Intermediate accounting 16th edition kieso solutions manual.1.Intermediate Accounting 16th Edition Kieso Solutions ManualFull clear download ( no error formatting ) at:Accounting 16th Edition Kieso Test BankFull clear download ( no error formatting ) at:2Conceptual Framework forFinancial ReportingASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Brief ConceptsTopics Questions Exercises Exercises for Analysis1. Conceptual framework–general.1 1, 2 1, 22. Objective of financialreporting.2, 7 1, 2 33. Qualitative characteristicsof accounting.3, 4, 5, 6, 8 1, 2, 3, 4, 5 2, 3, 4 4, 94. Elements of financialstatements.9, 10, 11 9, 7 55.

• Intermediate Accounting Solutions Manual 12 Programs Pdf
• Intermediate Accounting Solutions Manual 12 Programs Online
• Kieso Intermediate Accounting Solutions Pdf

Basic assumptions. 12, 13, 14, 25 8, 9 6, 7, 96. Basic principles:a.

15, 16, 17, 18 10, 11, 12 6, 7b. Revenue recognition. 19, 20, 21, 22, 23 10 7 5c. Expense recognition.

24 10, 11, 12 6, 7, 9, 10 6, 7, 8, 10d. Full disclosure. 25, 26, 27 10, 11, 12 6, 7, 8 107. Cost constraint. 28, 29 3, 7 11.ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)Learning Objectives Questions BriefConcepts forAnalysisExercisesExercises1. Describe the usefulness of aconceptual framework.1 1, 2 CA2-1CA2-22. Understand the objective offinancial reporting.2, 7 1, 2 CA2-33.

Identify the qualitativecharacteristics of accountinginformation.3, 4, 5, 6, 8 1, 2, 3, 4, 5 2, 3, 4 CA2-4, CA2-94. Define the basic elements offinancial statements.9, 10, 11 6, 7 55. Describe the basic assumptions of 12, 13, 14, 8, 9 6, 7accounting.

Explain the application of the basic 15, 16, 17, 10, 11, 12 6, 7, 8, CA2-5, CA2-6,principles of accounting. 18, 19, 20, 9, 10 CA2-7, CA2-8,21, 22, 23, CA2-10,24, 25, 26, CA2-11277. Describe the impact that the costconstraint has on reportingaccounting information.28, 29 3, 7 CA2-11.ASSIGNMENT CHARACTERISTICS TABLELevel of TimeItem Description Difficulty (minutes)E2-1E2-2Usefulness, objective of financial reporting.Usefulness, objective of financial reporting, qualitativeSimpleSimple15–2015–20characteristics.E2-3 Qualitative characteristics.

Intermediate Accounting Solutions Manual 12 Programs Pdf

Moderate 20–30E2-4 Qualitative characteristics. Simple 15–20E2-5 Elements of financial statements.

Simple 15–20E2-6 Assumptions, principles, and constraint. Simple 15–20E2-7 Assumptions, principles, and constraint.

Moderate 20–25E2-8 Full disclosure principle. Complex 20–25E2-9 Accounting principles and assumptions–comprehensive. Moderate 20–25E2-10 Accounting principles–comprehensive. Moderate 20–25CA2-1 Conceptual framework–general. Simple 20–25CA2-2 Conceptual framework–general. Simple 25–35CA2-3 Objective of financial reporting. Moderate 25–35CA2-4 Qualitative characteristics.

Moderate 30–35CA2-5 Revenue recognition principle. Complex 25–30CA2-6 Expense recognition principle.

Complex 20–25CA2-7 Expense recognition principle. Moderate 20–25CA2-8 Expense recognition principle. Moderate 20–30CA2-9 Qualitative characteristics. Moderate 20–30CA2-10 Expense recognition principle. Moderate 20–25CA2-11 Cost Constraint. Moderate 30–35.ANSWERS TO QUESTIONS1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that canlead to consistent standards and that prescribes the nature, function, and limits of financial account-ing and financial statements.

A conceptual framework is necessary in financial accounting for thefollowing reasons:(1) It enables the FASB to issue more useful and consistent standards in the future.(2) New issues will be more quickly solvable by reference to an existing framework of basic theory.(3) It increases financial statement users’ understanding of and confidence in financial reporting.(4) It enhances comparability among companies’ financial statements.LO: 1, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication2. The basic objective is to provide financial information about the reporting entity that is useful topresent and potential equity investors, lenders, and other creditors in making decisions aboutproviding resources to the entity.LO: 2, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication3. “Qualitative characteristics of accounting information” are those characteristics which contribute tothe quality or value of the information.

The overriding qualitative characteristic of accounting infor-mation is usefulness for decision-making.LO: 3, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication4. Relevance and faithful representation are the two primary qualities of useful accounting information.For information to be relevant, it should be capable of making a difference in a decision by helpingusers to form predictions about the outcomes of past, present, and future events or to confirm orcorrect expectations. Faithful representation of a measure rests on whether the numbers anddescriptions match what really existed or happened.LO: 3, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication5. The concept of materiality refers to the relative significance of an amount, activity, or item toinformative disclosure, proper presentation of financial position, and the results of operations.Materiality has qualitative and quantitative aspects; both the nature of the item and its relative sizeenter into its evaluation.An accounting misstatement is said to be material if knowledge of the misstatement will affect thedecisions of the average informed reader of the financial statements. Financial statements aremisleading if they omit a material fact or include so many immaterial matters as to be confusing. Inthe examination, the auditor concentrates efforts in proportion to degrees of materiality and relativerisk and disregards immaterial items.The relevant criteria for assessing materiality will depend upon the circumstances and the natureof the item and will vary greatly among companies. For example, an error in current assets or currentliabilities will be more important for a company with a flow of funds problem than for one withadequate working capital.The effect upon net income (or earnings per share) is the most commonly used measure ofmateriality.

This reflects the prime importance attached to net income by investors and other usersof the statements. The effects upon assets and equities are also important as are misstatementsof individual accounts and subtotals included in the financial statements. The FASB is proposing adefinition of materiality in the Conceptual Framework, which will be aligned with that in thesecurities laws and which can used in disclosure decisions.Questions Chapter 2 (Continued)There are no rigid standards or guidelines for assessing materiality. The lower bound of materialityhas been variously estimated at 5% of net income, but the determination will vary based upon theindividual case and might not fall within these limits. Certain items, such as a questionable loan to acompany officer, may be considered material even when minor amounts are involved. In contrast alarge misclassification among expense accounts may not be deemed material if there is nomisstatement of net income.LO: 3, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication6.

Enhancing qualities are qualitative characteristics that are complementary to the fundamentalqualitative characteristics. These characteristics distinguish more-useful information from less-useful information. Enhancing characteristics are comparability, verifiability, timeliness, andunderstandability.LO: 3, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication7. In providing information to users of financial statements, the Board relies on general-purpose financialstatements.

The intent of such statements is to provide the most useful information possible atminimal cost to various user groups. Underlying these objectives is the notion that users needreasonable knowledge of business and financial accounting matters to understand the informationcontained in financial statements. This point is important. It means that in the preparation of financialstatements a level of reasonable competence can be assumed; this has an impact on the way andthe extent to which information is reported.LO: 2, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: AICPA FC: Reporting, AICPA PC: Communication8.

Comparability facilitates comparisons between information about two different enterprises at aparticular point in time. Consistency, a type of comparability, facilitates comparisons betweeninformation about the same enterprise at two different points in time.LO: 3, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication9. At present, the accounting literature contains many terms that have peculiar and specific meanings.Some of these terms have been in use for a long period of time, and their meanings have changedover time. Since the elements of financial statements are the building blocks with which the statementsare constructed, it is necessary to develop a basic definitional framework for them.LO: 4, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication10.

Distributions to owners differ from expenses and losses in that they represent transfers to owners,and they do not arise from activities intended to produce income. Expenses differ from losses inthat they arise from the entity’s ongoing major or central operations. Losses arise from peripheralor incidental transactions.LO: 4, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication11. Investments by owners differ from revenues and gains in that they represent transfers by ownersto the entity, and they do not arise from activities intended to produce income.

Revenues differfrom gains in that they arise from the entity’s ongoing major or central operations. Gains arise fromperipheral or incidental transactions.LO: 4, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: None12. The four basic assumptions that underlie the financial accounting structure are:(1) An economic entity assumption.(2) A going concern assumption.(3) A monetary unit assumption.(4) A periodicity assumption.LO: 5, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication.Questions Chapter 2 (Continued)13. (a) In accounting it is generally agreed that any measures of the success of an enterprise forperiods less than its total life are at best provisional in nature and subject to correction.Measurement of progress and status for arbitrary time periods is a practical necessity to servethose who must make decisions. It is not the result of postulating specific time periods asmeasurable segments of total life.(b) The practice of periodic measurement has led to many of the most difficult accounting prob-lems such as inventory pricing, depreciation of long-term assets, and the necessity forrevenue recognition tests.

The accrual system calls for associating related revenues andexpenses. This becomes very difficult for an arbitrary time period with incomplete transactionsin process at both the beginning and the end of the period. A number of accounting practicessuch as adjusting entries or the reporting of corrections of prior periods result directly fromefforts to make each period’s calculations as accurate as possible and yet recognizing thatthey are only provisional in nature.LO: 5, Bloom: C, Difficulty: Simple, Time: 5, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None14. The monetary unit assumption assumes that the unit of measure (the dollar) remains reasonablystable so that dollars of different years can be added without any adjustment. When the value ofthe dollar fluctuates greatly over time, the monetary unit assumption loses its validity.The FASB in Concept No. 5 indicated that it expects the dollar unadjusted for inflation or deflationto be used to measure items recognized in financial statements. Only if circumstances changedramatically will the Board consider a more stable measurement unit.LO: 5, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Reporting, AICPA PC: None15.

Some of the arguments which might be used are outlined below:(1) Cost is definite and verifiable; other values would have to be determined somewhat arbitrarilyand there would be considerable disagreement as to the amounts to be used.(2) Amounts determined by other bases would have to be revised frequently.(3) Comparison with other companies is aided if cost is employed.(4) The costs of obtaining replacement values could outweigh the benefits derived.LO: 6, Bloom: C, Difficulty: Simple, Time: 5-7, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: Communication16. Fair value is defined as “the price that would be received to sell an asset or paid to transfer aliability in an orderly transaction between market participants at the measurement date.” Fair valueis therefore a market-based measure.LO: 6, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: AICPA PC: None17. The fair value option gives companies the option to use fair value (referred to as the fair valueoption as the basis for measurement of financial assets and financial liabilities.) The Board believesthat fair value measurement for financial instruments provides more relevant and understandableinformation than historical cost. It considers fair value to be more relevant because it reflects thecurrent cash equivalent value of financial instruments. As a result companies now have the optionto record fair value in their accounts for most financial instruments, including such items asreceivables, investments, and debt securities.LO: 6, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None.Questions Chapter 2 (Continued)18. The fair value hierarchy provides insight into the priority of valuation techniques that are used todetermine fair value. The fair value hierarchy is divided into three broad levels.Fair Value HierarchyLevel 1: Observable inputs that reflect quoted prices for Least Subjectiveidentical assets or liabilities in active markets.Level 2: Inputs other than quoted prices included in Level 1 thatare observable for the asset or liability either directly orthrough corroboration with observable data.Level 3: Unobservable inputs (for example, a company’s owndata or assumptions).Most SubjectiveAs indicated, Level 1 is the most reliable because it is based on quoted prices, like a closing stockprice in the Wall Street Journal.

Level 2 is the next most reliable and would rely on evaluating similarassets or liabilities in active markets. At the least-reliable level, Level 3, much judgment is neededbased on the best information available to arrive at a relevant and representationally faithful fair valuemeasurement.LO: 6, Bloom: K, Difficulty: Simple, Time: 5-7, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None19. The revenue recognition principle requires that companies recognize revenue in the accountingperiod in which the performance obligation is satisfied. In the case of services, revenue is recognizedwhen the services are performed. In the case of selling a product, the performance obligation is metwhen the product is delivered. Companies follow a five-step process to analyze revenuearrangements to determine when revenue should be recognized: (1) Identify the contract(s)with the customer; (2) Identify the separate performance obligations in the contract; (3) Determinethe transaction price; (4) Allocate the transaction price to separate performance obligations; and (5)Recognize revenue when each performance obligation is satisfied.LO: 6, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None20.

A performance obligation is a promise to deliver a product or provide a service to a customer. Therevenue recognition principle requires that companies recognize revenue in the accounting periodin which the performance obligation is satisfied. In the case of services, revenue is recognizedwhen the services are performed. In the case of selling a product, the performance obligation is metwhen the product is delivered.LO: 6, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None21. The five steps in the revenue recognition process are:Step 1 Identify the contract(s) with the customer.

A contract is an agreement between twoparties that creates enforceable rights or obligations.Step 2 Identify the separate performance obligations in the contract. A performanceobligation is either a promise to provide a service or deliver a product, or both.Step 3. Determine the transaction price.

Transaction price is the amount of consideration thata company expects to receive from a customer in exchange for transferring a good orservice.Step 4. Allocate the transaction price to separate performance obligations. This is usuallydone by estimating the value of consideration attributable to each product or service.Questions Chapter 2 (Continued)Step 5. Recognize revenue when each performance obligation is satisfied. This occurswhen the service is provided or the product is delivered.Note that many revenue transactions pose few problems because the transaction is initiated andcompleted at the same time.LO: 6, Bloom: C, Difficulty: Simple, Time: 5-7, AACSB: Communication, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None22. Revenues are recognized when a performance obligation is satisfied–in the case of services,revenue is recognized when the services are performed Therefore, revenue for Selane Eateryshould be recognized at the time the luncheon is served.LO: 6, Bloom: AN, Difficulty: Simple, Time: 3-5, Analytic, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None23. The president means that the difference between the fair value and the book value, should berecorded in the books as a ‘gain’.

Intermediate Accounting Solutions Manual 12 Programs Online

This item should not be entered in the accounts, however, becauseno performance obligation related to this machine has been created or satisfied, GAAP will allowthe company to record a gain once the machine is sold and delivered to a buyer.LO: 6, Bloom: AN, Difficulty: Simple, Time: 3-5, Analytic, AICPA BB: None, AICPA FC: Measurement, Reporting, AICPA PC: None24. The cause and effect relationship can seldom be conclusively demonstrated, but many costsappear to be related to particular revenues and recognizing them as expenses accompaniesrecognition of the revenue. Examples of expenses that are recognized by associating cause andeffect are sales commissions and cost of products sold or services provided.Systematic and rational allocation means that in the absence of a direct means of associatingcause and effect, and where the asset provides benefits for several periods, its cost should beallocated to the periods in a systematic and rational manner.

Kieso Intermediate Accounting Solutions Pdf

Copyright © 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23- CHAPTER 23 Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics QuestionsBriefExercises Exercises ProblemsConceptsfor Analysis. Format, objectivespurpose, and sourceof statement.1, 2, 7,8, 121, 2, 5, 6. Classifying investing,financing, and operatingactivities.3, 4, 5, 6,16, 17, 191, 2, 3,6, 7,8, 121, 2, 10, 16 1, 3, 4, 5. Direct vs.

Indirectmethods of preparingoperating activities.9, 20 4, 5, 9,10, 113, 4 5. Statement of cash flows—direct method.11, 13, 14 8 4, 5, 7, 9,12, 133, 4, 6,7, 85. Statement of cash flows—indirect method.10, 13,15, 168 3, 6, 8, 11,14, 15, 16,17, 181, 2, 5, 6,7, 8, 92. Preparing scheduleof noncash investingand financing activities.18 12 5, 7, 8, 9 5. Worksheet adjustments. 21 13 19, 20, 2123-2 Copyright © 2011 John Wiley & Sons, Inc.

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