ACNT 1371 PRINT UPGRADE
ACNT 1371 PRINT UPGRADE
10th Edition
ISBN: 9781260906554
Author: SPICELAND
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 12, Problem 12.8E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To mention: The specific citation for accounting for unrealized holding gains for trading securities that should be included in earnings

(2)

To determine

To mention: The specific citation for accounting of securities under equity method

(3)

To determine

To mention: The specific citation for accounting of transfers between securities at fair value

(4)

To determine

To mention: The specific citation for accounting of disclosures of available-for-sale securities

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ABF's metal spare parts manufacturing company uses the customised production method by attributing the GST to the products it produces with the help of predetermined attribution coefficients. The processing of metal parts is carried out in two production departments: the Cutting and Drilling department, and the Assembly department. The GIS attribution coefficients for the two departments are based on the operating hours of machines and the cost of direct work respectively. At the beginning of the year, the following budgets were implemented:   Cutting and Drilling Department Assembly Department Direct Labor Costs (in euros) 1.320.000 2.000.000 G.B.E. (in euros) 4.800.000 2.400.000 Machinery Operating Hours 80.000 5.000 Direct Work Hours 27.000 12.000   Requested: To calculate the coefficient of attribution of the General Secretariat that will be used in each department. (4 units) To determine the production cost per unit for order 158 which…
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