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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Question: A company's cash account has a balance of $851 as of July 31. The bank statement for this account reports a balance of $1,430 as of July 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. What is the reconciled cash balance that should be reported on the company's balance sheet as of July 31? I need answer in Table format.

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

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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