ACC 305 Week 1 DQ 1 FASB and Ethics
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Research Case 1-3 (page 45)
The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).
Required:
Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.
1. Describe the mission of the FASB.
2. Who are the current Board members? Briefly describe their backgrounds.
3. How are topics added to the FASB’s technical agenda?
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ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2
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Judgment Case 5-2 (page 291)
Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.
Required:
1. Explain and justify why revenue often is recognized as earned at point of delivery.
2. Explain in what situations it would be useful to recognize revenue as the productive activity takes place.
3. At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?
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ACC 305 Week 4 Communication Case 8-4
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ACC 305 Week 4 Communication Case 8-4
Communication Case 8-4 on page 442
You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost...