Kieso‚ Weygandt‚ Warfield‚ Young‚ Wiecek‚ McConomy Intermediate Accounting‚ Tenth Canadian Edition CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT ASSIGNMENT CLASSIFICATION TABLE Topic Brief Exercises Writing Assignments 1. Financial statements and financial reporting. 2. Capital allocation. 1 4 3. Stakeholders. 2 4 4. Objectives of financial reporting. 3 5. Management bias in financial reporting. 1 6. Importance of
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outstanding stock and premiums less discounts on issuance‚” [ (Kieso‚ Weygandt‚ & Warfield‚ 2010) ]. The excess amount over which the amount of the stock is worth that the investor pays for the stock is considered the contributed (paid-in) capital. In the text it states‚ “Earned capital is the capital that develops from profitable operations. It consists of all undistributed income that remains invested in the company‚” [ (Kieso‚ Weygandt‚ & Warfield‚ 2010) ]. It is important to keep contributed
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mistakes‚ mistakes in applying accounting principles‚ or oversight or misuse of facts that existed when preparing the financial statements.. This fourth category necessitates changes in accounting‚ though it is not classified as an accounting change (Kieso‚ Wyegandt‚ Warfield. Intermediate Accounting (12th ed.). As soon as a company discovers an error‚ it must correct the error. Companies record corrections of errors from prior periods as an adjustment to the beginning balance of retained earnings
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manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization? Cash is the most important to manage‚ because it is what keeps the company going. According to Kieso‚ Weygandt‚ and Warfield (2007)‚ cash is the asset most susceptible to improper diversion and use (p. 315). Recording errors could be costly to businesses. This is where internal control over cash is needed. With better tracking and reporting companies
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The increasing politicalization such as the Security and Exchange Commission (SEC) is the cause for the demise of the Committee on Accounting Procedure (CAP) of the AICPA and the Accounting Principle Board. When the stock market crashed in 1929‚ many of investors lost their life savings in the market crash. “There is a generally held opinion that accounting practices of the 1920s contributed to the stock market crash of 1929” (Roberts‚ (2011‚ para. 2). The accounting regulations emerged immediately
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American Corporation Analysis All over the United States business is being conducted through the availability of products and services that are offered through the avenues of business; Amazon is no different. Amazon is one of the world’s largest online services for purchasing/selling products. In order for Amazon to maintain its position in the industry knowledge of financial health is important. In order for business owners‚ banks‚ creditors loan officers and potential business owners to understand
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constant percentage of the carrying value of the bonds” (Kieso‚ Weygandt‚ & Warfield‚ 2007). Companies may either use the effective-interest or straight-line method to amortize the interest expense over the life of the bonds because they result in the same expense over the term of the bonds. These methods can vary annually‚ and when material‚ generally accepted accounting principles (GAAP) require the use of the effective interest method (Kieso‚ Weygandt‚ & Warfield‚ 2007). Mortgage note payables
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Inc. Announces Restatement of Prior Period Financial Statements and Postponement of Third Quarter 2012 Results. (2012‚ November 21). Marketwire‚ Retrieved from http://ir.kitd.com/phoenix.zhtml?c=144912&p=RssLanding&cat=news&id=1761217 Kieso‚ D.E.‚ Weygandt‚ J.J.‚ & Warfield‚ T.D. (2007). Intermediate Accounting (12th ed.). Retrieved from The University of Phoenix eBook Collection. U.S. Securities and Exchange Commission. (n.d.). Retrieved from http://www.sec.gov/Archives/edgar/data/1076700/000114420412064570/v329092_nt10-q
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3). The accounting cycle consists of: identifying‚ journalizing‚ posting‚ trail balance‚ adjusted entries‚ adjusted trial balance‚ preparing financial statements‚ closing‚ post-closing trial balance‚ reversing entries‚ and financial statements (Kieso‚ Weygandt‚ & Warfield‚ 2007). Identifying a transaction or event is the first step in the cycle; businesses engage in various activities on a daily‚ as a result‚ determining when to record and activity is crucial. Once the activity is identified a
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tax. The income statement reports on the success or failure of the company’s operations by reporting its revenues and expenses. If the company’s revenues exceed its expenses‚ it will report net income; otherwise it will report a net loss (Kimmel & Kieso‚ 2009). The income statement reports of the company’s operations are profitable or not. The income statements reports how successful the company is at generating a profit at sales. Retained earnings statements are statements of shareholders in
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