Intermediate Accounting教科书上习题答案7by J David Spiceland.docx
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IntermediateAccounting教科书上习题答案7byJDavidSpiceland
Chapter7CashandReceivables
QuestionsforReviewofKeyTopics
AACSBassuranceoflearningstandardsinaccountingandbusinesseducationrequiredocumentationofoutcomesassessment.Althoughschools,departments,andfacultymayapproachassessmentanditsdocumentationdifferently,oneapproachistoprovidespecificquestionsonexamsthatbecomethebasisforassessment.Toaidfacultyinthisendeavor,wehavelabeledeachquestion,exerciseandprobleminIntermediateAccounting,6ewiththefollowingAACSBlearningskills:
Questions
AACSBTags
Exercises(cont.)
AACSBTags
7-1
Reflectivethinking
7-11
Analytic
7-2
Reflectivethinking
7-12
Analytic
7-3
Reflectivethinking
7-13
Analytic
7-4
Reflectivethinking,Communications
7-14
Analytic
7-5
Diversity,Reflectivethinking
7-15
Analytic
7-6
Reflectivethinking
7-16
Analytic
7-7
Reflectivethinking
7-17
Analytic
7-8
Reflectivethinking
7-18
Diversity,Analytic
7-9
Reflectivethinking,Communications
7-19
Analytic
7-10
Reflectivethinking
7-20
Reflectivethinking
7-11
Diversity,Reflectivethinking
7-21
Analytic
7-12
Reflectivethinking
7-22
Analytic
7-13
Reflectivethinking
7-23
Analytic
7-14
Diversity,Reflectivethinking
7-24
Analytic
7-15
Reflectivethinking,Communications
7-25
Analytic
7-16
Reflectivethinking
7-26
Analytic
7-17
Reflectivethinking
7-27
Analytic
7-18
Reflectivethinking
7-28
Analytic
7-19
Reflectivethinking,Communications
7-29
Analytic
7-20
Diversity,Reflectivethinking
7-30
Reflectivethinking,Communications
BriefExercises
7-31
Reflectivethinking,Communications
7-1
Reflectivethinking
CPA/CMA
7-2
Diversity,Reflectivethinking
7-1
Analytic
7-3
Reflectivethinking
7-2
Analytic
7-4
Analytic
7-3
Reflectivethinking
7-5
Analytic
7-4
Analytic
7-6
Analytic
7-5
Analytic
7-7
Diversity,Reflectivethinking
7-6
Analytic
7-8
Analytic
7-7
Analytic
7-9
Analytic
7-1
Reflectivethinking
7-10
Analytic
7-2
Analytic
7-11
Analytic
7-3
Analytic
7-12
Analytic
Problems
7-13
Analytic
7-1
Analytic
7-14
Reflectivethinking
7-2
Analytic
7-15
Diversity,Reflectivethinking
7-3
Analytic
7-16
Analytic
7-4
Analytic
7-17
Analytic
7-5
Analytic
Exercises
7-6
Analytic
7-1
Analytic
7-7
Analytic
7-2
Analytic
7-8
Analytic
7-3
Diversity,Analytic
7-9
Diversity,Analytic
7-4
Analytic
7-10
Analytic
7-5
Analytic
7-11
Analytic
7-6
Analytic
7-12
Analytic
7-7
Analytic
7-13
Analytic
7-8
Analytic
7-14
Analytic
7-9
Analytic
7-15
Analytic
7-10
Analytic
QuestionsforReviewofKeyTopics
Question7-1
Cashequivalentsusuallyincludenegotiableinstrumentsaswellashighlyliquidinvestmentsthathaveamaturitydatenolongerthanthreemonthsfromdateofpurchase.
Question7-2
Internalcontrolproceduresinvolvingaccountingfunctionsareintendedtoimprovetheaccuracyandreliabilityofaccountinginformationandtosafeguardthecompany’sassets.Theseparationofdutiesmeansthatemployeesinvolvedinrecordkeepingshouldnotalsohavephysicalresponsibilityforassets.
Question7-3
Managementmustdocumentthecompany’sinternalcontrolsandassesstheiradequacy.Theauditorsmustprovideanopiniononmanagement’sassessment.ThePublicCompanyAccountingOversightBoard’sAuditingStandardNo.5,whichsupersedesAuditingStandardNo.2,furtherrequirestheauditortoexpressitsownopiniononwhetherthecompanyhasmaintainedeffectiveinternalcontroloverfinancialreporting.
Question7-4
Acompensatingbalanceisanamountofcashadepositor(debtor)mustleaveondepositinanaccountatabank(creditor)assecurityforaloanoracommitmenttolend.Theclassificationanddisclosureofacompensatingbalancedependsonthenatureoftherestrictionandtheclassificationoftherelateddebt.Iftherestrictionislegallybinding,thenthecashwillbeclassifiedaseithercurrentornoncurrent(investmentsandfundsorotherassets)dependingontheclassificationoftherelateddebt.Ineithercase,notedisclosureisappropriate.Ifthecompensatingbalancearrangementisinformalandnocontractualagreementrestrictstheuseofcash,notedisclosureofthearrangementincludingamountsinvolvedisappropriate.Thecompensatingbalancecanbeincludedinthecashandcashequivalentscategoryofcurrentassets.
Question7-5
Yes,IFRSandU.S.GAAPdifferinhowbankoverdraftsaretreated.UnderIFRS,overdraftscanbeoffsetagainstothercashaccounts.UnderU.S.GAAPoverdraftsmustbetreatedasliabilities.
AnswerstoQuestions(continued)
Question7-6
Tradediscountsarereductionsbelowalistpriceandareusedtoestablishafinalpriceforatransaction.Thereducedpriceisthestartingpointforinitialvaluationofthetransaction.Acashdiscountisareduction,notinthesellingpriceofagoodorservice,butintheamounttobepaidbyacreditcustomerifthereceivableispaidwithinaspecifiedperiodoftime.
Question7-7
Thegrossmethodofaccountingforcashdiscountsconsidersdiscountsnottakenaspartofsalesrevenue.Thenetmethodconsidersdiscountsnottakenasinterestrevenue,becausetheyareviewedascompensationtothesellerforallowingthebuyertodeferpayment.
Question7-8
Whenreturnsarematerialandacompanycanmakereasonableestimatesoffuturereturns,anallowanceforsalesreturnsisestablished.Atafinancialreportingdate,thisprovidesanestimateoftheamountoffuturereturnsforpriorsales,andinvolvesadebittosalesreturnsandacredittoallowanceforsalesreturnsfortheestimatedamount.Allowanceforsalesreturnsisacontraaccounttoaccountsreceivable.Whenreturnsactuallyoccurinthefuturereportingperiod,theallowanceforsalesreturnsisdebited.
Question7-9
Evenwhenspecificcustomeraccountshaven’tbeenprovenuncollectiblebytheendofthereportingperiod,baddebtexpenseproperlyshouldbematchedwithsalesrevenueontheincomestatementforthatperiod.Likewise,sinceit’snotexpectedthatallaccountsreceivablewillbecollected,thebalancesheetshouldreportonlytheexpectednetrealizablevalueofthatasset.So,torecordthebaddebtexpenseandtherelatedreductionofaccountsreceivablewhentheamounthasn’tbeendetermined,anestimateisneeded.Inanadjustingentry,werecordbaddebtexpenseandreduceaccountsreceivableforanestimateoftheamountthateventuallywillproveuncollectible.
Ifuncollectibleaccountsareimmaterialornotanticipated,orit’snotpossibletoreliablyestimateuncollectibleaccounts,anallowanceforuncollectibleaccountsisnotappropriate.Inthesefewcases,anybaddebtsthatdoarisesimplyarewrittenoffasbaddebtexpenseatthetimetheyproveuncollectible.
AnswerstoQuestions(continued)
Question7-10
Theincomestatementapproachtoestimatingbaddebtsdeterminesbaddebtexpensedirectlybyrelatinguncollectibleamountstocreditsales.Thebalancesheetapproachtoestimatingfuturebaddebtsindirectlydeterminesbaddebtexpensebyestimatingthenetrealizablevalueforaccountsreceivablethatexistattheendoftheperiod.Inotherwords,theallowanceforuncollectibleaccountsattheendoftheperiodisestimatedandthenbaddebtexpenseisdeterminedbyadjustingtheallowanceaccounttoreflectnetrealizablevalue.
Question7-11
AcompanyhastoseparatelydisclosetradereceivablesandreceivablesfromrelatedpartiesunderU.S.GAAP,butnotunderIFRS.
Question7-12
Theassignmentofallaccountsreceivableingeneralascollateralfordebtrequiresnospecialaccountingtreatmentotherthannotedisclosureoftheagreement.
Question7-13
Theaccountingtreatmentofreceivablesfactoredwithrecoursedependsonwhethercertaincriteriaaremet.Ifthecriteriaaremet,thefactoringisaccountedforasasale.Iftheyarenotmet,thefactoringisaccountedforasaloan.Inaddition,notedisclosuremayberequired.Accountsreceivablefactoredwithoutrecourseareaccountedforasthesaleofanasset.Thedifferencebetweenthebookvalueandthefairvalueofproceedsreceivedisrecognizedasagainoraloss.
Question7-14
U.S.GAAPfocusesonwhethercontrolofassetshasshiftedfromthetransferortothetransferee.Incontrast,IFRSfocusesonwhetherthecompanyhastransferred“substantiallyalloftherisksandrewardsofownership,”aswellaswhetherthecompanyhastransferredcontrol.UnderIFRS:
Ifthecompanytransferssubstantiallyalloftherisksandrewardsofownership,thetransferistreatedasasale.
Ifthecompanyretainssubstantiallyalloftherisksandrewardsofownership,thetransferistreatedasasecuredborrowing.
Ifneitherconditions1or2hold,thecompanyaccountsforthetransactionasasaleifithastransferredcontrol,andasasecuredborrowingifithasretainedcontrol.
AnswerstoQuestions(continued)
Question7-15
Whenanoteisdiscounted,afinancialinstitution,usuallyabank,acceptsthenoteandgivesthesellercashequaltothematurityvalueofthenotereducedbyadiscount.Thediscountiscomputedbyapplyingadiscountratetothematurityvalueandrepresentsthefinancingfeethebankchargesforthetransaction.
Thefour-stepprocessusedtoaccountforadiscountednotereceivableisasfollows:
1.Accrueanyinterestrevenueearnedsincethelastpaymentdate(ordateofthenote).
2.Computethematurityvalue.
3.Subtractthediscountthebankrequires(discountratetimesmaturityvaluetimestheremaininglengthoftimefromdateofdiscountingtomaturitydate)fromthematurityvaluetocomputetheproceedstobereceivedfrom
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