Need Help with Accounting Assignment

ACCT 301A Extra Credit Assignment (5 points) Due Date: December 13, 2018 Section: Name: Due Date:

Accounting Standards Codification (ASC) Research Assignment

1. How to properly cite an accounting standard from ASC? List the following components in a sequence for proper reference. (1 point)

(a) section number, (b) topic number, (c) subtopic number, (d) subsection number

ASC _______________ - ________________ - _______________ - ________________

2. What is the definition of a current asset? Cite the Codification topic number(s) relevant to classifying an item as a current asset. (2 points)

3. List the new revenue recognition steps in order; cite the Codification listing the steps an entity follows to recognize revenue. Research ASC 606-10-10-1 to identify the missing words in the following paragraph:

The objective of the guidance in ASC 606-10-10-1 “is to establish ___________ that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of _________ and __________ arising from a contract with a customer.”

(2 points)

ACCT 301A Extra Credit Assignment (5 points) Due Date: December 13, 2018 Section: Name: Due Date:

1. Q1a:
2. Q1b:
3. Q1c:
4. Q1d:
5. Q3a:
6. Q3b:
7. Q3c:
8. Q2:
9. Q3 essay:
10. Q3 essay continued:
11. Section:
12. Name: