INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Chapter 13, Problem 13.10E
FASB codification research
• LO13–3, LO13–4, LO13–5
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).
Required:
Determine the specific citation for accounting for each of the following items:
- 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.
- 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.
- 3. Accounting for the revenue from separately priced extended warranty contracts.
- 4. The criteria to determine if an employer must accrue a liability for vacation pay.
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Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required: Determine the specific citation for accounting for each of the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.3. Accounting for the revenue from separately priced extended warranty contracts.4. The criteria to determine if an employer must accrue a liability for vacation pay
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Chapter 13 Solutions
INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
Ch. 13 - What are the essential characteristics of...Ch. 13 - Prob. 13.2QCh. 13 - Bronson Distributors owes a supplier 100,000 on...Ch. 13 - Bank loans often are arranged under existing lines...Ch. 13 - Prob. 13.5QCh. 13 - Prob. 13.6QCh. 13 - Salaries of 5,000 have been earned by employees by...Ch. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Long-term obligations usually are reclassified and...Ch. 13 - How do IFRS and U.S. GAAP differ with respect to...Ch. 13 - Prob. 13.15QCh. 13 - Prob. 13.16QCh. 13 - Prob. 13.17QCh. 13 - Prob. 13.18QCh. 13 - Suppose the analysis of a loss contingency...Ch. 13 - Prob. 13.20QCh. 13 - Distinguish between the accounting treatment of a...Ch. 13 - At December 31, the end of the reporting period,...Ch. 13 - After the end of the reporting period, a...Ch. 13 - Prob. 13.24QCh. 13 - Prob. 13.25QCh. 13 - Prob. 13.26QCh. 13 - Prob. 13.27QCh. 13 - Prob. 13.28QCh. 13 - Bank loan; accrued interest LO132 On October 1,...Ch. 13 - Non-interest-bearing note; accrued interest LO132...Ch. 13 - Determining accrued interest LO132 On July1,...Ch. 13 - Commercial paper LO132 Branch Corporation issued...Ch. 13 - Non-interest-bearing note; effective interest rate...Ch. 13 - Sales tax LO133 DuringDecember, Rainey Equipment...Ch. 13 - Prob. 13.12BECh. 13 - Prob. 13.13BECh. 13 - Contingency LO135, LO136 Skill Hardware is the...Ch. 13 - Contingency LO135, LO136 Bell International can...Ch. 13 - Prob. 13.16BECh. 13 - Prob. 13.17BECh. 13 - FASB codification research LO133, LO134, LO135...Ch. 13 - Current noncurrent classification of debt; Sprint...Ch. 13 - Prob. 13.12ECh. 13 - Prob. 13.14ECh. 13 - Extended warranties LO135, LO136 Carnes...Ch. 13 - Disclosures of liabilities Indicate (by letter)...Ch. 13 - Prob. 13.11PCh. 13 - Prob. 13.2DMPCh. 13 - Prob. 13.3DMPCh. 13 - Prob. 13.4DMPCh. 13 - Prob. 13.18DMPCh. 13 - Real World Case 1319 Contingencies LO135 Real...Ch. 13 - Prob. 1CCTCCh. 13 - Prob. 2CCTC
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- Exercise 13-10 (Static) FASB codification research [LO13-3, 13-4, 13-5] Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: Determine the specific eight- or nine-digit Codification citation (XXX-XX-XX-XX) that describes the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2 Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay. Requirement 1. 2 3. 4. Topic Subtopic Section Paragrapharrow_forwardThe Standard IAS 37 sets the criteria for recognition and measurement of Provisions; Contingent liabilities and Contingent assets; and requires several disclosures about these items to understand them better. Where do you find contingent liabilities in the financial statements? a.Notes to Accounts b.None of the options c.Current Liabilities d.Non-current Liabilitiesarrow_forwardNonearrow_forward
- 13 Under what circumstances under PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL? Group of answer choices Where the instrument is held to maturity. Where the business model approach is adopted. Where the financial asset passes the contractual cash flow characteristics test. Not sure If doing so eliminates or reduces an accounting mismatch.arrow_forwardVikrambahiarrow_forwardExplain the measurement principles for provisions in IAS No: 37, for " Provisions, Contingent Liabilities, and Contingent Assets".arrow_forward
- 13. 14. Future events that may affect the amount required to settle an obligation should be reflected in the provision amount where there is sufficient objective evidence that such future events will in fact occur. Provisions for future operating losses can be recognized.arrow_forwardTrue (t) or False (f) _____ Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur)arrow_forward4arrow_forward
- 18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk of property loss by fire or other hazardsb. guarantees of indebtedness of othersc. noncollectibility of receivablesd. agreements to repurchase receivables that have been soldarrow_forwardt29arrow_forwardDetermine if this shall result in recognition of liabilities 12. violation of the terms of a contract; it is more likely than not that there will be outflow of resources, amount of such outflow can be reasonably estimated a. yes b. noarrow_forward
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