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.

Required:

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
what is meaning by parallel accounts

All relevant information and explanations about a business have been included in its financial reports

Which type of error would cause an entry in the suspense account? A. A page total from the purchases journal was posted as $9780 rather than the correct figure of $9870. B. C

cross indexing is made up of

Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou

Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.

Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason


Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti

Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,