Accounting Standards : For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business. To Explain : The accounting information and the generally accepted accounting principles (GAAP).

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Answer 1

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Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

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Answer 2

Question

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

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Answer 3

Question

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

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Answer 4

Question

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

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Answer 5

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

Answer 6

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

Answer 7

Chapter 2, Problem 2.8AP

(a)

To determine

Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.

To Explain: The accounting information and the generally accepted accounting principles (GAAP).

Answer 8

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

Answer 9

(b)

To determine

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 2 - What is meant by the term operating cycle?Ch. 2 - Define current assets. What basis is used for...Ch. 2 - Prob. 3Q Ch. 2 - Prob. 4Q Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - What do these classes of ratios measure? (a)...Ch. 2 - Prob. 10Q

Solution Summary: The author explains accounting information and the generally accepted accounting principles (GAAP) for uniformity and transparency. Person S's suggestion of reporting the scientific findings related to the trials for the new product is a good suggestion.

To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.

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Chapter 2 Solutions