Tugas Ch 1, 2 Dan 4 Inter I Sepr 17.doc

NPM :_

NAME :__________________________

Write down the answer : true or false, along with the reason  The major financial statements used under IFRS include the statement of changes in financial position and the statement of stockholders’ equity. 

The International Accounting Standards Board issues IFRS.

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The 2nd level of the IASB’s conceptual framework provides the qualitative characteristics that make accounting information useful and the elements of financial statement.

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The first level of the conceptual framework identifies the recognition and measurement concepts used in establishing accounting standards.

Cross (x) on the most correct answer  Accrual accounting is used because a. cash flows are considered less important. b. it provides a better indication of ability to generate cash flows than the cash basis. c. it recognizes revenues when cash is received and expenses when cash is paid. d. none of the above. 

The major financial statements include all of the following except: a. Statement of financial position. c Statement of comprehensive income b. Statement of changes in financial position d Statement of stockholers equity  Which of these statements regarding the IFRS and U.S. GAAP is correct? a. U.S. GAAP is considered to be "principles-based" and more detailed than IFRS. b. U.S. GAAP is considered to be "rules-based" and less detailed than IFRS. c. IFRS is considered to be "principles-based" and less detailed than U.S. GAAP d. Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.  What is the quality of information that enables users to better forecast future operations? a. Reliability. c Comparability b. Materiality. d Relevance

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Expensing the cost of a simple calculator when it is acquired is an example of which constraint? a. Materiality. C Conservatism b. Cost-benefit. D Industry Practices

Essay Income statement and retained earnings statement. Wooble Corporation's capital structure consists of 50,000 ordinary shares. At December 31, 2016 an analysis of the accounts and discussions with company officials revealed the following information:

Sales Purchase discounts Purchases Loss on discontinued operations (net of tax) Selling expenses Cash Accounts receivable Share capital Accumulated depreciation Dividend revenue Inventory, January 1, 2011 Inventory, December 31, 2011 Unearned service revenue Accrued interest payable Land Patents Retained earnings, January 1, 2011 Interest expense General and administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/14) Machinery and equipment Materials and supplies Accounts payable

¥1,200,000 18,000 642,000 42,000 128,000 60,000 90,000 200,000 180,000 8,000 152,000 125,000 4,400 1,000 370,000 100,000 290,000 17,000 150,000 29,000 5,000 200,000 450,000 40,000 60,000

The amount of income taxes applicable to ordinary income was ¥48,600, excluding the tax effect of the discontinued operations loss which amounted to ¥18,000. Instructions (a) Prepare an income statement up to gross profit line (b) Prepare an income statement up to income from operations (c) Prepare an income statement up to income from continuing operations (d) Prepare an income statement up to net income along with earning per share presentation (e) Prepare a retained earning statement