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Question: Domestic accounting standards developed to meet the needs of domestic environments. Which of these factors did not influence accounting standards locally? 1. A litigious environment in the United States that led to a demand for more detailed standards in many cases. 2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures. 3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting. 4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States. 5. The need to have standards different from the U.S. standards. The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold. e. Amounts due from customers. f. Land held as an investment. g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers. i. Amounts paid to a mall for rent. The four key behavioral considerations in management accounting and control system design include all of the following except: a. integrating the organization's pay scale b. using a mix of short-term and long-term qualitative and quantitative performance measures c. empowering employees to be involved in decision making and MACS design d. developing an appropriate incentive system to reward performance

Question: Domestic accounting standards developed to meet the needs of domestic environments. Which of these factors did not influence accounting standards locally? 1. A litigious environment in the United States that led to a demand for more detailed standards in many cases. 2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures. 3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting. 4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States. 5. The need to have standards different from the U.S. standards. The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold. e. Amounts due from customers. f. Land held as an investment. g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers. i. Amounts paid to a mall for rent. The four key behavioral considerations in management accounting and control system design include all of the following except: a. integrating the organization's pay scale b. using a mix of short-term and long-term qualitative and quantitative performance measures c. empowering employees to be involved in decision making and MACS design d. developing an appropriate incentive system to reward performance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question: Domestic accounting standards developed to meet the needs of domestic environments. Which of these factors did not influence accounting standards locally? 1. A litigious environment in the United States that led to a demand for more detailed standards in many cases. 2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures. 3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting. 4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States. 5. The need to have standards different from the U.S. standards. The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold. e. Amounts due from customers. f. Land held as an investment. g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers. i. Amounts paid to a mall for rent. The four key behavioral considerations in management accounting and control system design include all of the following except: a. integrating the organization's pay scale b. using a mix of short-term and long-term qualitative and quantitative performance measures c. empowering employees to be involved in decision making and MACS design d. developing an appropriate incentive system to reward performance
Transcribed Image Text:Question: Domestic accounting standards developed to meet the needs of domestic environments. Which of these factors did not influence accounting standards locally? 1. A litigious environment in the United States that led to a demand for more detailed standards in many cases. 2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures. 3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting. 4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States. 5. The need to have standards different from the U.S. standards. The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold. e. Amounts due from customers. f. Land held as an investment. g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers. i. Amounts paid to a mall for rent. The four key behavioral considerations in management accounting and control system design include all of the following except: a. integrating the organization's pay scale b. using a mix of short-term and long-term qualitative and quantitative performance measures c. empowering employees to be involved in decision making and MACS design d. developing an appropriate incentive system to reward performance
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