The first accounting method for a firm is adopted by:
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Q: All the answers are wrong!
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A: Definition:Depreciation: Decreasing value of fixed asset during its useful life period.
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Q: Is this a Premium or Discount Bond?
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A8
![The first accounting method for a firm is adopted by:
a. filing Form 3115.
b. filing a tax return.
c. complying with Rev. Proc. 97-27.
d. Filing Form 872A.
e. None of the above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4aee4785-8a37-4a6f-9316-1b4d0ef14e8a%2Fbce8eca9-c39b-44fd-a90d-09aea5f97218%2Fcrp5h7h_processed.jpeg&w=3840&q=75)
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- Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.For a publicly owned company, indicate which of the fol-lowing accounting activities are likely to occur at or shortly after year-end. (More than one answer may be correct.)a. Preparation of income tax returns.b. Adjusting and closing of the accounts.c. Drafting of disclosures that accompany the fi nancialstatements.d. An audit of the fi nancial statements by an independentCPA fi rm.Generally accepted accounting principles (GA P) has been developed to: Select one: A. interprets and enforces the tax laws that specify the rules for determining taxable income B. issues accounting standards for state and local governments C. provide guidelines for financial accounting D. to set and enforce accounting practices for companies.
- Pick one company example in TABLE 1 and provide a conjecture about why the company recognizes revenue in that manner per ASC 606.?Discuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stan4. Management accounting is primarily concerned with?a) Providing statutory information for external useb) Providing internal information for use by managementc) Providing tax advice for internal used) Providing financial information only for use by management
- When do accountants consider revenue to be realized?What basic question about recording revenue in accountingrecords is answered by the realization principle?Accounting Tax Principle: Understanding the Basics In the realm of accounting, the Accounting Tax Principle serves as a fundamental guideline for recognizing and accounting for taxes in a manner that aligns with the accrual basis of accounting. This principle is rooted in the idea that taxes should be recognized and recorded in the financial statements in the period in which they are incurred, regardless of when the actual payment occurs. This approach ensures a more accurate representation of an entity's financial performance by matching expenses, in this case, taxes, with the revenue they help generate. Application of the Accounting Tax Principle: When applying the Accounting Tax Principle, businesses consider various types of taxes, including income taxes, sales taxes, and other levies imposed by governmental authorities. The principle guides organizations to reflect the tax liability on their financial statements during the period in which the taxable event occurs or when the…This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. True
- What is the purpose of Regulation S–K? Choose the correct.a. Defines generally accepted accounting principles in the United States.b. Establishes required disclosure of nonfinancial information with the SEC.c. Establishes required financial disclosures with the SEC.d. Indicates which companies must file with the SEC on an annual basis.Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleThe purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.