoricalcost.Accountingvaluationofliabilitiesistheexpectedamountthatwillbepaid,perhapsadjustedforthetimevalueofmoney.
2.Explainwhatismeantbytheentityconcept.
Theentityisthepersonororganizationaboutwhichaccounting'
sfinancialhistoryisbeingwritten.
3.Acompanysignsaten-yearemployeecontractwithavicepresident.Thesalaryis$peryear,guaranteed.Isthiscontractanasset?
Woulditappearonthebalancesheet?
Explain.
Therightsconveyedbythecontratmaybeanassetfromaneconomicpointofview,buttheyarenotanassetunderGAAP.Thecontractwouldnotappearonthebalancesheetasanasset,becauseGAAPdoesnotrecordexecutorycontracts,whicharecontractsthatrequirefutureperformanceformbothparties.Thatis,GAAPviewsthecontractasdeterminingwhatserviceswillbeprovided,noassetisrecognizedunderGAAP.(Neitherisaliabilityforpaymentrecognizeduntilserviceshavebeenperformed.)
4.Acompanypurchasedaparcelofland10yearsagoatacostof$.Thelandhasrecentlybeenappraisedat$.Atwhatvalueisthelandcarriedinthebalancesheet?
Howdoestheappraisalaffectthecarryingvalueinthebalancesheet?
Thelandisonthebalancesheetatitshistoricalcostof$.Thecarryingvalueofthelandisunaffectedbytheappraisal.
Page42
1、Definedebitandcredit.Whatkindofbalance,debitorcredit,wouldyouexpecttofindintheinventoryT-account?
IntheCommonStockT-account?
AdebitisanentryontheleftsideofaT-account.AcreditisanentryontherightsideofaT-account.WewouldexcepttofindadebitbalanceinInventory,andcreditbalancesinBondsPayableandCommonStock.Thereasonistheconventionthatincreasesinassetsaredebitsandincreasesinliabilitiesandequitiesarecredits.
2、Ifthetrialbalances,itmeansthatyouhaveanalyzedalltheeffectsoftransactionscorrectly.Trueorfalse?
Explain.
False.Abalancedmeansthatthetrialbalanceisconsistent,notnecessarilycorrect.Forexample.IfanarbitraryentryismadethatdebitsCashandcreditsCommonStockforanequalamount,thetrialbalancewillbalancebutitwillbewrong.Anaccountingcanreceiptofcashandtheissuanceofcommonstock,butitalonecannotmakecashoradditionalcommonshares.
3﹑SupposeWebsellleasesaportionofitsspacetoanothercompany.Websell’saccountsaredebitedandcreditedtorecordthistransaction?
WebsellwoulddebitCashandaliability,RentReceivedinAdvance,fortheprepayment.
Chapter3
Page57
1.Definerevenueandexpense.Howdoesonedecidetolistanitemasrevenueinanincomestatement?
Whatismatching?
Revenuesareincreasesinnetassetsresultingfromoperationsoveraperiodoftime.Expensearedecreasesinnetassetsresultingfromoperationsoveraperiodoftime.Revenueisrecognizedtheearningsprocessissubstantiallycomplete,atransaction
2.Giveanexamplenotfoundinthetext,ofanexpensethatispaidforincashinaprioraccountingperiod.Inasubsequentaccountingperiod.
Therearemanyallowableresponses.Anexampleisapatentthatispurchasedandpaidforinoneyearandusedinnext.
3.Giveanexample,notfoundinthetext,ofarevenuethatisreceivedincashinaprioraccountingperiod.Inasubsequentaccountingperiod.
Anexampleisahousepaintingcontractorthatreceivespaymentforone-thirdofthecontractpricebeforebeginningthepainting.
4.Explainwhyitisrighttothinkofanassetasacostandanexpenseasanexpiredcost.
Anassetisafuturebenefit.Andthereisanopportunitycostassociatedwithnotsellingitforcashorexchangingittosettle
Chapter6
Page120:
1.ThefollowingtableliststheadjustmentsandhasanXinthecolumnindicatingtheapproach:
Adjustment
Estimateexpense,
Plugendingbalance
Estimateendingbalance
Plugexpense
B
X
C
D
E
F
G
H
I
J
K
M
2.Wefirsttakeadjustmentforprepaidinsuranceandinsuranceexpense.Itwouldbeeasytothinkofthisadjustmentasfocusingonhowmuchoftheinsurancecoverageremained,asopposedtohowmuchwasused.Infact,thesametypeoflogiccouldbeused---computingamonthlyrateforthecoverageandapplyingthattothemonthsreminding,insteadofthemonthsused.
Nowtakeadjustmentfordepreciationexpenseandaccumulateddepreciation.Estimatingthevalueoftheequipmentatyearendmightbeeasy,forexample,ifthereisamarketforusedequipment,orverydifficult,forexample,iftheequipmentwasspeciallydesignedforWebsell.Onceavalueestimatefortheequipmentatyearendisobtained,depreciationexpensewouldbethechangeinvalueovertheyear.
Page123
1.$5000×
(1+0.06)^10=$5000×
1.79085=$8954.24
2.$5000×
(1+0.06/2)^(10×
2)=$5000×
(1+0.03)^20
=$5000×
1.80611=$9030.56
3.$1000×
(1.05)^3+$1000×
(1.05)^2+$1000×
(1.05)^1=$3310.13
4.($1000×
0.05/5)^13+$1000×
(1+0.05/5)^10+$1000×
(1+0.05/5)^5
=($1000×
(1.01)^15)+($1000×
(1.01)^10)+($1000×
(1.01)^5)
=$1160.97+$1104.62+$1051.01
=$3316.6
Page124
1.x×
.(1.07)^3=$3000x=$3000/(1.07)^3=$2448.89
2.Calculatethepresentvalueat10%of$1300receivedtwoyearsfromnow.Ifthatisgreaterthan$1000,youarebetteroffwiththe$1300tobereceivedintwoyears.Ifitspresentvalueislessthat$1000,youbetteroffwith$1000now.$1300/(1.10)^2=$1074.38
Therefore,youarebetteroffreceiving$1300twoyearsfromnow.
Anotherwaytodothisproblemistotakethefuturevalueat10%of$1000.Attheendoftwoyears,the$1000wouldcompoundu
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 财务会计 英语版 课后 答案