Accounting policies for credit losses, Accounting Basics

Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivables in recent years.


1. Obtain the relevant authoritative literature on accounting for accounts receivable using the FASB's Codification Research System at the FASB website. What is the specific citation that describes disclosure of accounting policies for credit losses and doubtful accounts? List the disclosure requirements.


2. Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. The definition of cash equivalents. 3. Notes exchanged for cash are valued at the cash proceeds. 4. The two conditions that must be met to accrue a loss on an accounts receivable.


Posted Date: 3/19/2013 6:40:43 AM | Location : United States

Related Discussions:- Accounting policies for credit losses, Assignment Help, Ask Question on Accounting policies for credit losses, Get Answer, Expert's Help, Accounting policies for credit losses Discussions

Write discussion on Accounting policies for credit losses
Your posts are moderated
Related Questions
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin

What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio

Personal Account is an account for use by an individual for their own requirements. It is a relative term to distinguish the said accounts from those accounts for corporate or busi

on which shares pre acquisiton dividend received

how do i prepare a multilevel and single step income statement

What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba

i want to work for online assignments in basic accountancy

On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note

How to prepare the worksheet  Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci