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A summary of cash flows for Express Travel Service A summary of cash flows for Express Travel Service for the year ended June 30, 2010, is shown below. Cash receipts: Cash received from customers . . . . . . . . . . . . . . . . . . . . . […]

(Assumptions, Principles, and Constraints) Presented below a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) (a) Price-level changes are not recognized in the accounting records. (b) Lower of cost or market is used […]

(Transaction Analysis—Service Company) During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash and equipment valued at $14,000 in the business. 2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (Debit an […]

(Objectives of Financial Reporting) Regis Gordon and Kathy Medford are discussing various aspects of the FASB’s pronouncement Statement of Financial Accounting Concepts No. 1, ?oObjectives of Financial Reporting by Business Enterprises.?? Regis indicates that this pronouncement provides little, if any, guidance to the practicing professional in resolving accounting controversies. He believes that the statement provides […]

With regard to current GASB standards for pension reporting do a. Distinguish between (1) Defined contribution plans and (2) Defined benefit plans. b. Distinguish between (1) Agent and (2) Cost-sharing multiemployer plans. c. Define the following terms: With regard to current GASB standards for pension reporting do (1) Annual required contribution and (2) Net pension […]

The Village of Budekville, which has a fiscal year July 1 to June 30, sold $3,000,000 in 6 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and issued on July 1, 2011. Interest is payable semiannually on January 1 and July 1, and the first of […]

As discussed in Chapter 1, the International Accounting Standard As discussed in Chapter 1, the International Accounting Standards Board (IASB) develops accounting standards for many international companies. The IASB also has developed a conceptual framework to help guide the setting of accounting standards. While the FASB and IASB have issued converged concepts statements on the […]

Answer the following multiple-choice 1. GAAP stands for: (a) Governmental auditing and accounting practices. (b) Generally accepted attest principles. (c) Government audit and attest policies. (d) Generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: (a) Research, exposure draft, discussion paper, standard. (b) Discussion paper, research, exposure draft, standard. […]

Arron Woody practiced accounting with a partnership for five yea Recently he opened his own accounting firm, which he operates as a professional corporation. The name of the new entity is Arron Woody, CPA, P.C. Woody experienced the following events during the organizing phase of the new business and its first month of operations. Some […]

As a newly enrolled accounting major, you are anxious to accounting institutions and sources of accounting literature. As a first step, you decide to explore the FASB’s Statement of Financial Accounting Concepts No. 1 (CON 1). Instructions Access the FASB Statements of Financial Accounting Concepts at the FASB website ( HYPERLINK “http://www.fasb.org” http://www.fasb.org) and respond […]