Tài liệu Kế Toán - Kiểm Toán

Those with a Direct Financial Interest Investors Creditors Those with an Indirect Financial Interest Tax Authorities Regulatory Agencies Labor Unions Financial Advisors Customers Economic Planners

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Identify the types of accounting changes. Understand how to account for retrospective accounting changes. Understand how to account for impracticable changes. Describe the accounting for changes in estimates. Describe the accounting for correction of errors. Compute earnings per share in a simple capital structure. Compute earnings per share ...

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Capitalize a lease that transfers substantially all of the benefits and risks of property ownership, provided the lease is noncancelable. Leases that do not transfer substantially all the benefits and risks of ownership are operating leases.

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Plan amendments often increase benefits for service provided in prior years. The cost (prior service cost) of providing these retroactive benefits is allocated to pension expense over the remaining service-years of the affected employees.

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Exercise: South Carolina Corporation has one temporary difference at the end of 2007 that will reverse and cause taxable amounts of $55,000 in 2008, $60,000 in 2009, and $65,000 in 2010. South Carolina’s pretax financial income for 2007 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2007. Instru...

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Exercise: (Held-to-Maturity Securities) On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. Hi and Lois Company uses the effect...

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Illustration: UC Company originally issued 15,000 shares of $1 par, common stock for $25 per share. Record the journal entry for the following transaction: June 1st Sold 500 shares of its treasury stock for $30 per share. Cash (500 x $30) 15,000 Treasury Stock (500 x $28) 14,000 Paid-in Capital Treasury Stock 1,000

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Notes Payable Written promises to pay a certain sum of money on a specified future date. Arise from purchases, financing, or other transactions. Notes classified as short-term or long-term. Notes may be interest-bearing or zero-interest-bearing.

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Amortization of Intangibles Limited-Life Intangibles: Amortize to expense. Credit asset account or accumulated Indefinite-Life Intangibles: No foreseeable limit on time the asset is expected to provide cash flows. No amortization.

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In general, costs incurred to achieve greater future benefits should be capitalized, whereas expenditures that simply maintain a given level of services should be expensed. To capitalize costs, one of three conditions must be present: Useful life of the asset must be increased. Quantity of units produced from asset must be increased. Quality o...

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