Rani Saleh ASC 1190 Pamela Antos 23 January 2015 Critical Reading Assignment #1 1. Do you think instructors and students need to know anything about each other’s personal lives? Does it depend on what subject the instructor is teaching? Why or why not? I believe that the sharing of personal lives between instructors and students can be a great tool to better connect with the students. If the students know the teacher on a more personal level‚ they may view their teacher as someone they
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Fraud Risk Memorandum This memo is to determine potential fraud risks that may exist within our client‚ Apollo shoes. There are reasons to believe that potential fraud risks do exist‚ however these risks are only hypothetical‚ but will be tested to assure users that Apollo’s financial statements are fairly stated. First‚ the client’s prohibition of contacting the predecessor auditor is considered a red-flag. The importance of the predecessor’s working papers and comparative work would make completing
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FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
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retirement obligations should still be recorded. ASC 410-20-25-15 states that even when the asset has a low likelihood of removal‚ it still requires the recognition of a liability. The uncertainty can affect the calculation of the liability‚ but not whether or not the liability should be recorded. Analysis of Issue 2: Should the additional $4 million be considered a change in accounting estimate or an error? A change accounting estimate‚ as defined in ASC 250-10-20‚ occurs when new information is available
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debiting “Contribution Expense” and “Loss on disposal of x asset” for $2‚000 and $8‚000 crediting the asset for $10‚000. In this case‚ the fair value of my asset was lower than its book value forcing me to recognize a loss on my contribution. FASB ASC 845-10-30-1 In general‚ the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved‚ which is the same basis as that
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ASC Clubhouse: A Path to Success Modeled after “Santa Barbara County: Lone Ranger of the Islands” by Charles Hillinger George Mooradian is one of the 302 members part of the renowned ASC Clubhouse. He shares this honor with other prominent cinematographers who are all masters in the field of filmmaking. It was his dream to get in and the ASC Executive Board gladly granted it. The ASC Clubhouse is one of the oldest buildings in Hollywood. Since the ASC took possession of it in 1936 from silent-film
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lease type recommendation for the client. According to FASB ASC 840-30-05-4 (2009)‚ lease capitalization includes direct financing and sales-type leases. These types of leases are recognizable by meeting one of the four criteria’s. A lessee under the capital lease method recognizes the lease according to FASB ASC 840-30-25-1 (2009)‚ as an asset and as a commitment. The lessee accounts for the lease commitment in accordance to FASB ASC 840-30-30-1 (2009)‚ at inception when the amount is equal to the
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turbine from Goliath Co for a 10-year non-cancelable term. The lease agreement is signed on December 15‚ 2004 and Big Bear’s right to use the turbine begins on January 1‚ 2005. They have the following three transactions that need to be analyzed under ASC 840‚ Accounting for Leases‚ to determine whether costs or potential costs associated with the provision should be included in minimum lease payments: 1. Fees paid in connection with negotiating lease agreement and legal fees. Big Bear pays Stipe‚
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3 million and extend the lease at current terms for another ten years‚ you will in effect have a new lease. Under the guidance of ASC 840-10-35‚ the extension of the lease is viewed as a new agreement and the classification of the extension will need to be evaluated. The lease extension will be evaluated with the classification criteria in ASC 840-10-25-1 and ASC 840-10-25-42. The current lease of the building will not be modified or be reevaluated and will still be considered an operating lease
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ABC Inc. Date: January 11th‚ 2015 Prepared by: Reviewed by: Professor ISSUE: Accounting for ABC’s tenant improvements and lease incentive obligations under the lease agreement with Landlord LLC (the “Landlord”). BRIEF BACKGROUND OF COMPANY ABC Inc. was founded in 2007 and is headquartered in San Francisco. Revenues and net income for 2010 are $500 million and $80 million‚ respectively. In September 2010‚ ABC Inc. (“ABC” or the “Company”) entered into an agreement with Landlord LLC (the
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