ACCT310 Homework 1 Solution

ACCT 310 ACCT310 Homework 1 Solution / Intermediate Accounting I

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ACCT 310 Intermediate Accounting I Homework 1 Answers
1. What is GAAP in Canada based on
2. What are the four sections of the codification?
3. What is the difference between managerial and financial accounting?
4. What is the step 1 and 4 in the accounting cycle?
5. What is the codification number that addresses “earnings per share?”
6. What are the Statements of Financial Accounting Concepts intended to establish?
7. Name two of the four special purpose frameworks other than GAAP or IFRS.
8. What are the 10 key elements that make up all the financial statements?
9. A business purchased a piece of land for $70,000 ten years ago. Even though the land can be now sold for more than this, it is not revalued in the financial statements. It remains recorded at $70,000. Which accounting principle is being applied in this case?
10. What organization develops the International Financial Reporting Standards (IFRS)?
II. Exercises

1. Calculate the missing amounts for companies A to E
2. Calculate the net income earned during the year. Assume that the change to shareholders’ equity results only from net income earned during the year.