Premium Essay

Acc 310 Case 1

In:

Submitted By brittanyvh88
Words 509
Pages 3
FASB Accounting Standards Codification Case 1
ACC 310 – Section 2

1. The topic number that addresses the accounting for agricultural production activities in the FASB Accounting Standards Codification is, FASB ASC 905. The title of this topic is Agriculture.

2. Entities that must apply the guidance contained in topic FASB ASC 905, are noted in FASB ASC 905-10-15-3, “The Agriculture Topic provides guidance for all entities in the agricultural industry, including agricultural producers and agricultural cooperatives.” According to FASB ASC 905-10-15-4, the following entities would not apply the guidance in this topic: a. Growers of timber

b. Growers of pineapple and sugarcane in tropical regions

c. Raisers of animals for competitive sports

d. Merchants or noncooperative processors of agricultural products that purchase commodities from growers, contract harvesters, or others serving agricultural producers.

The Red Hen Company produces, processes, and sells fresh eggs. The guidance in this topic would apply to The Red Hen Company according to FASB ASC 906-10-05-1 “Operating poultry and egg production facilities” is listed as one of the examples of the entities that follow the guidance in this topic.

3. FASB ASC 905-360-30-4 describes the type of animal that the egg-laying flock would be categorized as: The production costs of chickens raised for an egg-laying unit shall include the initial cost of the birds (or, if hatched, the costs of eggs and hatching expenses), the costs of materials and labor, and allocated indirect costs during the prematurity period. 4. According to FASB ASC 905-330-25-3, a flock of egg-laying hens are classified on the balance sheet as follows: Animals with short productive lives, such as poultry, may be classified as inventory. Due to the short productive life of poultry, the cost of flocks

Similar Documents

Premium Essay

Get Online Help with Ur Assignment Ashford a+Material

...com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ http://homeworktimes.com/downloads/acc-492-complete-course-acc-492-entire-course/ ...

Words: 3197 - Pages: 13

Premium Essay

Admission

...career in financial management. Flexible study options and the freedom to choose the career you want CGA is all about choice. You choose the professional-studies path and real-world experience that best match your career goals and interests. We give you the skills and freedom to work in any type of organization, in any industry, at any level of management. With a CGA designation, your opportunities—both professional and personal, at home and around the world—are limitless. Take your place as a highly respected member of the business world. Karmen Rempel, CGA Manager Grant Thornton LLP Vancouver, British Columbia Why CGA? There are many reasons why CGA is the fastest-growing accounting designation in Canada. With CGA, you can: 1. Pursue unlimited career opportunities in the business or enterprise of your choice. 2. Develop the wide range of skills needed to take on leadership, senior...

Words: 4906 - Pages: 20

Free Essay

Noor

...Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration, the college or university must advise the Board which course(s) contain the research and analysis content. Courses identified through integration must dedicate 1 semester hour, or quarter hour equivalent, to research and analysis. Courses used to meet this requirement may not be used to meet the requirement for accounting or business communications described below. Course(s) identified by a university to meet the requirements for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis when providing attest services, professional accounting...

Words: 3741 - Pages: 15

Premium Essay

Adms 2511

...Code it now on your answer sheet! TEST FORM “A” York University AP/ADMS2500.03 Introduction to Financial Accounting Midterm Examination #1 Time: 3.0 hours - Winter 2015 - Questions: 40 Instructions 1. Submit • Only the pink mark sense sheet will be collected: you may keep this midterm examination paper. • Mark your answers on it for later reference. Ensure your name is on the pink mark sense sheet. 2. Mark Sense Sheet • Record your name and student number and answer all questions on the computer mark sense sheet provided with an HB (soft lead) pencil. Bring several pencils in case one breaks. The computer will not recognize ink or hard lead pencils. • Test Form is for the exam version you are writing (A, B or C) and Code is your Section (in the left column). • Fill in the bubbles for your name and student number in pencil (your phone number is not required). Leave the last column of the student number BLANK . • If you change an answer, use a high quality eraser to completely remove the previous mark. If the computer senses two answers to a question, only the first scanned will be recognized. 3. Exam Aids • Only calculators without alphanumeric programmable memories are allowed. It is strongly suggested you bring a couple of cheap 4 function computers to the exam in case one fails. Be prepared to be challenged by invigilators if you bring a “fancy” calculator. • Compact foreign language/English dictionaries may be used. However, these will...

Words: 3958 - Pages: 16

Premium Essay

Accounting Research Case

...ACC 310 Fall 2013 Research Case Two 1. International Financial Reporting Standards, abbreviated “IFRS”, are a set of high quality, understandable, enforceable, and globally accepted rules for companies to use all over the world. These IFRS are permitted or required in around 120 countries. Companies, securities regulators, investors, creditors, and other business people alike prefer to have comparable financial statement information when making business transaction internationally. IFRS presents a solution to this problem. These standards are set by the International Accounting Standards Board (IASB). Consisting of 16 members from various countries, the IASB structure is similar to that of the FASB in that they have a parent organization entitled the IFRS Foundation (Accounting Textbook, 1-17). The phrase “International Convergence of Accounting Standards” refers to both a goal and the path that is necessary to achieve it. Ultimately, the FASB would to like to be able to provide a unified set of superior quality, international accounting standards that companies worldwide would implement for both domestic and cross-border financial reporting, thus accomplishing convergence. However, until that time, FASB is committed to working with other accounting standard setting bodies to help to eventually develop a converged system without compromising quality (fasb.org). 2. Perhaps one of the most convergence hindering differences between IFRS and U.S. GAAP is the way in...

Words: 1243 - Pages: 5

Free Essay

Syllabus

...CALIFORNIA STATE UNIVERSITY, DOMINGUEZ HILLS School of Business and Public Administration GOVERNMENTAL AND NONPROFIT ACCOUNTING-ACC 431 FALL 2014 Section 01, T 7-945 PM (SBS G126) Dr. Reza Mazhin Office: SBS C-302 Telephone: (310) 243-3576 Email: RMAZHIN@CSUDH.EDU Hours: T/TH: 430-530 PM Other times by appointment Catalog Description And Prerequisite: Prerequisite: ACC230 The course covers the nature of fund accounting system used by governments and nonprofit entities. Topics include principles underlying fund accounting, budgeting procedures, and discussion of types of funds used. Course requirements include a term project. Required Textbook: Reck, Lowensohn and Wilson, Accounting for Governmental and Nonprofit Entities, 16th Edition. Student Learning Objectives and Course Explanation and Policies: 1. Objectives of the Course For purposes of study and practice, the discipline of accounting is commonly divided into the following areas financial accounting, managerial accounting, tax accounting, and governmental/nonprofit or fund accounting. This course concentrates on fund accounting. Financial accounting has been characterized as the branch of accounting that focuses on the general-purpose reports on financial position and results of operations known as financial statements. These statements provide a continual history quantified in money terms of economic resources and obligations...

Words: 1524 - Pages: 7

Premium Essay

Does Mandatory Adoption of Ifrs Improve Accounting Quality Preliminary Evidence

...Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence* ANWER S. AHMED, Texas A&M University MICHAEL NEEL, University of Houston DECHUN WANG, Texas A&M University 1. Introduction We provide evidence on the preliminary effects of mandatory adoption of International Financial Reporting Standards (IFRS) on accounting quality for a relatively broad set of firms from 20 countries that adopted IFRS in 2005 relative to a benchmark group of firms from countries that did not adopt IFRS matched on the strength of legal enforcement, industry, size, book-to-market, and accounting performance. Understanding the effects of mandatory adoption on properties of accounting numbers is of potential interest to standard-setters and securities regulators in countries that are considering IFRS adoption as well as in countries that have already adopted IFRS. Furthermore, evidence on this question is of particular importance to the IASB because it can help the board evaluate whether its stated objective of improving accounting quality is being accomplished (see IASC 1989; Barth 2008). Finally, analysts, investors, and other users may also find it useful to understand the effects of IFRS adoption on accounting quality to potentially reassess how they use accounting numbers. The effects of mandatory IFRS adoption on accounting quality critically depend upon whether IFRS are of higher or lower quality than domestic GAAP and how they affect the efficacy of enforcement mechanisms...

Words: 15821 - Pages: 64

Premium Essay

Market Structure

...Market Structure Grace M. Conner ACC 204: Principals of Microeconomics Instructor: Nicholas Bergan June 17, 2013 When consulting for the city of Sherman, Texas with the present mayor, it came to my attention that the mayor needed to understand the different markets within his town. As I went I tried to explain verbally it was discovered the present mayor was not familiar with the different market structures that made up the firms in his town. With this information is where the explaining of the different firms and their markets was explained. There was also discussion on the flow of the market firms and how the price elasticity worked within these firms markets. There was need to describe the high entry barriers that firms face when entering into the market when competing with other more established firms, that have known names against a small proprietors entering this market and the competitions it faces. There was the explaining how the smaller proprietors that do not have a famous or more renown name can hurt them when competing against monopolies and oligopolies, and how these market structures are formed and how they can edge out small proprietors with pricing and products sold that people are more familiar with. The mayor was interested and need to know how the local, state and federal governments could step in and help these smaller firms if there is seen a favoritism towards the higher monopolies...

Words: 2331 - Pages: 10

Free Essay

Slag - Iron and Steel

...SLAG - IRON AND STEEL December, 2014 16-1 SLAG - IRON AND STEEL 16 Slag - Iron and Steel S lag is a by-product generated during manufacturing of pig iron and steel. It is produced by action of various fluxes upon gangue materials within the iron ore during the process of pig iron making in blast furnace and steel manufacturing in steel melting shop. Primarily, the slag consists of calcium, magnesium, manganese and aluminium silicates in various combinations. The cooling process of slag is responsible mainly for generating different types of slags required for various end-use consumers. Although, the chemical composition of slag may remain unchanged, physical properties vary widely with the changing process of cooling. In an integrated steel plant, 2 to 4 tonnes of wastes (including solid, liquid and gas) are generated for every tonne of steel produced. A c c o r d i n g l y, t o d a y t h e e m p h a s i s i s o n t h e avoidance of waste generation, recycling and reuse of waste, and minimising the adverse impact of disposal on the environment. Among all the solid/liquid wastes, slags generated at iron making and steel making units are created in the largest quantities. With increasing capacities, disposal of large quantities of slag becomes a big environmental concern and a critical issue for steel makers. Over the last few years, with a better understanding of slags, its functions and improvements in process technologies have led ...

Words: 3816 - Pages: 16

Premium Essay

Acc 310 Sustainability Report

...ACC 310 Fall 2013 – Case #1 Due Date – October 22, 2013, 1:30 pm An introduction to the Global Reporting Initiative (GRI) and sustainability reporting The Sustainability Initiative at NC State was started through the endowed gift of Lonnie Poole. As part of the Initiative we are examining sustainability issues throughout the curriculum. For accountants one of the most important issues of sustainability is reporting information to stakeholders. Just as we are learning about financial reporting in Intermediate Financial Accounting we also want to learn about sustainability reporting. The purpose of this case is to make you aware of sustainability reporting and sustainability reports. On the moodle site I have assigned each student a company that has prepared a report based on the GRI Sustainability Reporting Framework and filed it with GRI. Each student should obtain the company’s report from the GRI webpage (globalreporting.org) or from the company’s corporate webpage. Sustainability reporting is not required Even though more and more companies are providing sustainability reports there is no requirement to report or any required standards like GAAP. The Global Reporting Initiative (GRI) currently provides a framework, with over 3,500 companies filing under the GRI framework. However, given that there is no enforcement of reporting companies may select different levels of reporting and different indicators to report on as well. This results in varied reporting...

Words: 2566 - Pages: 11

Premium Essay

Analysis of Cost Accounting

...Shannon Carl ACC 310 Cost Accounting 1 Analysis of Cost Accounting Jess Stern 5/28/2012 “Cost accounting is a type of accounting process that aims to capture a company’s costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment.”( Cost Accounting, 2012). By analyzing the importance of cost accounting to the success of a firm, we will get a better understanding as to why companies use this type of accounting process. Becoming knowledgeable about the various methods of cost accounting and how they are used will enable the company to operate the process appropriately. Understanding how an operating budget works to discipline a firm’s management is also useful information when running a company. To do so, one needs to know the actual elements of the budget and how they are constructed. Lastly, one more beneficial piece of information to comprehend would be what a variance analysis is and how it is used. In the midst of discussing the previous items, there will be various elements that relate to the above topics in which there will be further detail provided. First, why is cost accounting so important to the success of the firm? “Managers rely on cost accounting to provide an idea of the actual cost of processes, departments, operations or product which is the foundation of their budget, allowing them to analyze fluctuation and the way funds are used socially for profit” (Llango, 2009)...

Words: 2748 - Pages: 11

Free Essay

Arabizi

...Crse Sec Cmp Cred NR 21138 ACC 201 01 M 3.000 Title Fund of Financial Accounting Days Time TRU Instructor Date Location Attribute (MM/DD) 02/03-06/01 SBM 009 Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective Design Managmnt Major_Elective and Design Managmnt Minor_Elective and Economics Major_BAE_Elective and Eng'g Managmnt_Minor_Elective and MTH Major_Elective 09:00 Marian I. Mason am-09:50 (P) am NR 21139 ACC 201 02 M 3.000 Fund of Financial Accounting TRU Ronald D. 12:00 pm-12:50 Williams (P) pm 02/03-06/01 SBM 012 NR 21140 ACC 201 03 M 3.000 ...

Words: 48244 - Pages: 193

Premium Essay

Police

...BELHAVEN UNIVERSITY Jackson, Mississippi A CHRISTIAN UNIVERSITY OF LIBERAL ARTS AND SCIENCES FOUNDED IN 1883 CATALOGUE 2014-2015 EFFECTIVE JUNE 1, 2014 Directory of Communication Mailing Address: Belhaven University 1500 Peachtree St. Jackson, MS 39202 Belhaven University 535 Chestnut St. Suite 100 Chattanooga, TN 37402 Belhaven University 7111 South Crest Parkway Southaven, MS 38671 Belhaven University – LeFleur 4780 I-55 North Suite 125 Jackson, MS 39211 Belhaven University 15115 Park Row Suite 175 Houston, TX 77084 Belhaven University Online 1500 Peachtree St. Box 279 Jackson, MS 39202 Belhaven University 1790 Kirby Parkway Suite 100 Memphis, TN 38138 Belhaven University 4151 Ashford Dunwoody Rd. Suite 130 Atlanta, GA 30319 Belhaven University 5200 Vineland Rd. Suite 100 Orlando, FL 32811 Traditional Admission Adult and Graduate Studies Admission – Jackson Atlanta Chattanooga Desoto Houston Memphis Orlando Alumni Relations/Development Belhaven Fax Business Office Campus Operations Integrated Marketing Registrar Student Life Security Student Financial Planning Student Development Online Admission Online Student Services (601) 968-5940 or (800) 960-5940 (601) 968-5988 or Fax (601) 352-7640 (404) 425-5590 or Fax (404) 425-5869 (423) 265-7784 or Fax (423) 265-2703 (622) 469-5387 (281) 579-9977 or Fax (281) 579-0275 (901) 896-0184 or Fax (901) 888-0771 (407) 804-1424 or Fax (407) 367-3333 (601) 968-5980 (601) 968-9998 (601) 968-5901 (601) 968-5904 (601) 968-5930 (601) 968-5922...

Words: 151104 - Pages: 605

Premium Essay

Jjj Toothpaste Case Study

...This project titled ‘ Image Profile Analysis of Leading Brands of Tooth paste amongst consumers ‘ is a study which seek to define the image of 2 tooth paste brands in which HLL have two products – Close Up & Pepsodent and Colgate–Palmolive have Colgate in terms of 6 attributes , Healthy tooth & gums , Long lasting freshness , Prevention of tooth decay ,Whiteness , Use of Natural herbs , Good foaming. DATA COLLECTED METHOD A survey was conducted on 50 people living in and around the city of PATIALA to elicit their responses, on which the results and findings of this study are based. It tells the method used for data collected. It then gives the description of the sample based on various parameters as Gender, Age , Status. OBJECTIVES 1) To know about Brand awareness. 2) To know about Brand preference. 3) To know about the product/alternatives which consumers might prefer to brush their teeth other than a tooth paste. 4) To know about the factors that influence the consumers decision to buy a particular brand of tooth paste. 5) To know about the attributes that consumers look for in a tooth paste brand , when he/she buys for himself/herself.. 6) To know...

Words: 5404 - Pages: 22

Premium Essay

Budgetary Control

...Budgetary Control There are two types of control, namely budgetary and financial. This chapter concentrates on budgetary control only. This is because financial control was covered in detail in chapters one and two. Budgetary control is defined by the Institute of Cost and Management Accountants (CIMA) as: "The establishment of budgets relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results, either to secure by individual action the objective of that policy, or to provide a basis for its revision". Chapter objectives This chapter is intended to provide: marketing as a key marketing control technique An overview of the advantages and disadvantages of budgeting Structure of the chapter Of all business activities, budgeting is one of the most important and, therefore, requires detailed attention. The chapter looks at the concept of responsibility centres, and the advantages and disadvantages of budgetary control. It then goes on to look at the detail of budget construction and the use to which budgets can be put. Like all management tools, the chapter highlights the need for detailed information, if the technique is to be used to its fullest advantage. Budgetary control methods a) Budget: activities in a given period of time. -ordinate the activities of the organisation. An example would be an advertising budget or sales force budget. b) Budgetary control: can either exercise control action...

Words: 3770 - Pages: 16