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Act Subject Essay

1082 words - 5 pages

Chapter 5
Communicating and Interpreting Accounting Information

ANSWERS TO QUESTIONS
1. The primary responsibility for the accuracy of the financial records and conformance with Generally Accepted Accounting Principles (GAAP) of the information in the financial statements rests with management, normally the CEO and CFO. Independent auditors or CPAs are responsible for conducting an examination of the statements in accordance with Generally Accepted Auditing Standards (for private companies) and PCAOB Auditing Standards (for public companies), and based on that examination, attesting to the fairness of the financial presentations in accordance with GAAP. Both management and the auditors ...view middle of the document...

The quarterly reports normally present unaudited summary income statement and balance sheet information. The annual reports include the four basic financial statements, related notes, and the auditor’s opinion if the statements are audited.

7.

Public companies issue quarterly press releases, quarterly reports, and annual reports to shareholders and Forms 10-Q (quarterly reports), 10-K (annual reports), and 8-K (special events) reports to the SEC. Press releases include a summary of the quarterly report information and are the first announcement of quarterly financial information. The quarterly reports normally present unaudited summary income statement, cash flow statement, and balance sheet information along with abbreviated management discussion and analysis and notes. Annual reports are often elaborate reports including extensive discussions. The financial section includes: (1) summarized financial data for a 5-year period; (2) management’s discussion and analysis of financial condition and results of operations and disclosures about market risk; (3) the four basic financial statements; (4) notes (footnotes); (5) report of independent registered public accounting firm (auditor’s opinion) and the management certification; (6) recent stock price information; (7) summaries of the unaudited quarterly financial data; and (8) listings of directors and officers of the company and relevant addresses. The Form 10-Q and 10-K provide more detailed information than the quarterly and annual reports of private companies including additional disclosures not included in those reports. The 8-K is issued irregularly when special events, such as a change in auditors, occur.

8. The four major subtotals or totals on the income statement are: (a) gross profit, (b) income from operations, (c) income before income taxes, and (d) net income. 9. The six major classifications on the balance sheet are: (a) current assets, (b) noncurrent assets, (c) current liabilities, (d) long-term liabilities, (e) contributed capital and (f) retained earnings. 10. Property, plant, and equipment are reported on the balance sheet. Property, plant, and equipment are those assets held by the business not for resale but for use in operating the business, such as a delivery truck. (a) Property, plant, and equipment are reported at their acquisition cost which represents the amount of resources expended in acquiring them. (b) Over their period of use, they are "depreciated" because of being worn out (used up) or...

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