ACC 305 - Assignmnent
loka9502Exercise 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)
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 |
| ||
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
- 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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