ACC 541 Week 4 Learning Team Assignment Response to Client Request II

May 8th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 541 Week 4 Learning Team Assignment Response to Client Request II

Word Count: 951
Showing Page: 1/4
Response to Client Request IIACC/541MEMORANDUMTO: ClientFROM: Consulting Firm - Team A DATE: March 12, 2012SUBJECT: Pending Lawsuit EffectsThis memo elaborates on the Financial Accounting Standards Boards (FASB) Codification 450-10-05-4 that details how loss and gain contingencies will be reported and the standards for the financial statements. According to FASB stipulations financial statements, mortgage, and patent are affected when someone loses a case. This memo will provide the information needed to answer many of the questions concerning the upcoming lawsuit. The general rule (paragraph 450-20-25-1 of the loss contingencies) applies when a loss contingency is present, and the probability that an expected incident or event would validate the loss, the incurrence of a liability, or damage of an asset can vary from probable to remote (FASB, 1975, p. 442). The word loss or losses is used as a way to encompass charges against income (also referred to as expenses). The FASB paragraph 450-20-25-2 states that an approximate loss from a loss contingency reflects a charge to income. However, the two conditions below must be met:

Review from student

Studypool Student
" 10/10 would recommend. Responsive and helpful. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors