Why could be claims that financial statements

Assignment Help Financial Accounting
Reference no: EM132887505

Problem a) Can you think of reasons why there could be claims that financial statements that are prepared in accordance with accounting standards are not true or fair?

Problem b) A company has an extensive customer base. Over many years, it has built a detailed customer list, which includes various data including demographics, contact details, purchasing history and preferences. It has spent quite a lot of resources on developing this customer list so that it can effectively target marking campaigns and manage customer relations. A number of businesses have approached the company to purchase their customer list and have offered prices from $60 000 to $210 000. However, the company has decided not to sell at this stage.

Explain whether this customer list would meet the definition and recognition criteria of an asset, applying the principles in 2018 Conceptual Framework.

Reference no: EM132887505

Questions Cloud

Assess the validity of ball comments : Assess the validity of Ball's comments and discuss five factors which lead to national differences in accounting (Hint: treat different cultural dimensions)
Moral and ethical development among healthcare workers : Read the course scenario and consider the overall moral and ethical failures of the healthcare staff at St. Michael's Medical Center.
Compute the weighted average number of shares : On November 30, the corporation issued a 3:1 stock split. Compute the weighted average number of shares to be used in computing earnings per share for 2020
Identify five areas in which accountant preparing financial : Identify five areas in which the accountant preparing financial statements must make professional judgements that will affect the content
Why could be claims that financial statements : Can you think of reasons why there could be claims that financial statements that are prepared in accordance with accounting standards are not true or fair?
Security interest to finance the sale of new toyota : Bridgeport Auto needs to file a financing statement to perfect its security interest to finance the sale of the new Toyota 4-Runner to Barton.
Prepare the journal entry to record the issuance of the bond : On January 1st, 2021 Regency Corporation issued $190,000,000 of 15-year, 8% bonds at 94. Prepare the journal entry to record the issuance of the bond
Prepare the journal entries to record the aro at january : Prepare the journal entries to record the ARO at January 1 and to record depreciation expense and accretion related o the ARO at December 31, Year 1
??how much will fernando auto insurance pay for damages : ??Fernando has auto insurance coverage of 15/75/10 for his new Tesla. How much will Fernando's auto insurance pay for the above damages?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd