Reference no: EM13777455
Listed below are questions about 10 accounting issues. For each one, you are to use the Accounting Standards Codification (ASC) database to determine the precise citation reference (TOPIC# SUBTOPIC # SECTION# SUBSECTION#) that represents the authoritative guidance in US GAAP.
1. What is the specific citation that requires a company to identify and describe in the notes to the financial statements the accounting principles and methods used to prepare the financial statements?
2. What is the specific citation that describes the additional information for earnings per share that must be included in the notes to the financial statements?
3. The accrual of restructuring costs creates obligations (liabilities) referred to as exit or disposal cost obligations. What is the specific citation that addresses the initial measurement of these obligations?
4. What is the specific citation providing indicators that control has passed from the seller to the buyer, such that it is appropriate to recognize revenue at a point in time? [Note: This is pending content in the data base.]
5. What is the specific citation that describes disclosure of accounting policies for credit losses and doubtful accounts?
6. What is the specific citation indicating the circumstances when it is appropriate to initially measure agricultural inventory at fair value?
7. What is the specific citation that indicates the criteria for determining commercial substance in a nonmonetary exchange?
8. What is the specific citation that prescribes the disclosure requirements for interest capitalization?
9. What is the specific citation that discusses the disclosures required in the notes to the financial statements for the impairment of long-lived assets classified as held and used?
10. What is the specific citation that describes the guidelines for determining when an expense and liability should be accrued for a contingent loss?
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Standard labor cost of producing one unit of product
: Lewis Company’s standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $14.00 per hour. During August, 42,900 hours of labor are incurred at a cost of $14.18 per hour to produce 13,300 units of Product DD. Compute the la..
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Using the straight line depreciation method
: Carter bought a car for her company on July 1, 2002 (mid year) for $35,000. She had to pay $600 in sales taxes, $200 for delivery charges and since she owns a nanny service, had it painted with diapers which cost $1,000.
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Record each asset and any additional assets
: Connor purchased a business from Foster for $3,000,000 cash and got the following assets in the deal (FMV as determined by a third party):
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Amount would be recorded for cash on the balance sheet
: Given the following information, what amount would be recorded for cash on the balance sheet?
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Accounting standards codification database
: What is the specific citation that requires a company to identify and describe in the notes to the financial statements the accounting principles and methods used to prepare the financial statements? What is the specific citation that describes the a..
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The conversion cost per equivalent unit
: All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is:?
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Estimate which business is more profitable from observations
: Training employees to use standard amounts of materials in production is common. Typically large companies invest in this training but small organizations do not. One can observe these different practices in a trip to two different pizza businesses. ..
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Election in order to maximize total cost recovery deduction
: On June 30, 2014, Temika purchased office furniture (7-year property) costing $22,000 and computers (5-year property) with a cost of $19,000. She uses Sec. 179. How should she allocate the 179 election in order to maximize her total cost recovery ded..
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Property about making a trade for aces existing property
: Ace Corporation has located a building that it would like to acquire for its office complex. Ace Corporation has contacted the owner of the property about making a trade for Ace’s existing property.
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