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Accounting, Coursework

ACC 318 Module Four Assignment

ACC 318 Module Four Assignment

Complete this template by replacing the bracketed text with the relevant information.

Master Glossary

  1. Define ordinary income (loss).

[Before income taxes (or benefits), ordinary income (or loss) is the amount from ongoing activities, excluding significant, uncommon, or occasionally occurring things. In essence, it refers to any income (personal or from a regular company operation) that is received.

740-20-00.]

  1. Define error in previously issued financial statements.

[A previously issued financial statement error can be the result of a mathematical error, an error in the utilization of generally accepted accounting principles (GAAP), an oversight, or an improper use of the details that were known at the time the accounting records were prepared (Mehrabanpour & Miri Chimeh, 2020). It can also be an error in the recognition, evaluation, presentation, or release of financial statements.

250-10-05.]

  1. Define earnings per share.

[Earnings per share refers to the earnings that can be associated with each unit of ordinary shares held in a firm. The term is often used to describe loss or earnings per share (FASB, 2023).

260-10-05.]

  1. List the three characteristics included in the definition of a publicly traded company.
  • A company whose financial accounts are submitted to a regulatory body in advance of any kind of securities being sold on the domestic market.
  • A company holding conduct bond obligatory securities for conduct debt securities offered on public markets (such as over the counter, local and regional markets, or domestic or international stock exchanges)
  • A company that trades its securities in the domestic over-the-counter market or on a domestic stock exchange, including securities that are only quoted locally or regionally.

932-235-50.]

FASB Codification Research

1 Cite the complete FASB Codification reference used for the characteristics of related parties.

[850-10-05-3.]

2. Describe at least four examples of related parties.

  • Affiliates
  • An organization and trusts run by or under the trusteeship of entity management that is intended to benefit the workers, such as profit-sharing and pension trusts.
  • Common parent subsidiaries
  • A parent company and its subsidiaries.]

3. Cite the complete FASB Codification reference used for the explanation of segment reporting.

[: 280-10-50 until 80.]

4. Explain when segment reporting quantitative thresholds requires a public company to report separate information about an operating segment.

  •  Ten per cent of the total revenue (external and internal) of all operational segments is represented by its reported revenue, which includes sales to external clients as well as intersegment sales or transfers.
  1. Its stated profit or loss, in absolute terms, is equal to or higher than ten per cent of the greater of the following:
  2. The total reported loss from every operational segment that filed a loss report.
  3. The total declared profit of all operational divisions that did not record a deficit.]

5. Cite the complete FASB Codification reference used for the explanation of interim reporting relating to SEC-register companies.

[270-10-50 to 55.]

6. Explain whether it is acceptable for an SEC-registered company to state the impracticality of determining components of inventory using the gross profit method in their interim reporting. Consider the following question to guide your response:

  1. Is it acceptable?
  2. Would a public company count inventories during each interim period?
  3. Will management be able to make reasonable estimates of inventory estimates? Why or why not?

 

  1. [A. Is it acceptable?

An SEC-registered company’s interim reporting cannot include a statement about how impossible it is to determine inventory components using the gross profit technique.

  1. Would a public company count inventories during each interim period?

A public corporation is required to publish its financial reporting. Thus yes, they count inventory throughout each interim period.

  1. Will management be able to make reasonable estimates of inventory estimates? Why or why not?

Since the measurement remains the same whether inventory is measured using the retail inventory technique or LIFO, management will be able to generate accurate estimations of inventory levels.

330-10-55-2.] 

References

[FASB. (2023). FASB Accounting Standards Codification. About the Codification (v 5.11). https://asc.fasb.org/Home

Mehrabanpour, M., & Miri Chimeh, F. (2020). Introducing the Latest Development in World Accounting Standard Setting: American Accounting Standards Codification System. Accounting and Auditing Studies, 9(35), 59-74.]

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Question

ACC 318 Module Four Assignment

Complete this template by replacing the bracketed text with the relevant information.

Master Glossary

  1. Define ordinary income (loss).

[Insert text.]

ACC 318 Module Four Assignment

ACC 318 Module Four Assignment

  1. Define error in previously issued financial statements.

[Insert text.]

  1. Define earnings per share.

[Insert text.]

  1. List the three characteristics included in the definition of a publicly traded company.

[Insert text.]

FASB Codification Research

  1. Cite the complete FASB Codification reference used for the characteristics of related parties.

[Insert text.]

  1. Describe at least four examples of related parties.

[Insert text.]

  1. Cite the complete FASB Codification reference used for the explanation of segment reporting.

[Insert text.]

  1. Explain when segment reporting quantitative thresholds requires a public company to report separate information about an operating segment.

[Insert text.]

  1. Cite the complete FASB Codification reference used for the explanation of interim reporting relating to SEC-register companies.

[Insert text.]

  1. Explain whether it is acceptable for an SEC-registered company to state the impracticality of determining components of inventory using the gross profit method in their interim reporting. Consider the following question to guide your response:
    1. Is it acceptable?
    2. Would a public company count inventories during each interim period?
    3. Will management be able to make reasonable estimates of inventory estimates? Why or why not?

[Insert text.]

References

Include any references used to complete this assignment. This section is for the full citations. Sources should be cited using APA style.

[Insert text.]