×
Log in to StudySoup
Get Full Access to Intermediate Accounting - 15 Edition - Chapter 1 - Problem 17
Join StudySoup for FREE
Get Full Access to Intermediate Accounting - 15 Edition - Chapter 1 - Problem 17

Already have an account? Login here
×
Reset your password

The chairman of the FASB at one time noted that the flow

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso ISBN: 9781118147290 164

Solution for problem 17 Chapter 1

Intermediate Accounting | 15th Edition

  • Textbook Solutions
  • 2901 Step-by-step solutions solved by professors and subject experts
  • Get 24/7 help from StudySoup virtual teaching assistants
Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

4 5 1 343 Reviews
24
0
Problem 17

The chairman of the FASB at one time noted that the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax benefits and more on quality products, and (2) accountants and lawyers rely less on rules and law and more on professional judgment and conduct. Explain his comment.

Step-by-Step Solution:
Step 1 of 3

ACC 215 Week 1 Class 1 Financial Statements Financial Statement – What company’s put out to vendors, investors, stock holders, ect. Accounting Equation A=L+OE or A=L+SE A= Asset(s) L= Liabilities OE= Owners Equity SE= Shareholders/Stockholders Equity Assets are things you (the Company) have. Things of value. Liabilities are debts. Liabilities are often claimed by non­owners Owner’s Equity is the amount of assets claimed by the owner(s) Business Organizations Single Owner= Single Properitors 2 / More Owners= Partnership Corporations Stake Stake= ownership in a company… stake in a company. Having stake in a company is refered to being a stockholder. Having stake in a company can also be said as having shares in a company. When used as having shares i

Step 2 of 3

Chapter 1, Problem 17 is Solved
Step 3 of 3

Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

Other solutions

People also purchased

Related chapters

Unlock Textbook Solution

Enter your email below to unlock your verified solution to:

The chairman of the FASB at one time noted that the flow