Tài liệu Khối Ngành Kinh Tế

Present Value of a Single Sum The value now of a given amount to be paid or received in the future, assuming compound interest. Where: FV = future value PV = present value (principal or single sum) = present value factor for n periods at i interest

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“Obligations that a company does not reasonably expect to liquidate within the normal operating cycle.” All covenants and restrictions must be disclosed. Long-Term Liabilities (BE5-9): Included in Adams Company’s December 31, 2010, trial balance are the following accounts: Accounts Payable $220,000; Pension Liability $375,000; Discount on Bonds ...

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Extraordinary items are nonrecurring material items that differ significantly from a company’s typical business activities. Extraordinary Item must be both of an Unusual Nature and Occur Infrequently Company must consider the environment in which it operates. Amount reported “net of tax.”

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Expanded Example The purpose of transaction analysis is to identify the type of account involved, and to determine whether a debit or a credit is required.

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Measurement – The most commonly used measurements are based on historical cost and fair value. Issues: Historical cost provides a reliable benchmark for measuring historical trends. Fair value information may be more useful. Recently the FASB has taken the step of giving companies the option to use fair value as the basis for measurement of f...

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Which of the following accounting pronouncements is the most authoritative? FASB Statement of Financial Accounting Concepts. b. FASB Technical Bulletins. c. AICPA Accounting Principles Board Opinion. d. AICPA Statement of Position.

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Companies should present a statement identifying the accounting policies adopted and followed. Should present the disclosure as first note or separate Summary of Significant Accounting Policies section preceding the notes to the financial statements.

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Illustration: Tax Consultants Inc. started on January 1, 2016, when it issued 60,000 shares of $1 par value common stock for $60,000 cash. The company rented its office space, furniture, and equipment, and performed tax consulting services throughout the first year. The comparative balance sheets at the beginning and end of the year 2016 appear i...

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Illustration: Denson Company has accounted for its income from long-term construction contracts using the completed-contract method. In 2017, the company changed to the percentage-of-completion method. Management believes this approach provides a more appropriate measure of the income earned. For tax purposes, the company uses the completed-contrac...

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For a capital lease, the FASB has identified four criteria. Lease transfers ownership of the property to the lessee. Lease contains a bargain-purchase option. Lease term is equal to 75 percent or more of the estimated economic life of the leased property. The present value of the minimum lease payments (excluding executory costs) equals or exce...

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