By Barry J. Epstein, Nadira M. Saafir
Wiley GAAP Workbook offers easy-to-understand counsel and readability to useful functions of GAAP. improving your comprehension of GAAP to allow useful software of numerous events that you could be come upon in perform, this workbook and consultant simplifies program of GAAP criteria and interpretations to precise real-world situations.Provides easy-to-understand readability and counsel on interpretation and alertness of the overpowering and voluminous GAAP standardsOffers motives supplemented with examples, case reviews, strategies, and illustrations for more advantageous realizing of GAAPIncludes newly issued accounting pronouncements and knowledge at the GAAP codificationWiley GAAP: sensible Implementation consultant and Workbook is a short reference advisor on in general permitted Accounting rules and their software with effortless to appreciate outlines of FASB criteria, useful insights, case reports with suggestions, illustrations, and a number of selection questions with options. It drastically enables realizing of the sensible implementation concerns serious about utilizing those advanced rules-based criteria.
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Extra info for Wiley GAAP: Practical Implementation Guide and Workbook
In order to be included in financial statements, an element must meet criteria for recognition and possess a characteristic that can be reliably measured. Conceptual Framework for Financial Accounting and Reporting ACCOUNTING REPORTING ELEMENTS FINANCIAL STATEMENTS/ FINANCIAL REPORTING RECOGNITION EARNINGS MEASUREMENT CASH FLOWS AND LIQUIDITY OBJECTIVES QUALITATIVE CHARACTERISTICS Reporting or display considerations is concerned with what information should be provided, who should provide it, and where it should be displayed.
1 36 Wiley GAAP: Practical Implementation Guide and Workbook MULTIPLE-CHOICE QUESTIONS 1. When preparing an income statement, which of the following is not true? (a) Basic and diluted earnings per share should be presented. (b) The income statement may be combined with the statement of retained earnings. (c) Extraordinary items may be included with the results of ordinary operations. (d) Entities may present information about comprehensive income in a separate statement. 2. Which of the following best describes comprehensive income?
Expenses. Decreases in assets or increases in liabilities during a period resulting from delivery of goods, rendering of services, or other activities constituting the reporting entity’s central operations. Extraordinary item. Events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Revenues. Increases in assets or decreases in liabilities during a period from delivering goods, rendering services, or other activities constituting the entity’s central operations.
Wiley GAAP: Practical Implementation Guide and Workbook by Barry J. Epstein, Nadira M. Saafir