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In light of the full disclosure principle, investors and creditors need to know the balance for assets, liabilities, and equity as well as the accounting policies adopted by the manager to measure the items reported in the balance sheet.
Prepare your responses to the following. Use FASB Codification and provide Codification references to your responses.
1- Identify the literature that addresses the disclosure of accounting policies
2- How are accounting policies defined in the literature?
3 - What are three scenarios that would result in detailed disclosue of the accounting methods used.
4- what are some examples of common disclosures that are required under this statement?
Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical ..
Waterfalls Corporation purchased a one-year insurance policy in January 2009 for $60,000. The insurance policy is in effect from March 2009 through February 2010. If the company neglects to make the proper year-end adjustment for the expired insur..
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
Pierce had no restrictions on the use of the advance rental payments and renders no services connection with the rental income. What amount of gross income should Pierce report on its 2009 tax return?
A particle known as a pion lives for a short time before breaking apart into other particles. Suppose a pion is moving at a speed of 0.990c, and an observer who isstationary in a laboratory measures the pion's lifetime to be ? . What is the lif..
From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
Katherine Brewer is the owner and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Personality Shine has assets of $756,000 and liabilities of $181,000. Using the acc..
All dividends paid/declared were from post acquisition profits with the exception of the interim dividend paid by Millie Ltd of $43,000 Dividends from other group entities are recognised as revenue at the time the dividend is declared
What is meant by the net realizable value for accounts receivable? What is aging of accounts receivable, and how is it used to account for uncollectible accounts? How is the accounts receivable turnover computed? What information does this ratio prov..
Using Landry's Restaurants, Inc. 2003 Annual Report located in Appendix A of the text, Fundamentals of Financial Accounting, prepare a 1,050-1,750-word paper in which you answer ALL of the following questions, relative to the company and its annua..
Don pays Cardinal Construction Corporation $2.8 million to do the work. Don also pays an architect $400,000 to draw up plans for the project. Because the rewiring requirements are so extensive, Cardinal pays Dove Electric Company $500,000 to handl..
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