Free Essay

Intermediate Accounting Homework

In: Business and Management

Submitted By songwriter19
Words 344
Pages 2
When establishing accounting standards is basically saying they want you all accounting firms and accountants to be uniform. They don’t want any outliers doing something completely different on their accounting reports when another accountant is following the set of standards given to him by AICPA and FASB. FASB has a need for balancing their accounting considerations and economic consequences. Political process is basically a process that forms and administrates public policy that is usually between the interaction between social groups and political institutions. Sometimes it is even between political leaders and the public opinion. Economic consequences of accounting standard-setting means accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. FASB has been around throughout the years trying to keep up to date with all of the accounting standards and forming them around what everybody finds understandable. The Accounting Principles Board was always superseded by the FASB statements, that were recognized as accepted practices and constituted as the requirements to be followed by all business. Statements of the Financial Accounting Standards Board are currently represented by the accounting profession’s authoritative pronouncements on financial accounting and reporting practices.
How politics influence the creation of accounting standards? The accountancy profession has been setting international accounting standards under the pressure from all political parties. This has which led to an increasing concern by the ACCA (Association of Chartered Certified Accountants) on the political interference in the accounting standard setting process. The political view in setting of accounting standard argues that the best solution varies from group to group and from person to person. Policy decision have always brought out the choices between two of the conflicting interests and can be better served by use of different parties. Therefore, this makes setting accounting standards a political activity. When politicizing creation of accounting standards is not just inevitable but just. Institutions which are politically reactive have the decisive right to control others to obey their rules and this happens in a society which is highly committed to democratic legitimization of authority.

Similar Documents

Premium Essay

Simmons Tech

...HOLY FAMILY UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION AND EXTENDED LEARNING INTERMEDIATE ACCOUNTING I Semester: Fall 2014 August 27, 2014 – December 17, 2014 Course: ACCT 307 Intermediate Accounting I Credits: (3) Credit Hours Prerequisites: ACCT 206 Location: Woodhaven, Room 4 Days/Times T/TH (8:00am–9:30am) Instructor: Stephen B. Bates MBA, CPA, CGMA Office: Aquinas Hall, Rm. 17 Office Hours: T (1:30-4:30 p.m.)NE / TH (1:00-2:30 p.m.)WH Telephone: (267) 341-3522 E-mail: Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th Edition, 2013. John Wiley & Sons, Inc. Hoboken, N.J. ISBN – 978-1-118-14729-0 Other Required Resources Students will be required to access portions of selected financial statements of publicly held corporations via the internet. Additionally, three financial statements, Tootsie Roll, Hershey, and DuPont will be handed out...

Words: 1319 - Pages: 6

Free Essay

Accounting Case Study

...ACCOUNTING 320B INTERMEDIATE ACCOUNTING II SYLLABUS - Fall 2014 Instructor: Dr. N.J. Kim, CPA Office: ST 612 Office Hours: TR 8:35 – 9:40 am & R 4:00 – 6:00 pm Phone: (323) 343-2840 Email: Instructional Web site: Connect URL: Textbook: Intermediate Accounting, 7th Edition, Spiceland, Sepe and Nelson, McGraw-Hill, ISBN-9780078025327 (Hard copy, Volume II, or e-book with CONNECT available) Course Objectives and Description: Intermediate Accounting is designed to acquaint the student with current accounting theories and practices. In this second part of intermediate accounting, we will learn accounting for fixed assets, intangibles, long-term liabilities, investments, and stockholders’ equity. Statement of cash flows and accounting issues related with accounting changes and error correction are also covered in this class. Prerequisite: ACCT 320A or equivalent with a grade C or better Grading: Points are distributed as follows. Accounting majors must earn a grade of “C” or better in each accounting class taken to graduate. Midterms 100 250-300 A Final 130 210-249 B Participation & Attendance 10 180-209 C Comprehensive test 20 150-179 D Homework 40 Below 150 F Total 300 points A modified curve may be applied at the end of the quarter if......

Words: 547 - Pages: 3

Premium Essay

Intermediate Accouting Review

...Dennis Stanton 3/28/12 Professor Doyon Intermediate Accounting II Writing Assignment 2 Thus far, Intermediate Accounting has been very challenging. However, I do not think any of the topics discussed-to-date have been over my head, and at this point in the semester I am beginning to feel somewhat like an accountant, with a solid, basic know-how in my field of study. My brother recently asked me for my opinion on some loans for his new food business: I was almost giddy that I could easily work out some present values. Also, many of my courses this semester overlap frequently, providing me with useful cross-referencing (from accounting to management to finance, etc). While many of my accounting courses have been similar in routine, I find Professor Doyon's teaching methods especially helpful. I don't believe I've ever had a professor more wanting or willing to help their students succeed than him (and this is entirely true, no kissing up!). The quality/quantity of information and the in-depth reminders we are given keep me on task, even when I'm struggling with the homework. The speed of the course is very fair, and I believe everyone in the class feels more than comfortable asking questions, whether it be mid-exercise, or to try a certain problem, or with an idea. The way we move through chapters, including the break-down of exercises/problems/cpa/cma questions seems thoroughly thought out in a way meant to help students begin with basic......

Words: 900 - Pages: 4

Premium Essay


...Indiana University of Pennsylvania Syllabus for Spring 2013 Distance Education Course ACCT304 Intermediate Accounting Instructor: Geoffrey Tickell, PhD, CPA, Professor Office: 418H Eberly College of Business & Information Technology Phone: 724-357-2753 (Office) E-Mail: Office Hours: On-line, or, In my office on Monday & Wednesday 2 to 3pm and Tuesday & Thursday 2 to 4 pm. Class section: 801 Credits: 3 Prerequisite: Grade of C or higher in ACCT202. Required Text: Intermediate Accounting by Kieso, Weygandt, and Warfield, 14th Ed, Wiley. ISBN 978118088296 for the binder version packaged with WileyPlus access code available at the IUP Co-op store. Note that you will also use this text and WileyPlus for ACCT 305. WileyPlus: Learning resources and assessments are located on the WileyPlus website (see Further instructions as to how to log-in to this site is explained later in this syllabus. As this is an on-line course, it is vital to your success in this course that you make use of the resources on this website from the very first week. D2L: Other learning resources are located on the ACCT 304 Spring 2013 D2L site. These resources include this Syllabus, WileyPLUS instructions, chapter solutions, PowerPoint slides, and other resources. CATALOG DESCRIPTION ACCT304 primarily focuses on financial reporting for asset wealth typically found in business environments.......

Words: 1471 - Pages: 6

Premium Essay

Acct 312 Intermediate Accounting Iii – Entire Course

...ACCT 312 Intermediate Accounting III – Entire Course ACCT 312 Intermediate Accounting III Complete Homework Sets ACCT 312 Week 1 Homework Chapter 16, Exercise 16-3, 16-5, 16-10,16-22 ACCT 312 Week 2 Homework Chapter 17, Exercise 17-5, 17-10, 17-12, 17-15 ACCT 312 Week 3 Homework Chapter 18, Exercise 18-5, 18-11, 18-13, 18-19 ACCT 312 Week 4 Homework Chapter 19, Exercise 19-2, 19-5, 19-10, 19-17 ACCT 312 Week 5 Homework Chapter 20, E20-1, E20-10, E20-17, E20-24 ACCT 312 Week 6 Homework Chapter 21, E21-14, E21-21, P21-4] ACCT 312 Week 7 Homework Problems P21-5, P21-6 ACCT 312 Intermediate Accounting III Complete Quizzes ACCT 312 Week 1 Quiz 1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability? 3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? 4. (TCO 1) Under current tax law, a net operating loss may be carried forward up to 5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income? ACCT 312 Week 2 Quiz 1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 2) Which statement typifies defined contribution plans? 3. (TCO 2) Which is not a way of measuring the pension......

Words: 19741 - Pages: 79

Premium Essay

Ts Paper for Computer Science

...may also join via Adobe Connect during class time. Adobe Connect is a third party subscription. Required Textbook: INTERMEDIATE ACCOUNTING, Spiceland, Sepe & Nelson, 7th Edition, New York, NY: Irwin / McGraw-Hill, 2013, ISBN-10: 0-07-802532-x ISBN-13:978-0-07-802532-7. Required Software: Microsoft Word, Microsoft Excel, McGraw Hill Connect subscription Course Description & Objectives This course examines the accounting theory, concepts, and procedures inherent in the preparation of the general-purpose financial statements required of all publicly traded companies. Specifically addressed are the balance sheet, income statement, statement of cash flows, explanatory notes, and the auditor’s opinion. Other areas explored include review of the accounting process, profitability analysis, financial disclosures, and time value of money concepts. IFRS (International Financial Reporting Standards) will be explored in conjunction with each chapter’s GAAP procedures. Prerequisites: BUS 232 – Principles of Managerial Accounting. Upon completion of this course you should be able to: 1. Understand the environment and theoretical structure of financial accounting. 2. Perform the steps in the accounting processing cycle and apply both cash and accrual based accounting. 3. Apply Generally Accepted Accounting Principles in the preparation of the income statement, balance sheet, and statement of cash flows. 4. Determine......

Words: 774 - Pages: 4

Free Essay


...POLYTECHNIC UNIVERSITY, POMONA ACC 311 Intermediate Accounting I SPRING 2016 PROFESSOR: Dr. Hassan Hefzi OFFICE: 164-2085 OFFICE HOURS: 12:30 - 2:00 MW PHONE: (909) 869-2385 And by appointment E-mail: (I do not respond to e-mails on weekends) Text and other Materials: 1. Intermediate Accounting, Spiceland, Sepe and Nelson, 8th Ed., McGraw-Hill, 2016. 2. The Wall Street Journal, or the Journal of Accountancy. 3. FASB, Concept Statements No5, 6, 7 & 8). At Course Description: Analytical study and application of accounting theories and techniques including current literature of authoritative accounting organizations. 4 lecture/problem solving. Prerequisite: A minimum grade of “C” (2.0) in ACC 304 and a passing grade on the Graduation Writing Test. Non-accounting majors should refer to the current Cal Poly Pomona Catalog. Course Objectives: This course is aimed primarily towards those who will be providers of financial information for external use—those who will be primarily responsible for observing, selecting, measuring, and reporting financial information for external decision making. The main objective is to develop skills of APPLICATION AND ANALYSIS, i.e., to demonstrate the use of appropriate concepts, standards, and techniques after having considered the needs of financial statement users and how the behavior of the users may be influenced by financial accounting information. Achieving......

Words: 1881 - Pages: 8

Premium Essay

Financial Accounting Syllabus

...ACC 201 - Financial Accounting Fall 2015 Syllabus (updated September 27, 2015) Contact Information: Professor: Michelle Yetman Email: (type “ACC 201” in the subject line in email correspondence) Office: Gallagher Hall, room 3408 Office phone: 530-754-7808 Office Hours: by appointment – email to schedule Class Sessions: Class sessions will be held Tuesdays from 9 AM to 12:50 AM in room 1213 Gallagher Hall. Course Content: This course will develop your knowledge of corporate financial reporting by applying the technical standards that define the recognition and measurement of assets, liabilities, and stockholders’ equity. While some emphasis will be placed on the use of accounting data for decision making, the importance of financial reporting to external users will be stressed. In addition to studying current financial reporting and disclosure requirements, we will also discuss current reporting controversies and practices. Course Objectives: Students will be expected to develop and demonstrate: • an understanding of complex financial events and their effect on financial statements, cash flows, and accounting-based contracts; • critical thinking skills (i.e., gathering and integrating data for complex situations); • an understanding of the interrelationships among the income statement, balance sheet, statement of cash flows, and footnotes; Course Materials: Textbook: Intermediate Accounting, 15th Edition by Donald E. Kieso,......

Words: 1169 - Pages: 5

Premium Essay

Ikea 2

...ACCT 3211 Intermediate Accounting I California State University, East Bay Spring 2014 Instructor: Pei-Hui Hsu | Office Hours: MW 4:00-5:30 pm | E-mail: | And/or by appointment | Office: VBT-333 | Class time: MW 2:00 to 3:50 pm (AE-277) | Prerequisites: Completion of ACCT 2251 or equivalent with a grade of no lower than “C-“ | Course Overview and Learnings Objectives This is the first course of the three sequential courses on intermediate financial accounting (ACCT 3211, ACCT 3212, and ACCT 3213). The main objective of this course is to develop an in-depth understanding of basic financial statements and external financial reporting for a for-profit entity. Key accounting issues about income measurement and various assets will also be touched. Note in this course while major discussion of lecture focuses on U.S. GAAP, selected distinguished differences in International Financial Reporting Standard (IFRS) will be also briefly covered. In this quarter, we will first build the foundation by introducing the environment and theoretical structure of financial reporting. We will then go over the accounting process and preparation of balance sheet, income statement and statement of cash flows. The focus in the second half of the quarter is to illustrate the concepts of income measurement and the issues related to accounting and reporting for several assets, including cash, receivables, and inventories. Upon successful completion of......

Words: 2352 - Pages: 10

Premium Essay

Econ2220 Course Outline

...ECONOMICS THE UNIVERSITY OF HONG KONG Pokfulam Road, Hong Kong _____________________________________________________________________________________ ECON2102/2220 Intermediate Macroeconomics 2015-2016 ECON2102CD/2220CD Instructor: C. Chen Office: 901 KKL Office hours: Monday 1:40am – 3:00pm and Tuesday 4:40pm – 6:00pm E-mail: Semester: 2 Class meeting: ECON2102C/2220C: Monday 9:30am – 12:20pm in LE6 ECON2102D/2220D: Tuesday 1:30pm – 4:20pm in MB201 Mid-term Exams: ECON2102C/2220C: March/14th. (Mon.) 9:40am – 12:10pm in LE6 ECON2102D/2220D: March/15th. (Tue.) 1:40pm – 4:10pm in MB201 Teaching assistant: Mr. Yuk Kwan Wong. One extra class for ECON2102C: Please choose among March/7th. (Mon.) and May/3rd-6th. Q&A class for ECON2102CD: April/26th. (Tue.) Prerequisites: ECON1001/1210 introductory microeconomics and ECON1002/1220 Introductory macroeconomics according to the Regulations, Syllabus & Structure and List of Courses for the BEcon and BEcon&Fin programmes. The course is primarily for students majoring in economics and as such can be technical at times, involving the use of mathematics including elementary calculus. Slides are available at Textbook: Macroeconomics by Andrew B. Abel, Ben S. Bernanke, and Dean Croushore, 8th edition, Pearson Addison Wesley. Assessment: Homework (problem sets plus one short essay) Test (mid-term) Examination (final) 20% (10%+10%) 20% 60% Short Essay: Economics is a persuasive science, and......

Words: 1257 - Pages: 6

Premium Essay

I Am Me

...ACC 3213: Intermediate Financial Accounting III, Fall 2013 Class Time/Room: Section 1: MW 12:00 – 1:50 PM A&E 0293 Section 2: MW 6:00 – 7:50 PM Science S205 Instructor: Kim Shima, PhD, MAcc, CPA Office: VBT 352 Phone/Voice Mail: 885-7176 E-mail*: Office Hours: MW 2:00-3:30 PM or by appointment Prerequisites: Acct 3212 or its equivalent with C- or better. Course Materials: Intermediate Accounting, 7th ed., Spiceland, Sepa, and Nelson CONNECT program (available with book purchase) PPT slides available on Blackboard site Basic Four Function Calculator (cell phones, iPods, and graphing calculators may not be used as a calculator on exams) Course Description and Objectives: This is the last course in a three-course sequence on intermediate financial accounting. The objectives of this course are to reinforce the fundamental knowledge developed in ACCT 3211 and ACCT 3212 and to continue to build the understanding on the theory and practice of financial reporting. During this course, we will cover topics such as income taxes, pensions and other post-retirement benefits, shareholders equity, share-based compensation, earning per share, accounting changes and error corrections, and the statement of cash flows (revisited). Homework and three exams are used to evaluate students’ understanding of the material. Special note: although the emphasis of this course is US GAAP, we are...

Words: 2030 - Pages: 9

Premium Essay

Ifrs Paper

...have difficulty.) Prerequisites: BMGT 110 (or at least two years of business or management experience) and ACCT 221. A comprehensive analysis of financial accounting topics involved in preparing financial statements and in external reporting. Students may receive credit for only one of the following courses: ACCT 310 or BMGT 310. Course Goals/Objectives This course should help you develop the ability to apply GAAP to a variety of complex accounting and financial reporting situations. The specific goals of this course are to: • provide a more extensive understanding of financial accounting principles and procedures and their role in the managerial decision-making process, through (a) the textbook and other written materials, (b) discussion of accounting topics via Web conferencing and online case study assignments, (c) research on the World Wide Web, and (d) FARS / Financial Accounting Research System • present financial accounting processes, procedures, terminology, concepts, and case studies • provide a higher level of problem-analysis and problem-solving ability through the use of CPA-level professional accounting materials After completing this course, you should be able to: • solve problems by analyzing, calculating, and completing accounting exercises covering topics of financial reporting • apply accounting concepts, principles, and procedures to business, international, and ethical transactions and events, through real-world case studies and...

Words: 1838 - Pages: 8

Free Essay

Intermediate Accounting Chapter 1 Ppt

...INTERMEDIATE ACCOUNTING I (ACC 221) 21 Aug 2013 - 15 Oct 2013 TEACHER: Dr. Joseph L. Ilk, CPA, CMA, CVA, CPCM TELEPHONE: Office: (703) 805-4473 Home: (540) 582-6008 E-mail: If you e-mail me, please put “ACC 221" and either "E40W" or "E80W" ” in the subject line. If you do not I will not recognize the e-mail and will delete the file. The student needs to put their First and Last Name in the e-mail so I know who it came from. OFFICE HOURS: Mon-Fri 8:00 p.m. - 9:00 p.m.I check my e-mail ( every day. NOVA IT Helpdesk: (703) 426-4141 CONNECT HELPDESK: (800) 331-5094 PRE-REQUISITES: ACC 212 - Principles of Accounting II I. THE COURSE: ACC 221, intermediate accounting covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users II. SCOPE: The study will cover but not be limited to the following areas: Theoretical structure of financial accounting Time value of money Review of the accounting process Cash and receivables Balance sheet Inventories Income statement Plant, property, and equipment Cash flow statement Investments Income measurement and profitability analysis III. Course Learning Objectives: * Comprehend the environment and......

Words: 2091 - Pages: 9

Premium Essay


...University of Houston Department of Accountancy & Taxation ACCOUNTING 4330/5330/7330 ADVANCED ACCOUNTING Fall 2012 Instructor: Dr. George O. Gamble Office: 370 G Melcher Hall Office Hours: M 1:00-2:00; T&TH 4:30- 5:30 and by appointment COURSE PREREQUISITES You must have junior standing and have passed ACCT 3368 with a minimum grade of C to be enrolled in this class. In addition, you are expected to have a working knowledge of computer spreadsheets, such as Lotus or Excel, as taught in DISC 2373. REQUIRED TEXTS Advanced Accounting, 5th Edition, by Debra C. Jeter and Paul K. Chaney, John Wiley & Sons, Inc., 2012. Intermediate Accounting any current text. Green Scantrons to be used for taking examinations. OPTIONAL TEXTS Objective Questions and Explanations. Gleim and Collins, Gleim Publications, Inc., Most Recent Edition. (This text will also be beneficial for preparing for the CPA examination.) COURSE REQUIREMENTS: Exercises and problems assigned for each chapter are recommended for you to do on your own. Additional problems will be done in class to illustrate the concepts. The first two exams are cumulative due to the nature of the material covered and the content of the course and thus will count 50% of your grade, and a third (final comprehensive) exam will count 35%. Special assignments, including the FARS project, will count 15%. Exam coverage is as follows: Exam 1 Chapters 1-5 Exam 2 Chapters 6,7,8, 9...

Words: 1609 - Pages: 7

Free Essay


...The Pennsylvania State University at Harrisburg Middletown, PA 17057 School of Business Administration ACCT471: Intermediate Accounting I, Sect 001 Fall 2015: Three credit hours Classroom: Olmstead 211C Class Meeting Times: T 6:00 p.m. – 9:00 p.m. Instructor: Dr. Susan Havranek email: (best way to contact me) Office: E356 Olmstead Office Phone: 717-948-6483 Office Hours: M/T 4:30 p.m. to 5:45 p.m. Thursday 1:00 p.m. to 5:00 p.m. And by Appointment Course Catalog Description: Theory and practice issues in income concepts and value measurement; GAAP; revenues, costs, assets, liabilities, and equities. Prerequisites: ACCTG211 or ACCTG311 Course Objectives: 1. To apply the conceptual foundation of financial accounting; 2. To apply accounting standards; 3. To evaluate and select among alternative accounting treatments for economic events, and 4. To interpret the results and financial position of an entity. Learning Goals: * Collaborative skills: Students will develop collaborative skills by working together to solve exercises during class. * Communication skills: Students will submit written assignments and exams that should exhibit clear communication as......

Words: 2000 - Pages: 8