AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise‚ and problem in Intermediate Accounting‚ 7e‚ with the following AACSB learning skills: Questions AACSB
Premium Revenue Generally Accepted Accounting Principles
Cited: • • • Board‚ F. A. (2013‚ May 2013). Proposed Accounting Standards Update-Leases (Topic 842). Retrieved March 23‚ 2015‚ from FASB: http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176162613656&acceptedDisclaimer=true Foundation‚ F. A. (2015). FASB Codification. Retrieved March 23‚ 2015‚ from Checkpoint: https://checkpoint-riag-com.ezproxy.uta.edu/app/main/tocFrame?usid=e7893k1f253d&baseTid=T0GAAPCOD%3A840-10& feature=ttoc&lastCpReqId=5208672&state=U0FE2-k_9_&usedParms=clickedTid
Premium Lease Finance lease
and contribution pension plans New accounting treatments applied to determine measurement Assess how changes will effect affect recognition and disclosures of financial reporting Recognition: New Provision Current GAAP New ASU Proposal FASB ASC 965-40: Liquidation basis in year termination decision is made Paragraph 205-30-25-1: Liquidation basis accounting when imminent Does not offer Health and Welfare Benefit plans any guidance on: ① ② Determining when liquidation is imminent
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Balance sheet
standards (IFRSs) have been required or permitted in over 100 countries‚ including the European Union ("What Have IASB And FASB Convergence Efforts Achieved?"‚ 2013). The IASB aims to make the entire world follow guidelines for financial reporting to make use and comparability of financial reports more consistent across all geographical areas. The Financial Accounting Standards Board (FASB) is the independent body that is responsible for the creation of GAAP. The board is the standard setting body in charge
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
the scope of ASC 985-605? ASC 985 -605 Software — Revenue Recognition “provides guidance on when revenue should be recognized and in what amounts for licensing‚ selling‚ leasing‚ or otherwise marketing computer software.” It defines “ Software arrangements range from those that provide a license for a single software product to those that‚ in addition to the delivery of software or a software system‚ require significant production‚ modification‚ or customization of software.” (ASC 985-605-05-3
Premium Generally Accepted Accounting Principles Contract
From: Auditor Re: The realization and valuation of DTAs Mr. CEO: The following paragraphs explain why a valuation of temporary taxable differences is necessary and how‚ with the guidance of the Accounting Standards Codification (ASC)‚ we came to this conclusion. According to ASC 740-10-30-23‚ "The more negative evidence that exists‚ the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion or all of the
Premium Balance sheet Taxation Taxation in the United States
Chapter One : Background literature 1.1 – Account Receivable(AR) (AR and Management Policy: Theory and Evidence – Shehzad L. Mian & Clifford W. Smith‚ Jr) The basis of my subject “Bad debt expense estimation model” stems from account receivable. Account receivable is the term used by companies to describe money owed to them by clients or customers for goods and services provided. Bad debt expense is that portion of account receivables that will not be collected. Therefore‚ without any receivables
Premium Accounts receivable Debt Balance sheet
the end of year 3 $ 20‚000 1-4 1. Topic # for business combination: ASC 805 2. Topic # for related party disclosures: ASC 850 3. Topic‚ subtopic‚ and section # for the initial measurement of internal-use software: ASC 350 – 40 – 30 4. Topic‚ subtopic‚ and section # for the subseq. measure of asset retirement oblig.: ASC 980 – 410 – 35 5. Topic‚ subtopic‚ and section # for the recognition of stock compensation: ASC 505 –
Premium Income statement Income Generally Accepted Accounting Principles
Case 5-1 Income Smoothing a. Firstly‚ investors tend to invest in companies with stable earnings rather than one with volatile earnings. With stable earnings‚ there will be more likely an issuance of dividends and investors could easily predict the company’s future earnings compared to one with unstable earnings. With consistent earnings generated‚ it gives investors a secured feeling that it will again generate earnings as predicted. Confidence in the growth of rate of earnings is crucial because
Premium Income statement Generally Accepted Accounting Principles Revenue
Deltona Lines‚ INC. Besson Freight Company had an agreement with Jay Transportation to purchase their assets for 225 million. In order to finance their purchase‚ Besson asked a shareholder in Besson‚ Deltona Lines‚ to invest 110 million. Deltona agrees with the stipulation that the investment be made into a newly formed subsidiary named Del-Bess Inc. Deltona will own 80 percent of Del-Bess voting preferred stock. Also in Deltona’s agreement‚ Besson would contribute an amount to be determined by
Premium Corporate governance Managing director Board of directors