scot_ch07_imscot 斯科特财务会计理论课后答案.pdfVIP

CHAPTER 7 SUGGESTED SOLUTIONS TO QUESTIONS AND PROBLEMS 1. Strictly speaking the answer is yes, since post-revenue-realization assets such as accounts receivable are valued at the net amount expected to be received. This amount approximates present value if we accept that the time to collection is sufficiently short that discounting is not needed. Present value is a version of current value, consistent with a measurement approach, not a cost approach. Complete historical cost accounting for accounts receivable would require them to be valued at cost of the inventory or services sold until cash is received. A no answer can also be argued if we accept that the historical cost basis of accounting only holds up to the point in the firm’s operating cycle at which revenue is regarded as earned, usually the point of sale. Financial assets generated subsequent to this point can be valued at current value without violating the historical cost basis of accounting. 2. Deferred items are a product of the historical cost concept of matching of costs and revenues, with its emphasis on the income statement. Cash receipts and disbursements which do not “belong” to the current period are deferred on the balance sheet until the time comes to recognize them as revenues and expenses. Under a measurement perspective, the balance sheet is the primary financial statement. In the extreme, the balance sheet shows the current values of all assets and liabilities. Deferred items do not have a current value since they do not generate or require future cash flows. Here, the deferred liability does not require a cash outflow since the cash has already been received. Under a measurement approach, the expected cost of rendering the services next period would be reported as a liability (i.e., at current value), wi