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Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
Requirements
The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of the FASB Web site.
You should describe the project, its history (briefly), and the project's status. The final section of your paper should describe the implications of the project's adoption. For example, a paper might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.
The left-hand side of an account is used in recording debits, and the right hand side is used for recording credits in, Which of the following is NOT a basic function of an accounting system:
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Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:
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In Henderson Company, 50,000 units are produced and 40,000 units are sold. Variable manufacturing costs per unit are $6 and fixed manufacturing costs are $120,000. the cost of the ending finished goods inventory under each costing approach is:
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Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
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