Generally accepted accounting principles, Accounting Basics

Assignment Help:

Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.

 Required:

1. What do you mean by the term pro forma earnings in this context? How do they relate to the concept of earnings quality?

2. Go to EDGAR and download the most recent 10-Q (quarterly report) to see if your company has a pro forma earnings announcement. If so, reconcile it to GAAP earnings.

3. Using 2009 data, what is the company's approximate income tax rate? What is the percentage of net income relative to revenue dollars?

Some company have haves unrealized gains and losses on certain investments in securities, foreign currency items, and certain pension liability adjustments, producing what is known as comprehensive income.

Required:

4. What is comprehensive income? How does it vary from net income? Where is it reported?

5. Access the FASB website. Justify the specific citation from the authoritative literature that explains the 3 alternative formats for reporting comprehensive income.

 


Related Discussions:- Generally accepted accounting principles

Describe about accounting, Q. Describe about accounting. Why is it called ...

Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si

What is marginal cost and marginal revenue, Q. What is Marginal cost and ma...

Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic

Balance Sheet, can you show me a sample balance sheet with retained earning...

can you show me a sample balance sheet with retained earnings included?

Journal Entries, For my accounting class, how would I journalize the adjust...

For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo

Explain the economic logic, Suppose a firm owns oil well assets. It is deci...

Suppose a firm owns oil well assets. It is deciding how much oil to extract from its oil wells this year and next year. Production of oil costs $10 per barrel this year; next year,

What are accounting software packages, Q. What are Accounting software pack...

Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re

Equity segment of a corporate balance sheet, Q. Equity segment of a corpora...

Q. Equity segment of a corporate balance sheet? The stockholders' equity segment of a corporate balance sheet can become more complex as you will see later in the text. But the

Excess payment to supplier, What process for excess payment to supplier I w...

What process for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back surplus amount how do in oracle apps?          Ans

Adjustments for financial reporting, Adjustments for financial reporting ...

Adjustments for financial reporting - Explain the basic characteristics of the cash basis and the accrual basis of accounting. - Recognize the reasons why adjusting entries

Balance sheet, where dose inventory changes aper on the balance sheet

where dose inventory changes aper on the balance sheet

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd