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Question :
Instructions: You have been asked to comment on the accounting treatment for various independent transactions by citing the appropriate section of the FASB ASC. Your first paragraph(s) should be the citation from the FASB ASC supporting your decision. Your second paragraph (or more) should be in your own words explaining how the ASC applies to your decision - be specific. Show support for your choice in your second paragraph. You can include things like why we do things in the manner prescribed by the FASB ASC, alternative accounting treatment, etc. This is where you show your understanding of accounting.
For all of the questions consider that you are a for-profit entity. Limit every question to one citation from the ASC. If you consider that there is more than one citation from the ASC that is appropriate, select the one that you believe is the "best." You cannot use the Master Glossary as a citation. Be sure to "cut and paste" the FASB ASC citation - do not retype it - and explain the citation number as presented in the example below. Only add information from the ASC relevant to your responses - do not "cut and paste" the complete citation if it is not relevant.
FASB ASC CITATION:
Record Master Costs
928-340Currently Viewing:
928 Entertainment-Music
340 Other Assets and Deferred Costs
25 Recognition
General
> Licensor Accounting
>> Record Master Costs
The portion of the record master cost borne by the record company shall be reported as an asset if the past performance and current popularity of the artist provides a sound basis for estimating that the cost will be recovered from future sales.
Evaluate a master budget for the three-month period ending June 30. Include the given detailed budgets:
An examination of the accounting records of a fictitious business, the Clowney Company, disclosed a high contribution margin ratio and production at a level below maximum capacity.
The study of advanced Cost accounting focuses on the significance of analyzing and managing costs; activity-based management, process costing and cost allocation; planning and decisions making, and evaluating and managing performance.
Eloise Camera Shop uses the lower-of-cost-or-market basis for its inventory and Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system.
Eliminated completely for next year's budget and fundraising efforts-despite an increase in expenses-did not improve at all.
The board of directors approved a 2- for -1 split. After the stock split, what will the balance sheet show as the par value of common stock?
Prepare an amortization table through 3 interest periods for this bond issue and first semiannual interest payment, including amortization of discount. Round to nearest dollar.
Assuming that the auditors consider the amounts involved as indicative of a weakness in internal controls, how, if at all, should that finding affect your report on the program
Love Bug Used Auto Sales asked for your help in comparing the company's profit performance and financial position with the average for the auto sales industry. The proprietor has given you the company's income statement and balance sheet as well a..
Determine Mary's and Larrys bases in these assets
When more than one factor causes variations in the variable element of a mixed cost, multiple regression analysis. the high-low method is generally more accurate than the least-squares regression method in analyzing cost behavior.
Write the adjusting entry needed to reconcile the difference between actual and normal cost
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