Reference no: EM133433426

Instruction: Determine the specific codification citation for items 1 through 4 below. List specific references using the codification address methodology (i.e. "FASB ASC 470-10-50-1").

Define the meaning of cost as it applies to the initial measurement of inventory.
Indicate the circumstances when it is appropriate to initially measure agricultural inventory at fair value.
What is a major objective of accounting for inventory?
Are abnormal freight charges included in the cost of inventory?

PART 2:

To complete Part 2 of the assignment, a written lengthy discussion covering the following items:

Research and discuss the new revenue recognition literature as previously studied in Intermediate Accounting I class. This part of the assignment requires a to reference the Accounting Standards Codification (ASC) as it relates to ASU 2014-09, found in ASC section 606, Revenue from Contracts with Customers. In discussion, be sure to include the following topics, at a minimum: the core revenue recognition principle, the five steps of revenue recognition, revenue recognition at a single point in time, revenue recognition over a period of time, and revenue recognition for long-term construction contracts. (60 points)
At least two references (excluding textbook) must be utilized. The references should be properly listed on a separate sheet of paper under a heading labeled "References" (10 points). They must also be properly cited within discussion using APA 7th ed. style (10 points).
For the discussion portion of this assignment be sure to construct an introduction, body, and conclusion