中级会计课后习题.pdf

38 SECTION 1 The Role of Accounting as an Information System 3. Reliant Pharmaceutical paid rent on its office building for the next two years and charged the entire expendi- ture to rent expense. 4. Rockville Engineering records revenue only after products have been shipped, even though customers pay Rockville 50% of the sales price in advance. BE 1–6 Indicate the organization related to IFRS that performs each of the following functions: IFRS 1. Obtains funding for the IFRS standard-setting process. ● LO1–11 2. Determines IFRS. 3. Encourages cooperation among securities regulators to promote effective and efficient capital markets. IFRS 4. Provides input about the standard-setting agenda. 5. Provides implementation guidance about relatively narrow issues. Exercises An alternate exercise and problem set is available on the text website: /spiceland7e E 1–1 Listed below are several transactions that took place during the first two years of operations for the law firm of Accrual Pete, Pete, and Roy. accounting Year 1 Year 2 ● LO1–2 Amounts billed to customers for services rendered $170,000 $220,000 Cash collected from customers 160,000 190,000 Cash disbursements: Salaries paid to employees for services rendered during the year 90,000 100,000