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Why are disclosures to financial statements so important?

Assignment Help Accounting Basics
Reference no: EM13865403

PART 1

1) FIFO, weighted-average, and LIFO methods are often used instead of specific identification for inventory valuation purposes. Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation. Provide reference for in APA Format and maximum of 300 words.

2) What are the major factors considered in determining what depreciation method to use? How often should you review these factors, and is it acceptable to change depreciation methods periodically? Provide 250 words and provide reference in APA Format ‘

3) How does unearned revenue arise? Why can it be classified properly as a current liability? Give several examples of business activities that result in unearned revenues. Provide reference in APA-Format and maximum of 250 words.

4) When is revenue normally recognized? What condition should exist for revenue recognition to be on the date of sale as opposed to some other time in the future? Provide reference in APA-Format and maximum of 250 words.

PART 2
1) Discuss the advantages of leasing and if you would rather lease or buy. Provide reference in APA-Format and maximum of 250 words.

2) As an investor, would you be worried if the company you invested in continually restates its financial statements to correct errors? Provivde reference in APA-Format and maximum of 250 words.

3) Discuss the various activities included in the Statement of Cash Flows. Which would you consider to be the most important? Provide your reference in APA-Format and maximum of 250 words.

4) Why are disclosures to financial statements so important? Provide references in APA-Format and make it about maximum of 300 words

 

Reference no: EM13865403

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