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1. What is the FASB Codification System and what is its purpose?
2. What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
Bendetta, a high-tax-rate taxpayer, owns several rental properties and would like to shift some income to her daughter, Jenine. Bendetta instructs her tenants to send their rent checks to Jenine so Jenine can report the rental income. Will this sh..
The following product line information is for the Home Deal Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales revenue..
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
Describe the direct and indirect technique in quoting foreign currencies. Provide some examples.
Mark Wilson, chief of personnel, has been instructed to increase the hiring of women at the Morton Cement Company.
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
Which of the following would be considered "constuctively received?"
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for hous..
Short Term Financial Policy
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
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