Question

Within the Codification, which section is best to review for the recording of transactions?

            A.   (35) Subsequent measurement

            B.   (40)  Derecogntion

            C.   (50)  Disclosure

            D.   (25) Recognition

            E.   None of the above  

   18. Which of the following is NOT a method to Search the Codification .?

           A.  Search/Advanced Search features

           B.  Use of the Master Glossary

           C.  Search using the historical GAAP (SFAS) designation

           D.  Browse by Financial Statement Captions: Assets, Liabilities, Revenue, Expenses, etc.

           E.  All are methods

Answer 1

Correct option is D. (25) Recognition . Rest of the options were incorrect due to following.

Recognition : This Section addresses the criteria, timing, and location (within the financial statements) for recognizing a particular item.

Subsequent Measurement : This Section relates almost exclusively to assets, liabilities, and equity. It addresses the criteria and amounts used to measure a particular asset, liability, or equity item subsequent to the date of recognition (for example, impairment, fair value changes, depreciation, amortization, and similar items).

Derecognition :This Section relates almost exclusively to assets, liabilities, and equity. It addresses the criteria, the method to determine the amount of basis, and the timing to be used when derecognizing a particular asset, liability, or equity item for purposes of determining gain or loss, if any.

Disclosure : This Section contains specific disclosure requirements for a Subtopic. It does not include general disclosure requirements that may reside in the Notes to Financial Statement Topic and other general presentation Topics. This Section may include references to general disclosure requirements that encompass the items addressed by the Subtopic. For example, the Receivables Subtopic contains a link to the general financial instrument disclosure requirements that relate to receivables.

18.Solution : Correct option is E.) All are methods.

The FASB Accounting Standards Codification® Research System includes an easy-to-use and powerful search engine to facilitate your accounting research. In addition to the keyword search common in most popular search engines, Codification search adds features that lets you narrow your search results by related terms and within specific Areas, Topics, and Subtopics.The following are the methods to search :

1) Search tutorial

2) General search

3) Advanced search

4) Narrowing your search

5) Site search