are limited under the memberships. 2. Legal Plan Services is mandated to follow statement No. 168, the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles concepts. The statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The objective is to prepare all of their products following the same revenue and expense recognition rules (deferral of revenue and accrual recognition of expenses)
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Intermediate accounting 1 paper Kari Andrew 11/15/13 There are many different accounting specialties cost accounting, managerial accounting, financial governmental accounting, tax accounting, and many more. Right now I am currently an accounting major as well as business marketing major. Accounting was never my first choice; however when I had taken it in high school I found a small interest in it. Math was always my strongest subject in school and I have also always been well with dealing with
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Fair value accounting and financial stability The recent financial crisis gave boost for intense policy discussion over fair value accounting among US Congress, the European Commission, and banking and accounting regulators all over the world. Critics state that fair value accounting had significant impact on the financial crisis and over exaggerated its force for financial institutions around the world. On the other hand, there those who oppose that fair value accounting was just a measurement
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In the Lighthouse revenue recognition case, there are two alternatives. The first alternative is that the device and service is a single unit of accounting and both should be recognized as the service is provided. The second alternative is that the devices and services represent two separate earnings processes which need to be recognized separately. Alternative 1. According to FASB 605-25-25-5, there are three criteria that need to be met in order for an arrangement with multiple deliverables
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reason for selecting that business combination method, and how the purchase will grow the business. I will also analyze the accounting requirements for the business combination method I selected and how I determined goodwill was impaired and the financial impact of such impaired goodwill. The business combination method I selected is the acquisition method. Business combinations have implemented the newly created accounting treatment called the “acquisition method.” The major changes in the acquisition
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understand and verify * A statutory requirement in many countries Arguments of accruals basis Cash basis accounting does not work well for companies that have inventories and sell on credit. Accrual basis accurately reflects the company true financial position. Cash based only report revenue and expense when you receive and pay cash. * Cash accounting does not generate enough useful information for example payables and receivable. Only accrual accounting provides adequate information on the
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the Northwest Distribution Corporation is December 31. The company's 2013 financial statements were issued on March 15, 2014. The following events occurred between December 31, 2013, and March 15, 2014. Event 1: On January 22, 2014, the company negotiated a major merger with Blandon Industries. The merger will be completed by the middle of 2014. In my opinion this is an event that should be disclosed on the financials. This doesn’t seem to be just a possibility. It seems that all of the
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TOPIC: THE RESEARCH PROCESS – RESEARCH TOOLS When attempting to find resolution to accounting issues, a key component of the research process is being aware of and utilizing research tools. Research tools may consist of many types of media, resources, and viewpoints. Because accounting is ever evolving, it is imperative to know where to go to remain informed of relevant changes and clarifications. The AICPA & PCAOB websites can be good places to start. There are links to white papers, exposure
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buck should present the borrowing and payment activity related to its revolving line of credit as cash flows from financing activity. According to the 2301045, the definition of financing activities is that “ Financing activities include obtaining resources from owners and providing them with a return on, and a return of, their investment; receiving restricted resources that by donor stipulation must be used for longterm purposes; borrowing money and repaying amounts borrowed, or otherwise
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ACW3050 Semester 1, 2015 Individual Assignment 1 Due date: Friday 3 April 2015 by 5.00 pm. Weighting: 15% (50 marks: Word count not to exceed 1000 word limit) Task Details: The core principle of IASB Exposure Draft 242 Leases is that entities should recognize assets and liabilities arising from a lease. Discuss the key changes on the recognition, measurement and disclosure on leasing by the lessor and the lessee stipulated in IASB Exposure Draft 242 with the exclusion of
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