ACC 305 - Assignmnent

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Exercise 3-18 

Audio/Video Presentation of Problems:
(These videos prepared by Professor Blix, explain the major points of each
 problem and detail the steps necessary to complete the problem)  

  Audio/Video Review of Ex 3-18 

See Audio Video for Guidance to Exercise 3-18 and then complete and submit problem with same information except change the follo

 

 

 

New Values

 

Inventories

 

 

 

        
         2,100,000

Total assets

7,000,000

 

Discussion 1

 

Research case 1-3 (pg45)

 

·         Describe the mission of FASB.

 

·         Who are the current board members? Briefly describe their backgrounds.

 

·         How are topics added to the FASB's technical agenda?

 Ethics case 1-8 (pg46)

 

·         How might an auditors ethics be challenged while performing an audit?

 

Discussion 2: Judgment Case 2-1 --- Cash versus accrual accounting; adjusting entries

 

  1.  Explain the difference between a cash basis and an accrual basis measure of performance.

 

 

 

Judgment Case 3-6: Financial disclosures

 

          Identify the items in the statement that most likely would require further disclosure either on the face of the statement or in a note. Further identify those items that would require disclosure in the significant accounting policies 

 

 

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