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What is a loss contingency? What criteria have to be met for a company to accrue a loss contingency?
What factors should be considered when an accountant prepares and writes financial reporting notes?
It is our policy to always record and report revenues when we collect the cash and to record and report expenses when we pay the cash.
Financial statements that were developed in accordance with generally accepted accounting principles, which apply the conservatism convention.
Why is the point of sale usually used as the basis for the timing of revenue recognition?
If revenue should not be recognized at the time of sale, indicate what method should be used to recognize the revenue.
Identify what accounting assumption or principle each procedure or practice violates, and indicate what should be done to rectify the violation.
Define the objective of general purpose external financial reporting. Then discuss each of the fundamental and enhancing qualitative characteristics.
List and briefly discuss the types of pronouncements issued by the FASB.
List several professional organizations that play an important role in the accounting standard-setting process.
What is the SEC considering doing in regard to U.S. companies filing with it and their use of international standards?
Write a brief report that identifies the three organizations and provides a brief chronological history of each, including the pronouncements issued.
Certain accounting assumptions and principles have had an important impact on the development of generally accepted accounting principles.
Mr. Monty owned an office building that he had purchased at a cost of $600,000 and that now had an adjusted basis of $400,000.
Can accounting standards be neutral in their impact on economic decision making by companies?
Potluck Corp. acquired all of the net assets of Sauers Corp. on June 30, 2016, in an acquisition reported as a merger.
Identify the unique accounting issues associated with consolidating a foreign subsidiary with the operations of it's U.S. Parent company?
In Presidential election years we are always "treated" to proposals to change the Internal Revenue Code ("IRC").
At the end of year 1 the loan is translated as € 9,500, at the end of year 2 as € 10,500 and during year 3 it is repaid.
The variety of possible methods of foreign currency translation, and the different ways of treating gains arising, show that adequate harmonization .
Transactions in foreign currencies during the year have been translated at the exchange rate prevailing at the respective transaction date.
Analyse the data in detail and produce a report on the companies' relative strengths and weaknesses.
Explain for whom international differences in financial reporting are a problem.
Suggest arguments for and against the proposition that the interest costs should be capitalized and regarded as part of the ‘cost' of the factory.
The production cost of inventory is always highly subjective and uncertain, because of the problem of overheads.