Solution Manual For Financial Statement Analysis 13th Edition By Gibson, All 13 Chapters Covered, Verified Latest Edition Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. Gibson, Verified Chapters 1 - 13, Complete Newest Version Test Bank For Gibson - Financial Statement...
Solution Manual For Financial Statement Analysis,
13th Edition
By Charles H. Gibson, Verified Chapter's 1 - 13 | Complete
, Chapters1s Introductio
nstosFinancialsReporting
QUESTIONS
1- 1. a.
ThesAICPAsissansorganizationsofsCPAssthatspriorstos1973sacceptedsthesp
rimarysresponsibilitysforsthesdevelopmentsofsgenerallysacceptedsaccountin
gsprinciples.sTheirsroleswasssubstantiallysreducedsins1973swhensthesFinan
cialsAccountingsStandardssBoardswassestablished.s Theirsroleswassfurthers
reducedswithsthesestablishmentsofsthesPublicsCompanysAccountingsOvers
ightsBoardswassestablishedsins2002.
b. ThesFinancialsAccountingsStandardssBoardsreplacedsthesAccountings
PrinciplessBoardsassthesprimarysrule-
makingsbodysforsaccountingsstandards.sItsissansindependentsorganiza
tionsandsincludessmemberssothersthanspublicsaccountants.
c. ThesSECshassthesauthoritystosdeterminesgenerallysacceptedsaccountings
principlessandstosregulatesthesaccountingsprofession.sThesSECshasselec
tedstosleavesmuchsofsthesdeterminationsofsgenerallysacceptedsaccountin
gsprinciplesstosthesprivatessector.s ThesFinancialsAccountingsStandardss
Boardshassplayedsthesmajorsrolesinsestablishingsaccountingsstandardsssi
nces1973.s Regulationsofsthesaccountingsprofessionswasssubstantiallystur
nedsoverstosthesPublicsCompanysAccountingsOversightsBoardsins2002.
1-s7.
Withsthestimesperiodsassumption,sinaccuraciessofsaccountingsforsthesentity,ssho
rtsofsitsscompleteslifesspan,saresaccepted.sThesassumptionsissmadesthatsthesentit
yscansbesaccountedsforsreasonablysaccuratelysforsasparticularsperiodsofstime.s In
sotherswords,sthesdecisionsissmadestosacceptssomesinaccuracysbecausesofsinco
mpletesinformationsaboutsthesfuturesinsexchangesforsmorestimelysreporting.s The
sstatementssaresconsideredstosbesmeaningfulsbecausesmaterialsinaccuraciessar
esnotsacceptable.
1- 8.s s Itsisstruesthatsthesonlysaccurateswaystosaccountsforsthessuccesssorsfailuresofsansen
titysisstosaccumulatesallstransactionssfromsthesopeningsofsbusinesssuntilsthesbu
sinessseventuallysliquidates.s Butsitsissnotsnecessarysthatsthesstatementssbesco
mpletelysaccuratesinsordersforsthemstosbesmeaningful.
1- 9. a. Asyearsthatsendsswhensoperationssaresatsaslowsebbsforsthesyear.
b. ThesaccountingstimesperiodsissendedsonsDecembers31.
c. Astwelve-
monthsaccountingsperiodsthatsendssatsthesendsofsasmonthsothersthansDec
embers31.
1-10. Money.
1-
11.s s Whensmoneysdoessnotsholdsasstablesvalue,sthesfinancialsstatementsscan
slosesmuchsofstheirssignificance.s Tosthesextentsthatsmoneysdoessnotsremainsst
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