subject to recall product costs‚ until the warranty period has expired (3 years) for all campaigns. 4. Neutral Discussion of the Major Alternatives‚ Citing Relevant Authoritative Literature and Theoretical Concepts Alternatives A-C Support: ASC 450-20-25-2: Contingent Liability Requirements “An estimated loss from a loss contingency shall be accrued by a charge to income if both […] conditions are met: a. Information available before the financial statements are issued […] indicates
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must be enclosed in single quotation marks. ANS: F PTS: 1 REF: 226 6. The BETWEEN...AND comparison operator can be used to specify a range of values as a search condition. ANS: T PTS: 1 REF: 230 7. The IN comparison operator is used when searching for a pattern of characters. ANS: F PTS: 1 REF: 230 8. The percent sign (%) and asterisk (*) symbols can be used with the LIKE comparison operator to create a search pattern. ANS: F PTS: 1 REF: 236 9. The percent sign (%) and underscore (_) symbols
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nes Revenue Recognition Case Amanda Eng Alipasha Ziaee 1. Revenue Recognition for MultipleElement Arrangements The Case of Velocity Cellular a) According the ASC 60525255 there are two criteria that must be met in order to be considered a separate deliverable and a separate unit of accounting: i. The delivered item or items have value to the customer on a standalone basis. The item or items have value on a standalone
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ASC 740-20 defines “income taxes” as “domestic and foreign federal (national)‚ state‚ and local (including franchise) taxes based on income”. Further in the Glossary‚ “taxable income” is defined as “the excess of taxable revenues over tax deductible expenses and exemptions for the year as defined by the governmental taxing authority”. Therefore‚ the principles and the scope of ASC 740 are only applicable to “taxes based on income.” However‚ ASC 740 provides no further guidance on this matter and
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needs to be assessed whether Meyer or Saban is the VIE’s primary beneficiary according to ASC 810-10-25-38A. As defined in ASC 810-10-15‚ the primary beneficiary is an entity that consolidates the variable interest entity. In the past‚ the determination of the controlling financial interest was done by simply establishing which entity owned the majority of the subsidiary in question. Now according to ASC
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Scenario 1 Energy Inc. has a present obligation (IAS 37-17) and probable liability (ASC 450-20-25-2) on December 31‚ 2011 as a result of a past event‚ the contamination of the land‚ because it is virtually certain that a draft law requiring cleaning up will be enacted. It is probable (more likely than not) that Energy Inc. will be required to transfer economic benefits in settlement which is an outflow of resources embodying economic benefits in settlement (IAS 37-23). The amount of the obligation
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disposal‚ and goodwill are often harder to understand concepts in accounting and the accountant needs to be able to explain the requirements of the accounting standards codifications (ASC) in relation to the issues the clients ask about. Adjusting lower cost of market inventory on valuation FASB ASC 330-10-35-1 through FASB ASC 330-10-35-11 When inventory worth is now less than cost‚ the valuation needs to be adjusted to the lower cost. When the costs change‚ the organization should adjust the inventory
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Individuals with Autistic Spectrum Conditions 1: Understand the main characteristics of Autistic Spectrum Conditions (ASC) 1.1 Each person with an ASC has their own individual abilities‚ strengths‚ gifts‚ needs and interests that can vary greatly from one person to the next. Due to the multifarious conditions attached to the autistic spectrum‚ and according to the degree of the ASC it is important to recognise the characteristics of an individual to determine the areas in which they excel and the
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Date: October 11‚ 2011 To: Mr. Philip Long From: Mr. Kunal Patel Subject: Recommendations Introduction Below are my recommendations to Mr. Philip Long‚ the CFO of DeviceCo‚ regarding tasks he has assigned me to do. The tasks entail answering the following questions in my analysis of whether LeaseMed is a Variable Interest Entity (VIE) and if DeviceCo should consolidate LeaseMed as a primary beneficiary: (1) Does DeviceCo qualify for the business scope exception‚ (2) Does LeaseMed have sufficient
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Altered State of Consciousness‚ also known as ASC‚ is a temporary change in one’s normal mental state without being considered unconscious. There are many different types of ASC but some examples would be dissociation‚ hypnosis and meditation. All these forms of ASC can all be achieved in different ways‚ and are achieved for different reasons. For example‚ meditation is usually used to help reduce stress‚ and lower anxiety. While hypnosis is used to open people to the power of suggestion. Altered
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