& Walmart Revenue Recognition Target & Walmart 1. Textbook Problem (a) – What is the authoritative literature addressing revenue recognition when right of return exists? (b) – What is meant by “right of return”? Per FASB Accounting Standards Codification (ASC) topic 605-15-05-2 (right of return): ”It is the practice in some industries for customers to be given the right to return a product to the seller under certain circumstances. In the case of sales to the ultimate customer, the
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Memo To: Chief Executive Officer From: Nicholas Petrovich cc: Controller Date: February 12, 2013 Re: Income Taxes After reviewing Deloitte (D) guidance and the requirements of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, we addressed (1.) What are the four possible sources of taxable income according to ASC 740? (2.) How much of the reversing taxable temporary differences may be considered in estimating taxable income? (3a
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| Chief Financial Officer of Lessee Inc. | From: | Annie Kight | Date: | October 4, 2014 | Re: | Leased Equipment Recommendation | Memo After reviewing the various requirements of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 840 Leases regulations over how to properly account for the leased equipment, I have come up with recommendations of how you should classify the lease, measure the initial minimum lease payment (MLP), calculate the subsequent
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Case A Overview Neil, Inc. engaged Lifeson and Lee, CPAs to audit its 2010 financial statement. Neil, Inc. has never been audited in prior years. Neil, Inc. is a manufacturing company that uses the periodic inventory system and has no controls in its purchasing process. Neil, Inc. is not a public company. Lifeson and Lee conclude the audit of Neil, Inc.’s financial statements and found no material deviations from GAAP and no other scope limitations. The subsequent discussion will be regarding
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Ex. 1.10 Learning Objectives 1, 3, 5 2, 5 3, 4 5, 6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics
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Standards Codification] This HTML transformation of the FASB Accounting Standards Codification is provided by Public.Resource.Org as a public service. Please note that these documents are based on the 2011 printed version of the codification, which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board. End of Preamble [Not Part of the Accounting Standards Codification] 330
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Consolidation of Variable Interest Entities A Roadmap to Applying the Variable Interest Entities Consolidation Model March 2010 FASB material, copyright © by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, is reproduced with permission. This publication is provided as an information service by the Accounting Standards and Communications Group of Deloitte & Touche LLP. It does not address all possible fact patterns and the guidance is subject to change
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Chapter 1 Environment and Theoretical Structure of Financial Accounting 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
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Chapter 07 Accounting for the Business-type Activities of State and Local Governments True / False Questions 1. | For proprietary funds, governments generally present a statement of net position in a format that displays assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position. True False | 2. | Internal service funds of one government may not provide goods or services, on a cost-reimbursement basis, to other
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To: Dr. Moffitt From: Daniel Arnold Date: 3/5/15 Re: Individual Project – “The History of Double-Entry Bookkeeping” Accounting has played an important role in the evolution of civilization, even before the modern concept of ‘accounting’, as understood by modern man, existed. Man’s drive to measure and record his surroundings required more and more complex means in order to do so (Gleeson-White 11). This drive to more complex recording techniques led to writing, a numeric system, the spread
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