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{"ops":[{"insert":"QUESTION 1\n\nIn class you learned that in order to properly measure profitability and financial position, accruals and deferrals need to be accounted for. \n(a) Summarize the difference between\u00a0 between profitability and financial position.\n(b) How do accountants know when they're measuring profitability and financial position \"properly\"?\n\n(c) What does accounting for accruals and deferrals essentially involve? .\n\nQUESTION 2\n\nIdentify and summarize the difference beween two types of accounting systems. Which accounting systems tends to work better? Why?\n\nQUESTION 3\n\nWhat will be the effect on the income statement and balance sheet if the following adjustments are not made :\n(a) Deferred revenue has not been adjusted to record income earned. \n(b) Expenses incurred but not yet paid have not been accounted for.\n\nQUESTION 4\n\nStudy Problem 11-2A on page 575. Find Pharrell Co.'s (a) gross pay, (b) net pay, and (c) payroll tax expense. Explain how you calculated your answers.\n\nQUESTION 5\n\n(a) According to GAAP, why is the audit manager, Summa, in case problem 11-6 on page 586 correct? Include and analysis of Exhibit 8 on page 560 in your answer.\n\n\n(b) Why did the loan officer in the Magna Appliance case ask if Magna used accrual accounting to prepare its financial statements? Why did the loan officer even care if Magna used accrual accounting in the first place?\n"}]}

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