FinancialReportingandAnalysis财务报告与分析smch02.docx
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FinancialReportingandAnalysis财务报告与分析smch02.docx
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FinancialReportingandAnalysis财务报告与分析smch02
FinancialReportingandAnalysis财务报告与分析-sm_ch02
Chapter2
IntroductiontoFinancialStatementsandOther
FinancialReportingTopics
TOTHENET
1.CarolandLawrenceZicklinCenterforBusinessEthicsResearch.
MissionStatement
Ourmissionistosponsoranddisseminateladingedgeresearch
oncriticaltopicsofbusinessethics.
Eachstudentwillselectanacademicjournalandanarticle
fromthatjournal.
2.FromFinancialAccountingStandardsBoardSite
TheInternationalAccountingStandardsBoard(InPart)
TheInternationalAccountingStandardsBoard(IASB)was
establishedinJanuary2001toreplaceitspredecessor
internationalstandardsetter,theInternationalAccounting
StandardsCommittee(IASC).CreationoftheIASBarosefromthe
recommendationsoftheIASC’sStrategyWorkingParty,whichwas
createdin1997andchargedwithreviewingtheAISC’sstructure
andprocessandproposingchangestobetterpreparethat
organizationforthefutureofinternationalaccountingstandard
setting.
MoreinformationontheIASC.
Thenewstructurehascharacteristicssimilartothatofthe
FASB’sstructure.ThereisanIASCBoardofTrustees,an
independentmostlyfull-timestandardsettingBoardcalledthe
IASB,andanAdvisoryCouncil.TheIASBhelditsfirstmeeting
todiscusstechnicalissuesinApril2001.LiketheFASB,IASB
meetingstodiscusstechnicalissuesareopentothepublic.
21
QUESTIONS
2-1.a.Unqualifiedopinionwithexplanatoryparagraph
b.Unqualifiedopinionwithexplanatoryparagraph
c.Unqualifiedopinion
d.Adverseopinion
e.Qualifiedopinion
2-2.Theresponsibilityforthepreparationandintegrityof
financialstatementsrestswithmanagement.Theauditor
simplyexaminesthemforfairness,conformitywithGAAP,and
consistency.
2-3.Thebasicpurposeoftheintegrateddisclosuresystemisto
achieveuniformitybetweenannualreportsandSECfilings.
Itishopedthatthiswillimprovethequalityofdisclosure
andlightenthedisclosureloadforthecompaniesreporting.
2-4.Theexplanatoryparagraphsexplainimportantconsidera-
tionsthatthereviewerofthefinancialstatementsshould
beawareof.Anexamplewouldbeadoubtastogoingconcern
ability.
2-5.Areviewconsistsprincipallyofinquiriesofcompany
personnelandanalyticalproceduresappliedtofinancial
data.Itissubstantiallylessinscopethananexamination
inaccordancewithgenerallyacceptedauditingstandards.
2-6.No.Theaccountant'sreportwillindicatethattheyarenot
awareofanymaterialmodificationsthatshouldbemadeto
thefinancialstatementsinorderforthemtobein
conformitywithgenerallyacceptedaccountingprinciples,
andthereportwillindicatedeparturesfromgenerally
acceptedaccountingprinciples.
2-7.Theaccountantdoesnotexpressanopinionoranyotherform
ofassurance.
2-8.No.Somestatementshavenotbeenaudited,reviewed,or
compiled.Thesestatementsarepresentedwithoutbeing
accompaniedbyanaccountant'sreport.
22
2-9.BalanceSheet
Thepurposeofabalancesheetistoshowthefinancial
positionofanaccountingentityasofaparticulardate.
IncomeStatement
Theincomestatementsummarizestheresultsof
operationsforanaccountingperiod.
StatementofCashFlows
Thestatementofcashflowsdetailstheinflowsand
outflowsofcashduringaspecifiedperiodoftime.
2-10.Footnotesincreasethefulldisclosureofthestatementsby
providinginformationoninventoryanddepreciationmethods,
subsequentevents,contingentliabilities,etc.
2-11.Contingentliabilitiesaredependentonanoccurrenceto
determineifpaymentwillbenecessary.Liabilitiesfrom
lawsuitsaredependentontheoutcomeofthecases;they
thereforerepresentcontingentliabilities.
2-12.a,c.
2-13.Aproxyisthesolicitationsenttostockholdersforthe
electionofdirectorsandfortheapprovalofother
corporationactions.Theproxyrepresentstheshareholder
authorizationregardingthecastingofthatshareholder’s
vote.
2-14.Asummaryannualreportisacondensedannualreportthat
omitsmuchofthefinancialinformationincludedina
typicalannualreport.
2-15.Thefirmmustincludeasetoffullyauditedstatementsand
otherrequiredfinancialdisclosuresintheproxymaterials
senttoshareholders.The10-Kisalsoavailabletothe
public.
2-16.Thereistypicallyasubstantialreductioninnon-financial
pagesandfinancialpages.Thegreatestreductioninpages
isusuallyinthefinancialpages.
23
2-17.Cashflowsfromoperatingactivities,cashflowsfrom
investingactivities,andcashflowsfromfinancing
activities.
2-18.Theincomestatementandthestatementofcashflows.
2-19.Assets,liabilities,andowners’equity.
2-20.No.Cashdividendsarepaidwithcash.
2-21.Footnotesareanintegralpartoffinancialstatements.A
detailedreviewoffootnotesisabsolutelyessentialin
ordertounderstandthefinancialstatements.
2-22.APBOpinionNo.22requiresdisclosureofaccounting
policiesasthefirstfootnotetofinancialstatementsor
justpriortothefootnotes.
2-23.Theyareinterchangeabletermsreferringtoidealsof
characterandconduct.Theseideals,intheformofcodes
ofconduct,furnishcriteriafordistinguishingbetween
rightandwrong.
2-24.Lawcanbeviewedastheminimumstandardofethics.
2-25.Assets=Liabilities+Stockholders'equity(capital).
2-26.Theschemeofthedouble-entrysystemrevolvesaroundthe
accountingequation:
Assets=Liabilities+Stockholders'Equity
Withdouble-entry,eachtransactionisrecordedwiththe
totaldollaramountofthedebitsequaltothetotaldollar
amountofthecredits.Eachtransactionaffectstwoormore
asset,liability,orowners'equityaccounts(includingthe
temporaryaccounts).
2-27.a.Assets,liabilities,andstockholders'equityaccounts
arereferredtoaspermanentaccountsbecausethe
balancesintheseaccountscarryforwardtothenext
accountingperiod.
b.Revenue,expense,gain,loss,anddividendaccountsare
notcarriedintothenextperiod.Theseaccountsare
closedtoRetainedEarnings.
24
2-28.Becausetheemployeeworkedintheperiodjustended,the
salarymustbematchedtothatperiod'srevenue.
2-29.Mostoftheaccountsarenotuptodateattheendofthe
accountingperiod.Theseaccountsneedtobeadjustedso
thatallrevenuesandexpensesarerecognizedandthe
balancesheetaccountshaveacorrectendingbalance.
2-30.Companiesuseanumberofspecialjournalstoimproverecord
keepingefficiencythatcouldnotbeobtainedbyusingonly
thegeneraljournal.
2-31.TheSECrequiresforeignregistrantstoconformtoU.S.GAAP,
eitherdirectlyorbyreconciliation.Thisapproach
presentsaproblemtotheU.S.Securitiesexchanges,such
astheNYSE.ThisisbecausetheU.S.standardsare
perceivedtobethemoststringent.Thisputsexchangeslike
theNYSEatacompetitivedisadvantagewithforeign
exchangesthathavelowerstandards.
2-32.SoleProprietorship
Asoleproprietorshipisabusinessentityownedbyone
person.
Partnership
Apartnershipisabusinessownedbytwoormore
individuals.
Corporation
Acorporationisalegalentityincorporatedina
particularstate.Ownershipisevidencedbysharesof
stock.
2-33.Theuseofinsiderinformationcouldresultinabnormal
returns.
2-34.Inanefficientmarketthemethodofdisclosureisnotas
importantaswhetherornottheitemisdisclosed.
2-35.Abnormalreturnscouldbeachievedifthemarketdoesnot
haveaccesstorelevantinformationoriffraudulent
informationisprovided.
Purchase—Withthepurchasemethodthefirmdoingthe
acquiringrecordstheidentifiableassetsandliabilities
atfairvalueatthedateofacquisition.Thedifference
betweenthefairvalueoftheidentifiableassetsand
liabilitiesandtheamountpaidisrecordedasgoodwill(an
asset).
25
2-36.Consolidatedstatementsreflectaneconomic,ratherthana
legal,conceptoftheentity.
2-37.Thefinancialstatementsoftheparentandthesubsidiary
areconsolidatedforallmajority-ownedsubsidiariesunless
controlistemporaryordoesnotrestwiththemajority
owner.
2-38.TheSECrequiresthatacopyofthecompaniescodeofethics
bemadeavailablebyfilingandexhibitwithitsannual
report,orbyprovidingitonthecompany’sInternetWeb
Site.
26
PROBLEMS
PROBLEM2-1
CashSales
Dec62,500Dec10500Dec24,000
Dec143,000Dec176,000Dec62,500
Dec241,200Dec28700
AccountsReceivableOfficeSalaries
Dec24,000Dec241,200Dec10500Dec21900
LandGainonSaleofLand
Dec142,200Dec14800
EquipmentServices
Dec176,000Dec21900
PROBLEM2-2
CashRevenue
July15500July110,000July83,000
July20300
July24400
AccountsReceivable
July83,000July15500
LandRepairExpense
July110,000July12600
AccountsPayableWagesExpense
July20300July12600July24400
27
PROBLEM2-3
InsuranceExpensePrepaidInsurance
(1)600
(1)600
SuppliesExpenseSupplies
(2)300
(2)300
RevenueUnearnedRevenue(3)1,000(3)1,000
InterestExpenseInterestPayable(4)200(4)200
SalariesExpenseSalariesPayable(5)500(5)500
RevenueAccountsReceivable
(6)400(6)400
28
PROBLEM2-4
PrepaidInsuranceInsuranceExpense
(1)640
(1)320
SuppliesExpenseSuppliesExpense
(2)100
(2)100
InterestReceivableInterestIncome
(3)100(3)100
SalariesExpenseSalariesPayable
(4)800(4)800
UnearnedRevenueRevenue
(5)600(5)600
AccountsPay
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