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

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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Financial Accounting

subject: general accounting question

Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Date Amount Attorney fees for articles of incorporation February 10 $ 40,500 March 1-March 30 wages March 30 6,550 March 1-March 30 rent Stock issuance costs March 30 2,850 April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. April 1 May 30 24,000 16,375 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expenditures

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