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Situation You are working as a teaching assistant for an accounting professor. The professor is preparing a new introductory accounting course for college-level students. In preparing the course, the professor has asked for your help in developing materials to introduce students to the FASB Accounting Standards Codification system. The professor is planning to have the Codification discussion toward the end of the course, after students have been introduced to the financial statements and what they report, and the major accounts and what they represent. Directions Write a memo that can be used as a handout in class for college students in an introductory course in accounting. The memo should explain: a. What the FASB Accounting Standards Codification system is b. How it is structured c. Step-by-step instructions for how students should use it

BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281
BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

Solutions

Chapter
Section
Chapter 1, Problem 12C
Textbook Problem

Situation

You are working as a teaching assistant for an accounting professor. The professor is preparing a new introductory accounting course for college-level students. In preparing the course, the professor has asked for your help in developing materials to introduce students to the FASB Accounting Standards Codification system. The professor is planning to have the Codification discussion toward the end of the course, after students have been introduced to the financial statements and what they report, and the major accounts and what they represent.

Directions

Write a memo that can be used as a handout in class for college students in an introductory course in accounting. The memo should explain:

  1. a. What the FASB Accounting Standards Codification system is
  2. b. How it is structured
  3. c. Step-by-step instructions for how students should use it

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Chapter 1 Solutions

Intermediate Accounting: Reporting And Analysis
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Ch. 1 - What role does the EITF play in assisting the FASB...Ch. 1 - What is the FASB Accounting Standards...Ch. 1 - Briefly describe the process followed by the FASB...Ch. 1 - How are the FASB and IASB different, and how are...Ch. 1 - What are International Financial Reporting...Ch. 1 - How are U.S. GAAP and IFRS changing over time?Ch. 1 - Are accounting standards established by the FASB...Ch. 1 - What is the purpose of a balance sheet? What...Ch. 1 - What is the purpose of an income statement? What...Ch. 1 - What is the purpose of a statement of cash flows?...Ch. 1 - What is the purpose of the statement of...Ch. 1 - Why do companies provide so much additional...Ch. 1 - How are changes in stock prices associated with...Ch. 1 - Why do accountants have to be ethical in their...Ch. 1 - What are the six principles of the AICPA Code of...Ch. 1 - Pronouncements Although U.S. GAAP is now organized...Ch. 1 - At the completion of the Darby Department Store...Ch. 1 - Considerable political and social influence is...Ch. 1 - The FASB is organized to establish generally...Ch. 1 - In a few years, you may become a member of the...Ch. 1 - One of your friends remarks, I understand that...Ch. 1 - Your friend who is taking his first accounting...Ch. 1 - Starbuckss Financial Statements A friend is very...Ch. 1 - You have just become friends with an exchange...Ch. 1 - You are preparing to visit a friend who now lives...Ch. 1 - Situation You are working as a teaching assistant...Ch. 1 - Codification Situation You are conducting an...Ch. 1 - Codification Situation You are conducting an...

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