ACC 225 ACC225 Module 1 Homework Assignment Solution (AAU Online)

ACC 225 ACC225 Module 1 Homework Assignment Solution (AAU Online)

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ACC 225 Module 1 Homework Assignment (AAU Online)

Part I: Short Response

1.Explain the ways in which the needs of internal and external users of accounting information are the same and different.

2.Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?

3.Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?

4.As a potential investor, what is the problem with different countries having different accounting standards?  As the president of a multinational company, what is the problem with different countries having different accounting standards?

5.Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market.  As you contemplate making your investment choices, what accounting information do you want to help you identify companies that will have high future rates of return?

6.For the following four cases, use the accounting equation to compute the missing quantity.

7.Using the following information, compute total revenues.  Caution: Not all of the items listed should be included in the computation of total revenues. 

8.From the information provided, determine: 

Part II: Application

Directions: Please complete the following problems from your textbook:

Problem 2-38 “Balance Sheet Classifications and Relationships” (p. 61)

Problem 2-40 “Balance Sheet Preparation with a Missing Element” (p. 61)

Problem 2-42 “Income Statement Preparation” (p. 62)


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