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Chapter 8 questions:

1. What are the two general revenue recognition criteria?

2. What 4 revenue recognition factors are identified in FASB ASC Section 605-45-45, and how do these four factors relate to the two general revenue recognition criteria?

Answer the two questions above and submit your work in the assignment section. Due date: Sunday, 11:59pm.

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Reid Wolff
Reid WolffLv2
28 Sep 2019

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Question 1 (15 POINTS)

The FASB recently released the following two AccountingStandards Updates (ASU) and an ASC, as listed below

:

ASU 2014-08, “Reporting of DiscontinuedOperations and Disclosures of Disposals of Components ofEntities”

ASU 2015-01, “Simplifying Income StatementPresentation by Eliminating the Concept of Extraordinary Items”and

ASC 606 “Revenue Recognition Standard ( May2014)

For each of these, answer the following questions (can useCodification site to refer to standards):

a) Why did the FASB issue this ASU/ ASC (i.e., how is it animprovement)?

b) What are the main provisions of the ASU/ASC and how are thesedifferent from current GAAP?

Question 2: What are accounting changes and whyis it an issue? List and define the three types of accountingchanges. Include in which statement the changes are presented andwhere in the statement. (5 POINTS)

Question 3: Under current US GAAP (ASU2011-05): (10 POINTS)

a) What is meant by Comprehensive Income?

b) How should Comprehensive Income be presented in the financialstatements?

Questions 4: How is fair value definedin SFAS No. 157 (5 POINTS)

Our Federal corporate tax laws provide numerous incentivesintended to promote certain activities, industries and jobcreation. Some argue that these measures are ineffective whileothers say that they do not go far enough in stimulating theeconomy and employment. Four examples of tax incentives offered bythe Federal government are: (1) the Credit for Increasing ResearchActivities (IRC Section 41), (2) the Work Opportunity Tax Credit(IRC Section 51), (3) the Energy Tax Credit (IRC Section 48), and(4) the Domestic Manufacturing Deduction (IRC Section 199).

Carefully review the Grading Rubric for the criteria that willbe used to evaluate your assignment.

In an eight- to ten-page paper (formatted according to APA styleguidelines), provide an analysis of the following:

For each of the four above federal corporate tax programs:

Provide an overview of the program citing changes in thelegislation since inception.

Analyze the effectiveness of the program in terms of meeting itsintended purpose.

Evaluate unintended tax and non-tax consequences of thislegislation that have resulted from its passage.

Next, design and describe specific modifications that you wouldrecommend to each of the above-mentioned programs. Evaluate theprojected impact of these changes including the effect, if any,to:

Gross National Product

Unemployment rate

Federal tax revenue

Finally, include in your analysis a discussion of the likelihoodof passage of these proposed changes taking into account thepotential effect of these changes on federal deficit levels and thepolitical process involved in enacting federal tax reform.

QUESTION 1

The ownership of a corporation is represented by:

shares of stock.

the owner's capital account.

the revenue account.

cash in bank account.

QUESTION 2

How many classifications does a Capital Stock Account have?

One

Two

Three

Four

QUESTION 3

The equity contributed by stockholders and equity earned throughbusiness profits represent the stockholders' equity for a:

partnership firm.

sole proprietorship.

corporation.

none of these.

QUESTION 4

Retained earnings are a part of a/an:

asset account.

permanent account.

stockholders' equity account.

temporary account.

QUESTION 5

How many sections does an Income Statement have?

Two

Three

Four

Five

QUESTION 6

Net sales are related to the:

net income section.

gross profit on sales section.

revenue section.

cost of merchandise sold section.

QUESTION 7

Sales discount and sales return and allowance are:

revenue accounts.

contra revenue accounts.

permanent accounts.

contra expenses accounts.

QUESTION 8

The total cost related to merchandise purchases during anaccounting period is the:

net purchase.

cost of merchandise sold.

cost of merchandise available for sale.

beginning merchandise inventory.

QUESTION 9

The gross profit on sale is $65,000, and operating expenses is$35,000. What will be the operating profit?

$65,000

$35,000

$100,000

$30,000

QUESTION 10

A balance sheet has the following sections:

Assets, liabilities, and stockholders' equity.

Income, expenses, and stockholders' equity.

Assets, liabilities, and income.

Operating income, operating expenses, and stockholders'equity.

QUESTION 11

A cash flow statement is used to assess the:

net increase or decrease of cash.

net increases of cash only.

net decrease of cash only.

net profit or loss of business.

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