Financial Accounting Standards Board It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. To Determine: the specific citation for definition of initial direct costs.

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Answer 1

Question

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

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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

Under PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivable

Answer 2

Question

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

Expert Solution & Answer

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Answer 3

Question

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

Expert Solution & Answer

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Answer 4

Question

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

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Answer 5

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

Answer 6

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

Answer 7

Chapter 15, Problem 15.37E

(1)

To determine

Financial Accounting Standards Board

It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies.

To Determine: the specific citation for definition of initial direct costs.

Answer 8

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

Answer 9

(2)

To determine

the specific citation for Lessor’s gross investment in a sales-type lease.

Answer 10

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

Answer 11

(3)

To determine

the specific citation for disclosures required in the notes to financial statements for a lessor.

Answer 12

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

Answer 13

(4)

To determine

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 15 - Prob. 15.1Q Ch. 15 - Prob. 15.2Q Ch. 15 - Prob. 15.3Q Ch. 15 - A lessee should classify a lease transaction as a...Ch. 15 - Lukawitz Industries leased non-specialized...Ch. 15 - In accounting for a finance lease/sales-type...Ch. 15 - What is selling profit on a sales-type lease? How...Ch. 15 - At the beginning of an operating lease, the lessee...Ch. 15 - At the beginning of an operating lease, the lessor...Ch. 15 - In accounting for an operating lease, how are the...

Solution Summary: The author explains the purpose of the Financial Accounting Standards Board to create and improve GAAP (Generally Accepted Accounting Principles) within the US.

Concept explainers

the specific citation for Lessor’s gross investment in a sales-type lease.

the specific citation for disclosures required in the notes to financial statements for a lessor.

the specific citation for classification criteria for when a lessee classifies a lease as finance lease and lessor classifies a lease as sales-type lease.

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Chapter 15 Solutions