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Acct 518

In: Business and Management

Submitted By atongm
Words 541
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1. (1) Cookie-jar reserves is accounting practice take reserves against losing in a profitable years, and use this reserves in a loss years to make company in a good condition year to year.

(2). The strategy of manipulating a company's income statement to make poor results look even worse. http://www.investopedia.com/terms/b/bigbath.asp (3). According to the FAS 5, first, the asset on the financial statement needs to be impaired, and the liability recorded on the finance statement actually occurred. Second, the amount of loss can be reasonably estimated. Accruals for general or unspecified business risks are no longer permitted.

2. (1) Substance over form concept means financial statements will show the overall financial reality of the entity, rather than the legal form of transactions. (2) According to the FAS 5, first, the asset on the financial statement needs to be impaired, and the liability recorded on the finance statement actually occurred.

3. (1) Channel stuffing means company or sale department inflates its sales figures by forcing more products through distribution than the channel which design for selling activities. (2) Doom loop is making the situation worse because of the underlying system. (3) It should be noted, however, that MD&A disclosure of a company without recent revenues frequently reads very similarly to the disclosure previously required of small business issuers under Item 303(a) of former Regulation S-B.
4. (1) Bill and hold means seller ship the product to customer very late after bill to customer. (2) The entity has a present right to payment for the asset. The customer has legal title to the asset. The entity has transferred physical possession of the asset. The customer has the significant risks and rewards of ownership of the asset. The customer has accepted the asset...

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