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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.
When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?
The following are selected transactions of Ricks Auto Part. Ricks prepares financial statements semi annually. Prepare journal entries for the above transactions and events.
Prepare a new segmented income statement for the company using the above format. Show both amounts and percentages.
What requirements must be met for property to qualify for like-kind exchange treatment? How are like-kind exchanges treated under the federal income tax laws?
After the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000. What amount, if any, should be reported as a liability for this contingency as of December 31, 2010?
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
Which of the following would be considered "constuctively received?"
When measuring the cost of capital, many companies measure the cost of the common stock in the company.
On Dec.1 declared a $0.50 Per share cash dividend to shockholders of record on Dec.14, payable January 10, 2010. Why is cash and Paid in capital from Treasury stock, both debit?
Explain what a Flat Income Tax System is and how it differs from progressive tax system?.What are advantages and disadvantages of a Flat Income Tax?
At the current product mix, how many bottles of Shiny Coat and Flea-B-Gone must the Doggy Palace sell in a year in order to earn a profit of $25,000? (number of each)
A state run monthly lottery can sell 13,111 tickets at $4 a piece. A ticket wins $100,000 with probability 0.00002, $100 with probability 0.006, and $10 with probability 0.08. On average, how much can the state expect to profit from the lottery pe..
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