Accounting 402
Contemporary Accounting Issues
  Review Question for Examinations


Instructor: Dr. Hall Fall, 2014


Accounting 402 Questions
INSTRUCTIONS FOR ANSWERS TO REVIEW QUESTIONS
 Answers to review questions should be complete and comprehensive. Use complete sentences in formulating your answer. Answers to questions may involve a more extensive investigation beyond  the class web pages and from notes taken in class. Other sources might include other web pages external to the course, the actual pronouncements found on-line, or from books and journal articles.

Review Study Questions 


Orientation; Rule-making process


 Rule-making process,
 Codification
  Historical Development of Accounting


 Accting Theory vs. Accting Practice

Conceptual Foundations


Governmental influences on financial reporting 
Meaning of GAAP


International Financial  Reporting Standards
Income determination--general concepts


Extraordinary items


Prior period adjustments


Disposal of business segments


Accounting changes in Principle


Accounting changes in Estimate
Accounting changes in Reporting Entity
Reporting Error Corrections


Earnings per share





First Examination


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Price level adjustments


Balance sheet-- a statement of financial position
Assets-general nature


Current vs. non-current items, net working capital concept
Short term Obligations expected to be Refinanced


Trade Receivables 
Interest on Receivables and Payables


inventories-general principles


Investments--APB No. 18


Investments--FAS No. 115


Plant assets, Depreciation
Accounting for Non-Monetary Transactions
Capitalization of Interest Cost
Impairment of Assets


--


Intangibles
Research and Development Costs


Accounting for leases


Second Examination


Income tax allocation


Accounting for the cost of pension plans


Long term obligations


Financial reporting--overview






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