True or False S1: A branch is able to report an investment in another branch of the home office, as long as such investment account is to be eliminated in full when preparing combined financial statements. S2: Contingent considerations in a business combination are only recognized if the outflow of economic resources is probable and the estimated outflow can be measured reliably. a. TT b. TF c. FT d. FF

just the answer

7. Determine the response that best completes the following statements or questions. A) The primary objective of financial reporting is to provide information.  multiple choice 1 About a firm's management team. Useful to capital providers. About a firm's financing and investing activities. Concerning the changes in financial position resulting from the income-producing efforts of the entity.  B) Statements of Financial Accounting Concepts issued by the FASB  multiple choice 2 Represent GAAP. Identify the conceptual framework within which accounting standards are developed. Have been superseded by SFASs. Are subject to approval of the SEC.  C) In general, revenue is recognized when  multiple choice 3 A good or service has been delivered to a customer. The sales price has been collected. A contract has been signed. A purchase order has been received.  D) In depreciating the cost of an asset, accountants are most concerned with…

Exercise 1: Explain some of the measures taken to reduce the agency conflict problem. Exercise 2: What will be the effect on the balance sheet if a firm buys a new processing plant through a new loan? Exercise 3: According to the text, did Enron and WorldCom follow Generally Accepted Accounting Principles (GAAP) in their financial reporting process? Exercise 4: Briefly discuss the issues in the agency conflict problem.