CHAPTER 18 Revenue Recognition – 2014 Update ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics | Questions | Brief Exercises | Exercises | Problems | Concepts for Analysis | 1. Current Environment; 5-Step Model. | 1, 2, 3, 4, 5, 6 | | | 8 | 1, 2, 3 | 2. Contracts; Contract modifications. | 7, 9 | 1, 3 | 1, 2, 3, 4, 17, 18 | 1, 2 | 1 | 3. Performance Obligations | 10, 11, 12 | 3, 4, 19, 20 | | | | 4. Transaction Price | 8, 13 | | 5, 8, 9 | 4
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be accrued including pending litigation. The company should disclose the information that it has about the case including the probability of a favorable outcome and similarities to other cases. Kieso, Weygandt, & Warfield. (2012). Intermediate Accounting. 14th ed. Hoboken, NJ: John, Wiley & Sons. (a) Warranty costs are expensed as incurred under the cash-basis method. The costs are charged in the period in which the seller or manufacturer complies with the warranty. No liability
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A code of professional conduct is an essential factor that contributes to an effective business environment, and overall business success. In accounting, a code of conduct is vital due to the sensitivity and exposure of confidential information. When there’s a lack of compliance to the code of ethics, there is a greater chance/opportunity for crimes to begin to engage. Some examples of the biggest crimes in regards to businesses involve the Enron case, a case concerning an energy company declaring
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Accounting Policies for Reporting Income Strayer University Intermediate Accounting 1 – ACC 303 February 6, 2012 Professor Elizabeth Hewitt Accounting Policies for Reporting Income Examining accounting standards and policies information from various sources such as FASB Accounting Standards Codification (Financial Accounting Standards Board), AICPA (American Institute of CPA’s) and FASAB (Federal Accounting Standards Advisory Board) I can give a overview of how these items are defined
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INTERMEDIATE ACCOUNTING 2 of 3 MIDTERM EXAM Pick 7 problems that you will do. Each problem is worth 14 points. Please put your answer in the space provided, any back up can be attached at the end of the exam as long as it is clearly labeled . Your work can be done by hand as long as it is legible. Select the 7 problems you are completing: 1, 4, 5, 9, 10, 11, 12 Problem 1—Accounts and Notes Payable. Described below are certain transactions of Larson Company for 2010: 1. On May
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Check Figures to accompany INTERMEDIATE ACCOUNTING Seventh Edition Spiceland, Sepe and Nelson Chapter 1 BE 1-1 Net income, $208,000 BE 1-2 1. Liabilities BE 1-3 2. The economic entity assumption BE 1-4 1.The matching principle BE 1-5 3. Disagree, matching principle E1-1 Req. 1, Net operating cash flow, Yr. 2, $50,000 Req. 2, Net income, Year 1, $25,000 E1-2 Req. 1, Net income, Year 2, $190,000 E1-5 3. Auditors E1-6 5. Comprehensive income E1-7
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CHAPTER 4 INCOME STATEMENT AND RELATED INFORMATION IFRS questions are available at the end of this chapter. TRUE-FALSe—Conceptual Answer No. Description T 1. Usefulness of the income statement. F 2. Limitations of the income statement. F 3. Earnings management. T 4. Transaction approach of income measurement. T 5. Single-step income statement. T 6. Revenues and gains. F 7. Multiple-step vs. single-step income statement. F 8. Multiple-step income statement. T 9. Multiple-step
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FASB Accounting Standards Codification Case This case consists of a series of questions. For each question, your mission is to locate the paragraph in the FASB Accounting Standards Codification (ASC) that answers the question. Please CUT AND PASTE the paragraph from the standards into this document for each question and provide a full reference, including the topic, subtopic, section, and paragraph (e.g. “ASC 605-15-25-1”, or “ASC Master Glossary” for definitions). Submit a hard copy of your answers
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Necole Willis Homework Week 4 May 31, 2013 E 6-5 (a) $30,000 X 4.96764 = $149,029.20. (b) $30,000 X 8.31256 = $249,376.80. (c) ($30,000 X 3.03735 X .50663 = $46,164.38. E 6-12 Building A—PV = $600,000. Building B— Rent X (PV of annuity due of 25 periods at 12%) = PV $69,000 X 8.78432 = PV $606,118.08 = PV Building C— Rent X (PV of ordinary annuity of 25 periods at 12%) = PV $7,000 X 7.84314 = PV $54,901.98 = PV Cash purchase price $650,000
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Point of sale: Revenue is recognized the moment goods are sold and shipped to the customer FOB shipping point or when the goods are received by the customer if it is FOB destination. Completion-of-production:Companies recognize revenue when these metals are mined or agricultural crops harvested because the sales price is reasonably assured, the units are interchangeable, and no significant costs are involved in distributing the product Percentage-of-completion method: Companies recognize revenues
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