Category Archives: AC 551 (NEW)

AC 551 Unit 6 Codification Case Venus Cellular NEW

AC 551 Unit 6 Codification Case Venus Cellular NEW

Analysis of Statement of Comprehensive Income: Venus Cellular
Venus Cellular Limited (“Venus”) is the leading, worldwide provider of a wide variety of telecommunications equipment and services. Its telecommunications equipment and services enable its customers to send or receive virtually any type of voice or data transmission. Its customers include fixed line and wireless telecommunication operators, Internet service providers, governments, and businesses. Venus prepares its financial statements in accordance with International Financial Reporting Standards (IFRSs).

Question 1 — Identify whether the analysis of expenses in profit or loss is presented by nature or function.
 Question 2 — Identify the alternative performance (operating) measures presented in the statement of comprehensive income and document your conclusions with regard to the appropriateness of the various performance measures.
 Question 3 — Discuss any additional issues you have identified or other observations.

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AC 551 Unit 5 Homework Assignment FASB Codification Case (Case 13-5 Occupy Mall Street) NEW

AC 551 Unit 5 Homework Assignment FASB Codification Case (Case 13-5 Occupy Mall Street) NEW

Case 13-05 Occupy Mall Street
Occupy Mall Street (OMS or the “Company”) is a leading real estate management firm that owns and manages over 100 shopping malls across the United States. The Company went public in 2009 and experienced a continued increase in stock price through 2011. With the sustained growth of the business and rising stock price, OMS developed a practice of granting annual stock option awards to its executives at the beginning of each year.

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AC 551 Unit 5 Assignment Chapter Ex 2,4,17 NEW

AC 551 Unit 5 Assignment Chapter Ex 2,4,17 NEW

Assignment 1: Complete the following for Chapter 6: 
Exercises 2 – Given that GASB is related to FASB through their common oversight board, research GASB’S pans its hierarchy of accounting sources. Identify where you found that information.
Exercise 4 – Review Microsoft Corps financial reports for the last three years and perform a ratio analysis of them. In one paragraph, discuss the company’s financial situation. What databases and sub-databases did you use to find the answer? 
Exercise 17- Find the growth rate for Yahoo from 2007 to 2008. What helps to explain the change in the company’s stock price that year?
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AC 551 Unit 4 Assignment Questions NEW

AC 551 Unit 4 Assignment Questions NEW

Question 8. Does the Codification contain all GAAP authorities? Explain
Question11. What are the SEC accounting authorities? Where are they located?

Questions 12. Does the Codification contain SEC authorities? If so, what authority does the Codification have over SEC content?

Exercise 3. Use the topical categories in the left navigation panel of the Codification to identify the first three subtopics within the general topic of Presentation
Codification) governing each of the followings:
Exercise 19. Use the codification to find which expenditures qualify as a research and development cost (be sure to cite where you found the answer within the Codification).

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AC 551 Unit 4 Assignment FASB Codification (Case 13-1, Refer a Friend Program) NEW

AC 551 Unit 4 Assignment FASB Codification (Case 13-1, Refer a Friend Program) NEW

1. How should the $25 Referral Credit be recorded in Runway’s Income Statement— as a reduction of revenue or as a marketing expense?
2. When would Runway record the $25 Referral Credit?
What are the entries Runway would record when the $25 Referral Credit is earned by the Existing Customer?
What are the entries Runway would record when the $25 Referral Credit is redeemed against a $100 purchase made by the Existing Customer?
3. Runway is planning to adopt IFRSs in the near future. What is the relevant?

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AC 551 Unit 3 FASB Codification NEW

AC 551 Unit 3 FASB Codification NEW

1.      Identify the six topical areas where some 90 topics are located.
2.      In the master glossary, determine if the FASB considers options as securities or as cash. Explain your position.

According to guidance in the Codification, how should one account for the direct and indirect costs of growing crops? In what Codification section did you find this information?

What two methods are identified in the Codification as appropriate in accounting for long-term construction contracts? Where in the Codification did you find this? 

 

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AC 551 Unit 3 Assignment Chapter 3 (Questions 4, 7, 12, 15, and 16, Exercise 7) NEW

AC 551 Unit 3 Assignment Chapter 3 (Questions 4, 7, 12, 15, and 16, Exercise 7) NEW

Assignment 1: Complete the following for Chapter 3: Questions 4, 7, 12, 15, and 16; Exercise 7.
What is the FASB conceptual framework project? Explain the benefit of this project to the practitioner.
Give examples of authoritative and nonauthoritative U.S. GAAP.

Authoritative: based on the assumption or concept of financial or government accounting.
Nonauthoritative: based on accounting literature not necessarily accounting principles.
What constitutes U.S. GAAP?
How can the promulgation of an accounting standard impact economic behavior? Discuss a specific example.
Distinguish between primary authoritative support and secondary authoritative support.

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AC 551 Unit 2 Assignment Chapter 2 NEW

AC 551 Unit 2 Assignment Chapter 2 NEW

Question # 2
Discuss the highest level of thinking according to Bloom’s taxonomy.
Question # 4
Discuss how critical thinking relates to the term professional skepticism.
Question # 7
Discuss the AICPA list of effective writing characteristics. Which are editing skills, and which are composing skills?
Exercises # 14
Insert the correct punctuation.

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