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 the basic meaning of debit and credit

Your client, Hope, of Hope's Country Corner, is curious about two events will influence both taxable and financial income. The first event involves the purchase of pottery-making e

Hi I need a quote for an assingment. How do I submit it to you?

Consumers and others: Consumers' organizations, welfare organizations, media and public at huge are also interested in condensed accounting information so as to appraise the effic

Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin

I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit

Derivative instrument is an asset which develops i.e. takes its origin from another asset. The simplest form of derivative is a forward contract, "It is an agreement to buy or s


The range of accounting can be presented in a diagrammatic form. Data  collection  and  creation  is  the  area  that  provides  raw  material  for accounting. The data collecte