Questions from Advanced Accounting

Q: List all the topics found under General Topic 200—Presentation

List all the topics found under General Topic 200—Presentation (Hint: There are 15 topics).

Q: The rules providing accounting guidance on subsequent events were originally listed in

The rules providing accounting guidance on subsequent events were originally listed in FASB Statement No. 165. Where is this information located in the Codification? List all the topics and subtopics...

Q: A company considered displaying negative amounts using red print in a

A company considered displaying negative amounts using red print in a manner that clearly distinguishes the negative attribute. When determining methods of display, does the company need to give consi...

Q: Accounting for contingencies was originally addressed in SFAS No. 5.

Accounting for contingencies was originally addressed in SFAS No. 5. Where is this information included in the Codification? Is all the guidance listed within one topic?

Q: Place Company purchased 92% of the common stock of Shaw,

Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2012, for $400,000. Trial balances at the end of 2012 for the companies were: Inventory balances on December 31, 2012, wer...

Q: There are two specific operating cash payments that are required to be

There are two specific operating cash payments that are required to be disclosed as supplemental information to the statement of cash flows (if not presented as line items under the direct method). Wh...

Q: Can treasury stock be listed as an asset on the balance sheet

Can treasury stock be listed as an asset on the balance sheet?

Q: Suppose a firm purchases treasury stock but pays an amount significantly larger

Suppose a firm purchases treasury stock but pays an amount significantly larger than the market value of the stock. Describe the appropriate accounting for the treasury stock.

Q: Variable interest entities (VIEs) are discussed in FASB Interpretation No

Variable interest entities (VIEs) are discussed in FASB Interpretation No. 46R. List all the topics in the Codification where this information can be found (i.e., ASC XXX). (Hint: There are three main...

Q: A company reported net income of $15,000, including

A company reported net income of $15,000, including an extraordinary loss of $3,000. Another company owns 40% of this company and uses the equity method to account for the investment. On the investee...