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ACC 541 Week 1 Individual Assignment Accounting Standards Boards Paper ACC 541 Week 1 DQ 1 ACC 541 Week 1 DQ 2 ACC 541 Week 2 Individual Assignment Client Understanding Paper ACC 541 Week 2 DQ 1 ACC 541 Week 2 DQ 2 ACC 541 Week 3 Individual Assignment Response to Client Re..
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What is the importance of the mission of the FASB? ..
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Under current GAAP, goodwill is recorded when purchased. ..
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project.   Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Inc..
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What are the four criteria used for determining  if a lease is to be treated as a capital lease? (This question can be expanded to discuss the income statement and balance sheet implications of both a capital lease and an operating lease.) ..
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Under current GAAP, goodwill is recorded when purchased ..
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As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics: ·         Adjusting lower cost of market ..
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Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the..
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On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lease term is equal to 80 percent of the estimated economic life of the machine. The second lease cont..
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While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is ..
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Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income? ..
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The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance. Discuss how the two basic requirements for accrual of a loss contingency rela..
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Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losi..
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Explain operating segments of an enterprise. ..
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The concept of adequate disclosure continues to be one of the most important issues facing accountants, and disclosure may take various forms. Discuss the various forms of disclosure available in published financial statements. ..
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You are a controller in a midsized manufacturing company that has acquired 100% of another company. The acquired company includes two segments and two different pension plans. Both of these reporting issues are new to your CEO, and your CEO wants to eliminate the segments. Write a 700- to 1,0..
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A corporation may use stock splits and stock dividends to change the number of shares of its stock outstanding. From an accounting viewpoint, explain how the stock split effected in the form of a dividend differs from an ordinary stock dividend. ..
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What type of accounting or which area of accounting are you planning to enter as your profession? Why? ..
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As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company.   Research share-based payment reporting and SPE reporting individually.   ..

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