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FASB ASC Questions
1. Determine the citation that mandates disclosures to the financial statements when a company decides to discontinue a component of the entity, though the assets are still held for sale. (I think it's 205-20-4-3)
2. Identify the authoritative guidance that lists all of the conditions for recognition at time of sale when the right of return exists. (I think it's 605-15-25-1)
3. Suppose a licensing arrangement requires a film maker to make significant changes in the film after its initial availability to a customer. Identify the citation that provides guidance to the film maker about when it should recognize revenue from the licensing agreement.
Gift property (disregarding any adjustment for gift tax paid by the donor): Has no basis to the donee because he or she did not pay anything for the property. Has the same basis to the donee as the donor’s adjusted basis if the donee disposes of the..
Explain how the profitability of the company can be made to look better if they were to produce more products, even if they are not all sold right away.
during 2012 the following events took place for a small distribution company. you are required to prepare the
Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.
Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2013. On March 22, purchased 890 shares of RIP Company stock at $28 per share plus a $210 brok..
A job-order cost system is employed in those situations where
Ovett acquires the following during the year ended 30 June 20x6: Purchased goodwill may arise in the individual accounts of Ovett in respect of: During the year ended 20x4 Garden made the following acquisitions: Purchased goodwill may arise in the in..
Identify the authoritative literature addressing inventory pricing. Define "net realizable value" as used in the phrase "lower-of-cost-or-net realizable value."
In the following calculations that involve variances, indicate whether a variance is favorable (F) or unfavorable (U) and determine the direct labor rate variance and the direct labor efficiency variance for the year.
An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Discuss reasons why a company may want to sell their receivables and the advantages and disadvantages of this practi..
Aaker Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
Cost of merchandise sold reported on the income statement was $360,000. The accounts payable balance decrease $17,800 and the inventory balance decreased by $28,000 over the year. Determine the amount of cash paid for merchandise.
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