Miscellaneous Quiz / Accounting FHS

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Can you name the Accounting FHS?

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

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Created Apr 24, 2016ReportNominate
Tags:finance

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