jcc1544.3. 125KB Jun 05 2011 09:30:49 PM
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information.Only quantifiable information included.Quality of earnings must be assessed.Manipulation of income is possible (GAAP, intentions).Use of liberal (aggressive)
If usual overhead assignment not done, assign overhead to asset that would ve been assigned to foregone
Identify reasons why depreciation methods are selected.Explain the accounting issues related to asset impairment.Explain the accounting procedures for the depletion of
Stated amount (principle or par).Maturity date.Periodic interest (stated rate determines cash interest).Types of Bonds Payable:Secured--backed by some form of
The additive (cumulative) effect on earnings of a change in principle up to the current period is presented (net of tax effect) as a separate line item on the income statement
Two formats were permissible:Cash was increasingly important.Working capital defined as current assets less current liabilities.. This format was the most popular one although
Little GAAPThe FASB takes the current position that one set of GAAP by all firms, except in
