Why could be claims that financial statements

Assignment Help Financial Accounting
Reference no: EM132887505

Problem a) Can you think of reasons why there could be claims that financial statements that are prepared in accordance with accounting standards are not true or fair?

Problem b) A company has an extensive customer base. Over many years, it has built a detailed customer list, which includes various data including demographics, contact details, purchasing history and preferences. It has spent quite a lot of resources on developing this customer list so that it can effectively target marking campaigns and manage customer relations. A number of businesses have approached the company to purchase their customer list and have offered prices from $60 000 to $210 000. However, the company has decided not to sell at this stage.

Explain whether this customer list would meet the definition and recognition criteria of an asset, applying the principles in 2018 Conceptual Framework.

Reference no: EM132887505

Questions Cloud

Assess the validity of ball comments : Assess the validity of Ball's comments and discuss five factors which lead to national differences in accounting (Hint: treat different cultural dimensions)
Moral and ethical development among healthcare workers : Read the course scenario and consider the overall moral and ethical failures of the healthcare staff at St. Michael's Medical Center.
Compute the weighted average number of shares : On November 30, the corporation issued a 3:1 stock split. Compute the weighted average number of shares to be used in computing earnings per share for 2020
Identify five areas in which accountant preparing financial : Identify five areas in which the accountant preparing financial statements must make professional judgements that will affect the content
Why could be claims that financial statements : Can you think of reasons why there could be claims that financial statements that are prepared in accordance with accounting standards are not true or fair?
Security interest to finance the sale of new toyota : Bridgeport Auto needs to file a financing statement to perfect its security interest to finance the sale of the new Toyota 4-Runner to Barton.
Prepare the journal entry to record the issuance of the bond : On January 1st, 2021 Regency Corporation issued $190,000,000 of 15-year, 8% bonds at 94. Prepare the journal entry to record the issuance of the bond
Prepare the journal entries to record the aro at january : Prepare the journal entries to record the ARO at January 1 and to record depreciation expense and accretion related o the ARO at December 31, Year 1
??how much will fernando auto insurance pay for damages : ??Fernando has auto insurance coverage of 15/75/10 for his new Tesla. How much will Fernando's auto insurance pay for the above damages?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate new residual income if equipment is purchased

Lease versus buy decision, ROI, residual income, EVA, manager incentives Refer to the information in Problem 15.28. The manager of Midwest Mining is considering a new project. Calculate the new ROI if the equipment is (1) purchased or (2) leased. Cal..

  What was the weighted average number of common shares

On January 1, 2016, Wade Corporation had 24,000 shares of common stock outstanding. What was the weighted average number of common shares

  Calculate the after-tax cash flows from operating activities

Calculate the after-tax cash flows from operating activities (i.e excluding additional capital expenditures and residual value) for each year the facility is operating. Calculate the Net present value of the project using the four column approach use..

  Decentralisation and segment reportingnbspnbspnbsp

decentralisation and segment reportingnbspnbspnbsp nbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp sparky

  How much would have by the time he need to pay deposit

If she started saving today a sum of RM4,000 every quarter at 10% compounding rate, will she be able to buy the truck after 2 years?

  Compute the amount of the stock dividend

Compute the amount of the stock dividend. Show the effects of the stock dividend on the financial statements using a horizontal statements model.

  You want to buy a piece of land and the owner would sell it

you want to buy a piece of land and the owner would sell it to you for 120000 cash. alternatively he would let you pay

  What is the company weighted average cost of capital

Treasury bills pay 3% and market earns a return of 10%. If the corporate tax rate is 30%, then what is the company's weighted average cost of capital ?

  What is an estimate of the WACC for computer sales division

What is an estimate of the WACC for your computer sales division? Your tax rate is 25% and you use a market risk premium of 5.0% in your WACC estimates.

  What is the price of a four?-year

What is the price of a 4?-year, 7.5% coupon? rate, $1,000 face value bond that pays interest quarterly if the yield to maturity on similar bonds is 12.2 %

  How much is total equity for cramer ltd as at june

Make general journal entries to record the transactions of Cramer Ltd. How much is total equity for Cramer Ltd as at 30th June 2019

  Explain the components of the statement of cash flow

Explain the components of the statement of cash flow. Be prepared to illustrate the components through real-life experiences, research, and/or readings.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd