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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

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Answer 1

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Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

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Answer 2

Question

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

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Answer 3

Question

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

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Answer 4

Question

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

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Answer 5

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

Answer 6

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

Answer 7

Chapter 2, Problem 2.8BP

(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 describe: The objective of financial reporting, and explain how this objective meet or not meet the needs of Incorporation Y’s investors.

Answer 8

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

Answer 9

(b)

To determine

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

Answer 10

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

Answer 11

(c)

To determine

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

To explain: The reason behind the interest of the investor in buying the shares of Incorporation Y, even its financial report shows loss continuously for last few years.

To comment: On the change in reporting information from Country C dollars to Country U dollars likely affected the readers of Incorporation Y’s financial statement.

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Chapter 2 Solutions