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Homework answers / question archive / Simon Fraser University - ACCOUNTING 3310 Unit 2 U2M1 Q: What is the Role of the Income Statement? Q: Role of Income Statement in Financial Analysis? Q: What is the objective of the Statement of Comprehensive Income? Q: What does Statement of Comprehensive Income enable parties to do: Q: What are the limitations of the Statement of Income/Comprehensive income? Q: What is included in Comprehensive Income that is not in Income? Q: Example of something that would be in the Comprehensive Income Statement? 2  Q: How the Statement of Comprehensive Income should be displayed? Q: What is a Discontinuance of Operations? Q: Why is it Important to Identify Discontinuance of Operations? A: Since net income is a key number, care should be taken to ensure that items grouped with discontinued operations or other comprehensive income do indeed belong there Q: How to qualify as discontinued operations? A: The assets, results of operations, and activities of a segment of a business must be clearly distinguishable, physically and operationally, from the other assets, results of operations, and activities of the entity

Simon Fraser University - ACCOUNTING 3310 Unit 2 U2M1 Q: What is the Role of the Income Statement? Q: Role of Income Statement in Financial Analysis? Q: What is the objective of the Statement of Comprehensive Income? Q: What does Statement of Comprehensive Income enable parties to do: Q: What are the limitations of the Statement of Income/Comprehensive income? Q: What is included in Comprehensive Income that is not in Income? Q: Example of something that would be in the Comprehensive Income Statement? 2  Q: How the Statement of Comprehensive Income should be displayed? Q: What is a Discontinuance of Operations? Q: Why is it Important to Identify Discontinuance of Operations? A: Since net income is a key number, care should be taken to ensure that items grouped with discontinued operations or other comprehensive income do indeed belong there Q: How to qualify as discontinued operations? A: The assets, results of operations, and activities of a segment of a business must be clearly distinguishable, physically and operationally, from the other assets, results of operations, and activities of the entity

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Simon Fraser University - ACCOUNTING 3310

Unit 2
U2M1
Q: What is the Role of the Income Statement?
Q: Role of Income Statement in Financial Analysis?
Q: What is the objective of the Statement of Comprehensive Income?
Q: What does Statement of Comprehensive Income enable parties to do:
Q: What are the limitations of the Statement of Income/Comprehensive income?
Q: What is included in Comprehensive Income that is not in Income?
Q: Example of something that would be in the Comprehensive Income Statement?

Q: How the Statement of Comprehensive Income should be displayed?
Q: What is a Discontinuance of Operations?
Q: Why is it Important to Identify Discontinuance of Operations?
A: Since net income is a key number, care should be taken to ensure that items grouped with discontinued operations or other comprehensive income do indeed belong there

Q: How to qualify as discontinued operations?
A: The assets, results of operations, and activities of a segment of a business must be clearly distinguishable, physically and operationally, from the other assets, results of operations, and activities of the entity. 

Q: What are some examples of disposals of segments?
Q: Examples of disposals that do not qualify as disposals of segments?

Q: How to handle Unusual Gains and Losses?
Q: What is Intraperiod Tax Allocation?
Q: How are Changes in Estimates Handled?
Q: Earnings per Share formula?

Q: Which requires more judgement?
Q: Statement of Income Sections?

Q: What is included in Comprehensive Income?
Q: Two ways to present the income statement?
Q: What is included in the Single-Step Income Statement?
 
6
Q: What is the Multiple-Step Income Statement?
 
Q: Why is the Income Statement often referred to as the link between prior period and current period statements of financial position?
Q: How is beginning SE (Net Assets) reconciled with ending SE?

 

Q: What is Accumulated Other Comprehensive Income?
Q: What happens if OCI is zero?

Q: What is High Quality of Earnings?
Q: How are Prior Period Adjustments handled?
Exercise 4-1
Calculate the amount of net income for the period:

Q: Three reasons for change in Owner’s Equity
Exercise 4-2
Elements of the Income Statement


U2M2

Q: Why is a Statement of Financial Position useful?
Q: What is Liquidity?
Q: What is Solvency?
Q: What is Financial Flexibility?
Q: What are the limitations of the Statement of Financial Position?
Q: What is an Asset?
Q: What are the classifications for Assets?
Q: What is a Current Asset?
Q: What order are current assets presented in the Balance Sheet?
Q: What are Non-Current Investments?
Q: How to handle Property, Plant and Equipment?
Q: What are Intangible Assets?
Q: How to deal with Intangible Assets?
3
Q: What are Other Assets?
Q: What is Deferred/future income taxes?
Q: What is a Liability?
Q: What are the classifications for Liabilities?
Q: What are Current Liabilities?
Q: Typical Items in Current Liabilities?
Q: What order are current liabilities reported at?
Q: Difference in how ASPE and IFRS treat current debt?
Q: How is interest on a long term debt or long-term receivable classified?
Q: What are Long-Term Debt/Liabilities?
Q: What are the three types?
Q: When is a long-term debt classified as current?
4
Q: What is a contra account?
Q: What is a Valuation Account?
Q: What is an Adjunct Account?
Q: What is Shareholders Equity?
Q: What are the four sections of shareholders’ equity? 
Q: Key Statement of Financial Position Ratios?
Q: What is a reserve?

U2M2

Q: What is the statement of Cash Flows?
Q: What is the primary purpose of the statement of cash flows?
Q: What is one of the more important numbers on the statement of cash flows?
Q: What are the three different activities related to cash flows?
Q: Are any non-cash transactions reported in the statement of cash flows?
A: No, Non-cash transactions, which would be reflected in the balance sheet, Examples include items such as the conversion of long-term debt to common shares or the acquisition of property through issuance of shares or through exchange for other property.

Q: Where do you obtain the information required to prepare a statement of cash flows?
Q: What are the steps to preparing one?
Q: What questions does the statement of cash flows answer? 
Q: What are the common types of ratios in ratio analysis?
Q: What does a liquidity ratio measure?
Q: What does an activity ratio measure?
Q: What does profitability ratio measure?
Q: What do solvency ratios measure? 
Q: Why are industry averages important for ratio analysis?
Q: Other than industry averages, what do you compare ratios to?
Q: Classification of Interest and Dividends different on Statement of Cash Flows between ASPE and IFRS.

U2L4

Q: What is crucial before you can understand how to recognize revenue for an org?
Q: Exceptions to typical revenue recognition (point of delivery, transfer of risk)
Q: How to handle Revenue Recognition of Barter transactions?
Q: What are Concessionary Terms?
Q: How to handle Concessionary Terms and Revenue Recognition?
Q:When does legal title pass in a sales contract obligation?
Q: What is the Earnings Approach to Revenue Recognition? 
A: Recognizes revenues when performance is achieved. 
Q: Earnings approach for service versus sale of goods?
Q: What are the two main methods for Accounting for Long-Term Contracts?
Q: When is the percentage completion method preferred?
Q: When is the Completed Contract Method Preferred? 
Q: What is under IFRS for long-term contracts?
Q: Calculating the Percentage-of-Completion Method?
Q: How is this accounted for? 
4
Completed-Contract Method
 
 

 
6
Zero-Profit (Cost-Recovery) Method
 

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