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ACC 100 Midterm: Chapters 4, 5, 6; The 2nd Midterm

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School
Ryerson University
Department
Accounting
Course
ACC 100
Professor
Walter Krystia

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Document Summary

Chapter 4 accrual accounting, adjusting entries, and accounting cycle. Recognition the process of including an item in the financial statements of an entity. Recognition consists of the addition of the amount involved into statements totals together with a narrative description of the item in a statement. Donations) shareholders, bankers, and other creditors have limited access to relevant information about a company. They depend on the periodic financial statements issued by management to provide necessary information to make their decisions. The process by which the accountant depicts, or describes, the effects of economic events on the entity is called recognition. Measurement measurement of an item in financial statements requires that two choices be made. First the accountant must decide on the attribute to be measured. Second, a scale of measurement, or unit of measure, must be chosen. The attribute to be measured the cost of the asset at the time it is acquired is the most logical choice.

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Related Questions

Complete the following as per the FASB’s Conceptual Frameworkfor Financial Reporting.

I. a) Write out the objective of financial reporting.

b) List the fundamental qualities. (Note: 2 with 3 within eachof those 2)

c) List the enhancing qualities.

d) List the elements of the financial statements.

e) List the recognition, measurement, and disclosureconcepts.

II. Write out the description of each of the fundamentalqualities. (1 – 3 sentences for each)

III. Write out the description of each of the enhancingqualities. (1 – 3 sentences for each)

IV. Write out the definition of each of the elements of thefinancial statements.

V. Write out the description of each of the recognition,measurement, and disclosure concepts. (1 – 3 sentences foreach)

Answer the following questions:

1. Describe the five types of government entities.

2. Describe the attributes of government entities.

3. Describe fund accounting

4. Describe modified accrual accounting.

5. Describe full accrual accounting

6. Describe the financial resources measurement focus.

7. Describe the economic resources measurement focus.

22 Which of the following is not used to describe the types notes to the financial statements a. To provide descriptions of the accounting rules that applied in the companys financial statements b. To provide information on managements responsibility for financial statement information. C. To provide additonal detail about a line on the financial statements d. To provide additional financial statement disclosures about items not listed on the statement themselves. e. None of the above. The correct answer is 'b'.