Question
In: Accounting
Exercise 6-18 (Static) FASB codification research [LO6-8] Access the FASB Accounting Standards Codification at the FASB...
Exercise 6-18 (Static) FASB codification research [LO6-8]
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org).
Required:
Determine the specific nine-digit Codification citation
(XXX-XX-XX-XX) for accounting for each of the following
items:
1. What disclosures are required with respect to
performance obligations that the seller is committed to satisfying
but that are not yet satisfied?
2. What disclosures are required with respect to
uncollectible accounts receivable, also called impairments of
receivables?
3. What disclosures are required with respect to
significant changes in contract assets and contract
liabilities?
Solutions
Expert Solution
Answer :
The FASB Accounting Standards Codification®represents the single source of authoritative U.S. generally accepted accounting principles.
Requirement 1
Regarding disclosures that are required with respect to performance obligations that the seller is committed to satisfying but that are not yet satisfied, the appropriate citation is:
FASB ASC 606-10-50-12:“Revenue from Contracts with Customers-Overall-Disclosure-Performance Obligations.”
Requirement 2
Regarding disclosures that are required with respect to uncollectible accounts receivable, also called impairment losses on receivables, the appropriate citation is:
FASB ASC 606-10-50-4b:“Revenue from Contracts with Customers-Overall-Disclosure-Contracts with Customers.”
Requirement 3
Regarding disclosures that are required with respect to contract assets and contract liabilities, the appropriate citation is:
FASB ASC 606-10-50-10:“Revenue from Contracts with Customers-Overall-Disclosure-Contract Balances.”
ekkarill92 answered 1 year agoRelated Solutions
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight- or...
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org). Determine the specific eight- or
nine-digit Codification citation (XXX-XX-XX-XX) for accounting for
each of the following items:
Required:
1. Disclosure requirements for maturities of long-term
debt.
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having no ready market and no interest rate is exchanged for a
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3. When the straight-line method can be used as an
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1. The specific eight-digit Codification citation (XXX-XX-XX-X) that discusses depreciation as a systematic and rational allocation of cost rather than a process of valuation.
2. The specific nine-digit Codification citation (XXX-XX-XX-XX) that involves the calculation of an impairment loss for property, plant, and equipment.
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Requirement
Topic
Subtopic
Section
Paragraph
1
330
10
35
8
2
330
10...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Required: Indicate the specific seven-digit...
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org).
Required:
Indicate the specific seven-digit Codification citation (XXX-XX-XX)
for each of the following items:
Accounts receivables from related parties should be shown
separately from trade receivables.
The definition of cash equivalents.
The requirement to value notes exchanged for cash at the cash
proceeds.
The two conditions that must be met to accrue a loss on an
accounts receivable.
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Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific citation for...
Access the FASB Standards Codification at the FASB
website (www.fasb.org).
Required:
Determine the specific citation for accounting for each of the
following items:
1. On what basis is a contract’s transaction price
allocated to its performance obligations?
2. What are indicators that a promised good or
service is separately identifiable from other goods and services
promised in the contract?
3. Under what circumstances is an option viewed as
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Requirement
Topic
Subtopic
Section
Paragraph
1
606
10
2...
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Access the FASB’s Codification Research System at the FASB
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accounting for each of the following items:
Required:
1. Definition of initial direct costs.
2. When a modification to a contract is reported
as a separate contract (that is, separate from the original
contract).
3. The disclosures required in the notes to the
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4. The classification criteria for when a lessee
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