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The Financial Accounting Standards Board (FASB) indicated that the traditional accounting information system design actually constrained standard setting in FASB Statement 95, "A Statement of Cash Flows." The Board received 450 comment letters, most from bank lending officers-accounting information users-who favored requiring the direct method for the cash flow statement. Corporation accountants, on the other hand, favored the indirect method due to excessive implementation costs. They appealed to the Board because they could not currently obtain gross operating cash receipts and payments directly from their accounting systems. The FASB decided to allow both the direct and indirect methods, largely due to design limitations of traditional accounting systems.
a. Explain the limitations of the traditional accounting architecture that make it difficult to directly trace the cash flows of an organization.
b. Did FASB respond properly to accounting's information customers? Justify your response.
Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.
What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund? How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements?
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
What effect do subsidiary treasury stock holdings have at the time the subsidiary is acquired? How should the treasury stock be treated on consolidated work papers?
Write a report in which you present the main idea(s) you think the company should present to shareholders in the annual report. Also, include an explanation of how you would present these ideas to the stakeholders.
If Primrose could lower its inventories and receivables by 10 percent each and increase its payables by 10 percent, all without affecting either sales or cost of goods sold, what would the new CCC be, how much cash would be freed up, and how would..
What is the total revenue variance?
Warbler had purchased the land three years ago for $105,000. Kena has a $22,000 basis in her Warbler stock that she purchased 10 years ago. What is Kena's gain or loss on the liquidation of Warbler?
Bonner Collision has shareholders' equity of $141,800. The firm owes a total of $126,000 of which 60 percent is payable within the next year. The firm net fixed assets of $161,900. What is the amount of the net working capital?
Which of the following statements is true when referring to fixed costs?
Banerjee Company expect to receive $200 at the end of each of next 5 years and an additional $1,000 at the end of the fifth year. Therefore, the total payment will be $2,000.
Prepare journal entries associated with changes due to errors. How do they relate to the practice of accounting and its uses in business?
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