Miscellaneous Quiz / Accounting FHS

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Can you name the Accounting FHS?

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HintAnswer
(2010) Survey of managers saw budgets as control tool AND value adding
BSC provides no __ __
The ideal framework should make ___ ___ the focal point and most important measurement
(2004) Time driven ABC could alleviate the limitations. Managers directly estimate appropriate allocations.
(2007) ABC helps managers focus on the activities that are significant
Environmental costs incurred to reduce future environmental costs of operations
(2013) Predicts the success of IFRS implementation in a certain country depends on 'cultural distance' and whether there is a member of the board from that country.
The ideal framework should encourage and harbour __
(2006) The process and success of implementation of IFRS will vary by country and local differences will be hidden behind a veil of uniformity
(2007) ABC showed 1 company that only 400 of 1400 customers were profitable (problem lay with small orders)
(2004) Huge costs are involved with scaling ABC (one company had 14 dedicated employees)
Costs that occur indirectly through firm actions such as pollution
Revaluation of goodwill impairment allowed under __ not under __
(2015) Zero based budgets help managers focus on HOW to cut costs rather than just which ones.
(2001) Budget gaming can be remedied by removing compensation based on target meeting
(2010) Negative goodwill is not valued by investors
Asset is a present economic resource controlled by the __ as a result of a past event. Resource is _ (rather than probable) of bringing future economic benefits
(2010) After IFRS implementation: stock prices of firms with poor standards beforehand rose - stock prices down for firms in code law countries
(2012) If the market value is lower than goodwill, investors must be anticipating an impairment
(2009) Confirms that new lease accounting standards will have significant impact on financial ratios such as leverage. Managers will have to re-evaluate debt agreements, etc.
ABC only useful if activities are _ and _
(2001) Accounting serves an important use for regulatory, stewardship, taxation purposes etc.
__ __ didn't make sense for the iPhone
44% of US companies use Balanced Scorecard
(1968) Financial reports move stock prices
(2005) Predicts that IFRS implementation in Eurozone countries will be telling because of the variance in institutions etc. Expects demand for implementation guidance
(2011) There is a perpetual challenge in balancing relevance and reliability
(1993) Braintree hospital used ABC to cope with changing health insurance industry.
(2010) Found a positive relationship between earnings and the positive intangible, employee satisfaction. This shows that not all tangibles have been priced in.
HintAnswer
New lease standard from FASB: both _ and _ must appear on balance sheet
(2011) Praise the intentions of the exposure draft on leases but criticise it for allowing a variety of fair value methods which could undermine comparability
Company abandoned budgets and combined this with a decentralised strategy --> great success
(2003) Describes the history of accounting as a profession including the replacement of the auditing mentality with a consulting mentality
(2009) The adoption of IFRS changes the magnitude of key accounting ratios
(2006) Associate the rules-base of GAAP with the Enron scandal
__ Agreement (2002) put the IASB and FASB to the task of reducing differences between the two
Periodic report on short, medium and long run value creation
_ lease if it transfers substantially all the risks and rewards of ownership of the __ to the lessee
(2007) ABC is only a refinement of traditional costing, has technical limitations and costly implementation and operation
Environmental costs incurred when there is an indirect cost of actions on firm resources (such as employee health)
Has no responsibility to any specific country.
Performance against KPIs on Balanced Scorecard uses both _ and _ measures
(2003) Instead of budgets, managers should use peers and competitors as performance benchmarks (effort won't be based on arbitrary targets)
(2010) Firms operating decisions are affected by ratio considerations
(2010) Notes how there are incorrect definitions of assets and revenues in the IASB framework and that no definition is given for profit
(1998) Financial analysis is both a science and an art
(2001) The most fundamental accounting principle is conservatism but this does not have to be mutually exclusive with value relevance.
(2012) Goodwill write offs are a tacit admission of a managerial cock up
Sustainability: __ use of, __ use of or __ use of resources in performing operating activities
(2011) The impairment test is problematic because its implementation is not uniform across companies. E.g. larger firms have more experience and do it differently.
(2008) We should focus more on IS than BS (as investors)
Lars Sorensen, CEO of _ _: Sustainability determines profits in the long run
Organisation that issues guidelines on sustainability reporting. Criticised for promoting lots of reporting rather than efficient reporting
Choosing to capitalise rather than expense leads to higher reported _ _
The ideal framework should focus __ and __ on __
(2014) Fair values are unverifiable. Therefore, the disincentives to manipulate the books are diminished. Leads to unreliability.
(2012) Studied lease accounting practice and found 'no support' for conventional wisdom that principles encourage adherence to spirit of standards
(2006) Convergence will improve comparability, market efficiency and could lower barriers to international acquisitins
HintAnswer
The ideal framework should separate __ from ___ activities
(2003) Budgets should be abandoned as they sustain a comman-control culture, are inflexile and encourage gaming for self-interest
(2003) Argues that measures such as the SO Act are useless if there is no fundamental faith in the auditing profession to do its job properly.
(2010) Ideal conceptual framework should: focus recognition and measurement on transactions, separate operating and financing activities, focus on operating income, conservatism
(2006) Convergence would make the dominant standards a monopoly and inhibit innovation.
Environmental costs incurred when there is an indirect cost of actions on society's resources
Old lease standard: Under _ more than _% economic life must be on BS whereas under _ 'major part' of economic life
4 Perspectives of Balanced Scorecard: F_, C_, I_,L_(&Growth)
(2010) Accepting convergence would show that the US is politically cooperative
(2009) ABC has been dropped by many firms because of its complications
OCI is not a good predictor of future economic performance
Kaplan and Norton's (1992) sustainable management reporting tool
(2009) Zero based budgets force managers to scrutinise costs rather than accept an arbitrary year on year increase
Under FASB, revenue cannot be recognised until a __ __ has occurred in the earnings process
(1988) Developed ABC
The solution to convergence may be to aim for __ instead of standardisation
(1995) ABC reveals insights about the profitability of products, product lines and customers
Environmental costs incurred to measure and detect external costs
Combined ABC and big data effectively
(2008) Intangibles generate income indirectly through other tangible assets
(2010) US decision on convergence depends on trade off between one off transition costs and persistent comparability gains.
Development costs _ under IFRS and _ under GAAP
(2006) If fair value is to be used then there must be at least some level of criteria/rules to give auditors something to work with (in terms of criticism of accounts)
(2001) The most important users of financial statements are investors. Therefore, value relevance is very important
(1968) Found that 85-90% of the information content of financial statements has already been released by more timely media forms. Hence the need for value relevance is diminished.
BSC has an overemphasis on _ measures
__-___ Act (2002) was introduced following the Enron scandal. It is designed so that future scandals trigger a political process that results in correcting standards being created

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Created Apr 24, 2016ReportNominate
Tags:finance

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