What is the role of the accounting equation in the analysis of business transactions?
discussion question What is the role of the accounting equation in the analysis of business transactions?
Tag: accounting
Discuss the financial reporting environment and financial statements. What is the purpose of accounting? What impact does the AICPA, FASB, and SEC play in accounting, particularly with regards to the financial statements?
discussion question Discuss the financial reporting environment and financial statements. What is the purpose of accounting? What impact does the AICPA, FASB, and SEC play in accounting, particularly with regards to the financial statements?
On January 1, Omar signs a contract with a client to provide catering services for their wedding on July 1. The total contract amount is SAR 25,000. When should Omar recognize the revenue for this transaction under the accrual basis?
Principles of Accounting Assignment Question(s): (Marks 15) Question 1: (5 Marks) Sarah owns a boutique that sells women’s clothing and accessories. She keeps track of her business transactions using a journal. On March 1, Sarah invested SAR 10,000 cash in her business to start operations. Prepare the journal entry. On March 5, Sarah purchased inventory […]
Method of teaching accounting:Discuss.
Method of teaching accounting:Discuss.
Which of the following best describes the auditor’s responsibility for the MD&A information?
The following questions concern information accompanying basic financial statements. Choose the best response. a. The Form 10-K filed by management of a public company includes a section on management’s discussion and analysis (MD&A) in addition to the annual financial statements. Which of the following best describes the auditor’s responsibility for the MD&A information? (1) The […]
In the audit of notes payable, which balance-related audit objective is generally one of the most important for the auditor to verify?
The following multiple choice questions concern interest-bearing liabilities. Choose the best response. a. Which of the following controls will most likely justify a reduced assessed level of control risk for the completeness assertion for notes payable? (1) The accounting staff reviews board of director minutes for any indication of any transactions involving outstanding debt to […]
Design and perform physical observation audit tests for inventory. Design and perform audit tests of pricing and compilation for inventory. Integrate the various parts of the audit of the inventory and warehousing cycle.
AUDIT OF THE INVENTORY AND WAREHOUSING CYCLE Describe the business functions and the related documents and recordsin the inventory and warehousing cycle. Explain the five parts of the audit of the inventory and warehousing cycle.Design and perform audit tests of cost accounting.Apply substantive analytical procedures to the accounts in the inventory andwarehousing cycle.Design and perform […]
Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports.
Q.1 Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports. State these three issues
Summarize the role of the Securities and Exchange Commission in accounting and auditing.
SECURITIES AND EXCHANGE COMMISSION Summarize the role of the Securities and Exchange Commission in accounting and auditing.
Summarize the impact of ASU 2016-02, Leases on the recording of leases. Analyze the impact of the standard on the reporting of your chosen company’s leases. Analyze the impact of lease concessions or lease modifications on the reporting of your chosen company’s leases.
Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 2016-02, Leases Overview Accounting is the language of business, and it is not a dead language! The FASB is responsible for ensuring that all relevant and material financial information is properly codified in the Generally Accepted Accounting Principles (GAAP).The use of off-balance-sheet financing distorts […]