Principles of Financial Accounting: ACCT311 UNIT 5IP


Principles of Financial Accounting: ACCT311 UNIT 5IP   Using the Library and the Internet, identify a publically held multinational company of your choice. Research its filings to the SEC, particularly the 10-K and 10-Qs. Also, examine its annual report online. You will then prepare an APA research paper including the follow elements: * What assumptions is the financial reporting model based on? * What principles support the financial reporting model? * Who oversees the accounting profession? * What is the role of Congress in settling the concerns that arise with accounting firms and their clients? * Describe how the annual report differs from the 10-K. What is contained in the annual report that is not in the 10-K and vice versa. * How does the 10-K report differ in content from the 10-Q? What is the reason for the difference? * Describe 2.....

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E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. 1. Paid $5,000 of accrued taxes at time plant site was acquired. 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on new delivery truck. 4. Paid $17,500 for parking lots and driveways on new plant site. 5. Paid $250 to have company name and advertising slogan painted on new delivery truck. 6. Paid $8,000 for installation of new factory machinery. 7. Paid $900 for one-year accident insurance policy on new delivery truck. 8. Paid $75 motor vehicle license fee on the new truck. INSTRUCTIONS (a) Explain the application of the cost principle in determining the acquisition cost of plant assets. (b) List the numbers of the.....

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