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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.
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
Compute net cash provided by operating activities,the net change in cash during the year, and free cash flow.
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
Mary (Who is single with no dependants and who does not itemize) owns 100% of Beezer Tweezer Co, which is organized as a C-Corporation. Beezer Tweezer has $400,000 of taxable income in 2011 and Mary has $34,500 of outside taxable income before any..
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given.
Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2007, operating activities:
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company.
What are the differences between substantive tests of transactions and tests of details of balances?
What are the two techniques used to convert trial balances from foreign currencies in U.S. dollars? Explain the situations when you would employ each metod.
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