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Description Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events. 1. Inventory initial measurement 2. Application of the lower-of-cost-or-market rule for inventory 3. Accounts receivable initial measurement 4. Application of bad debt provision 5. Property, plant, and equipment, initial measurement 6. Depreciation

Description Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events. 1. Inventory initial measurement 2. Application of the lower-of-cost-or-market rule for inventory 3. Accounts receivable initial measurement 4. Application of bad debt provision 5. Property, plant, and equipment, initial measurement 6. Depreciation

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 2E
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Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events.

Description Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events. 1. Inventory initial measurement 2. Application of the lower-of-cost-or-market rule for inventory 3. Accounts receivable initial measurement 4. Application of bad debt provision 5. Property, plant, and equipment, initial measurement 6. Depreciation For example, suppose a Co. is being sued and concludes that it must record a liability for loss (a loss contingency). To find relevant references in the codification, you will begin in the "Liabilities" topic grouping - the 400s. Then Topic 450. Within Topic 450, Subtopic 20 covers loss contingencies. Within Subtopic 20, go to Section 30 - Initial Measurement. Thus, the answer is: ASC 450-20-30
Transcribed Image Text:Description Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events. 1. Inventory initial measurement 2. Application of the lower-of-cost-or-market rule for inventory 3. Accounts receivable initial measurement 4. Application of bad debt provision 5. Property, plant, and equipment, initial measurement 6. Depreciation For example, suppose a Co. is being sued and concludes that it must record a liability for loss (a loss contingency). To find relevant references in the codification, you will begin in the "Liabilities" topic grouping - the 400s. Then Topic 450. Within Topic 450, Subtopic 20 covers loss contingencies. Within Subtopic 20, go to Section 30 - Initial Measurement. Thus, the answer is: ASC 450-20-30
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