What concept can be obtained from the two-transaction perspective in accounting for foreign currency transactions?

Which concept states that accounting information should be complete, neutral, and free from material error?

Assuming that the land acquired in (a) was sold for $1,000,000, how would the various elements of the accounting equation be affected?

What parts of the accounting cycle require analytical processes, rather than methodical processes? Explain.

Explain how underwriting costs and accounting and legal fees associated with the issuance of stock should be recorded.

Indicate the proper accounting for the following items. a. Organization costs. b. Advertising costs. c. Operating losses.

Briefly describe some of the similarities and differences between GAAP and IFRS with respect to reporting accounting changes. ]

Provide an example of how paper-based accounting information systems are different from computerized systems.

How does the SEC have an impact the development of generally accepted accounting principles in the United States?

Briefly describe some of the similarities and differences between GAAP and IFRS with respect to income tax accounting.

The following is an excerpt from a telephone conversation between Ben Simpson, president of Main Street Co., and Tami Lundgren, owner of Reliable Employment Co.

Ben: Tami, you’re going to have to do a better job of finding me a new computer programmer. That last guy was great at programming, but he didn’t have any common sense.

Tami: What do you mean? The guy had a master’s degree with straight A’s.

Ben: Yes, well, last month he developed a new financial reporting system. He said we could do away with manually preparing an end-of-period spreadsheet (work sheet) and financial statements. The computer would automatically generate our financial statements with “a push of a button.”

Tami: So what’s the big deal? Sounds to me like it would save you time and effort.

Ben: Right! The balance sheet showed a minus for supplies!

Tami: Minus supplies? How can that be?

Ben: That’s what I asked.

Tami: So, what did he say?

Ben: Well, after he checked the program, he said that it must be right. The minuses were greater than the pluses. . . .

Tami: Didn’t he know that Supplies can’t have a credit balance—it must have a debit balance?

Ben: He asked me what a debit and credit were.

Tami: I see your point.

1. Comment on (a) the desirability of computerizing Main Street Co.’s financial reporting system, (b) the elimination of the end-of-period spreadsheet (work sheet) in a computerized accounting system, and (c) the computer programmer’s lack of accounting knowledge.

2. Explain to the programmer why Supplies could not have a credit balance.

Why is it necessary to make an adjusting entry at the end of the accounting period for unpaid interest on a note payable?

The given values are the starting salaries, in $\$ 000$, for a sample of five accounting graduates who accepted positions in public accounting last year. Calculate the mean, median, and the standard deviation?

$$\begin{array}{|lllll|} \hline 36.0 & 26.0 & 33.0 & 28.0 & 31.0 \\ \hline \end{array}$$

Give an example of how the accounting and finance functions can affect a business’s marketing and production processes.