Accounting 402
Contemporary Accounting Issues
  Review Question for Examinations

Instructor: Dr. Hall Fall, 2014

Accounting 402 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,
  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


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


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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