ACC 309 Final Project Student Workbook

Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required: Determine the specific citation for accounting for each of the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.3. Accounting for the revenue from separately priced extended warranty contracts.4. The criteria to determine if an employer must accrue a liability for vacation pay

Required: For the following accounts from Xafra Cyber's QBO COA, identify the corres QBO COA 1 Rent and Lease Expense 2. Advertising and Marketing 3. Repairs and Maintenance 4. Taxes and Licenses IRS Form 1120S Form 1120S Line 1 Form 1120S Line 2 Form 1120S Line 3 Form 1120S Line 4

I need answer correct

Match the terms in column A with the correct definitions in column B, e.g. 1.12 C Column A 1.1 Provisions 1.2 Adjusting event 1.3 Onerous contract 1.4 Reimbursement asset 1.5 non-adjusting event 1.7 Contingent liabilities 1.8 Past events 1.9 Restructuring Column B 1.10 Contingent assets A) Possible assets, the existence of which is still to beconfirmed B) Events that occurred on or before the recognition date 1.6 Future operating losses F) Changes either the scope of the business or the manner in which the business is conducted. C) Those that do not meet either the definition or recognitioncriteria of a liability. D) A provision may never be recognized as they areavoidable. E) Liabilities that involve uncertainty in terms of either theamount or timing of its settlement G) Events that provide evidence of conditions that existed asat the end of the period. H) Contract where the unavoidable costs of meeting theobligation are more than economics benefits expected 1) Events that are…

Included AssetExcluded temporary expense accountIncluded permanet account - Liability

Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal

Need Part C Do Not Give image format

While accounting for provisions, contingent assets, and contingent liabilities if probability of occurrence of Liabilities is 5% to 50%, then what treatment is required for the recognition of assets? a. Recognize assets b. Book provisions c. Disclosure notes d. Ignore Liabilities

Recognise the correct category in the Classified Balance Sheet for the given accounts: Patents Answer 1Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Account Receivable Answer 2Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Note Payable Answer 3Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Salaries & Wages Payable Answer 4 Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity

Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D. long-term asset

ccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:1. Obtain the relevant authoritative literature on recognition of contingent losses. What is the specific citationthat describes the guidelines for determining when an expense and liability should be accrued for a contingentloss?2. List the guidelines.

1.Which of the following is not an acceptable presentation of current liabilities? Listing current liabilities according to amount. Offsetting current liabilities against current assets. Listing current liabilities in the order of maturity. Showing current liabilities in the order of liquidation. 2. A deferred revenue not collectible within 1 year is a  Non-current liability Current Liability Neither a current liability or a non-current liability Can be a current liability or a non-current liability 3. For a debt restructuring involving substantial modification of terms, it is appropriate for a debtor to recognize a gain when the carrying amount of the debt: Exceeds the total future cash payments. Exceeds the present value of the future cash payments. Is less than present value of future cash payments. Is less than the total future cash payments. 4. The major difference between convertible bonds and bonds issued with share warrants is that upon exercise of the warrants The…

method of paying a loan (principal and interest) on installament basis, usually of equal amounts at regular intervals O Collateral Method O Collateral Damage Amortization Method Amortization Payment SLIDESMANIA.COM

The following are classified as current liabilities on the balance sheet: Inventory, Short-term Debt, and Deferred Revenue. Short-term Debt, Accounts Payable, and Deferred Revenue. Sales Taxes Payable, Current Operating Lease Liabilities, and Common Stock. Short-term Debt, Income Taxes Payable, and Land. please xplain and give thge correct letter

2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.

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Match (by letter) the correct reporting method for each of the items listed below. Reporting MethodC. Current liabilityL. Long-term liabilityD. Disclosure note onlyN. Not reported Item_____    1. Accounts payable._____  2. A contingent liability that is probable of occurring within the next year and can be estimated._____  3. A contingent liability that is reasonably possible of occurring within the next year and can be estimated._____    4. Current portion of long-term debt._____    5. Sales tax collected from customers._____    6. Notes payable due in two years._____    7. Customer advances._____    8. Commercial paper._____    9. Unused line of credit._____  10. A contingent liability that is probable of occurring within the next year but cannot be estimated.

On a Closing Disclosure, the method used to compute adjustments for insurance and taxes is known as A reconciliation. B. pro-ration. C D substitution. amortization.

Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense

Answer the last 2 please

Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill

MCQ The effective interest method is used to? a) Amortize bond premium or discount b) Calculate tax expense c) Determine depreciation d) Calculate lease payments

Use the following to answer questions 1– 5 Reporting Method A. Current Liability B. Long term liability C. Disclosure note only D. Not reported Select the correct reporting method for each of the items listed below: 1. Accounts payable Bond payable. 3. Sales tax collected from customers. 4. Unused line of credit. A contingent liability with a reasonably possible likelihood of occurring within the next 5. year and cannot be estimated. 2.

Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset c.current liability d.fixed asset

The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp

View Policies Current Attempt in Progress Financing activities involve O acquiring long-lived assets. O lending money. O acquiring investments. O issuing debt. Save for Later Attempts: 0 of 1 used Submit Answer