Discuss the accounting treatment for asset retirement obligations. When should a company recognize an asset retirement obligation on its balance sheet?

Define current assets. What basis is used for ordering individual items within the current assets section? How do current liabilities differ from long-term liabilities?

Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income

What is an asset and liability per the IASB framework definition for the preparation and presentation of financial statement?

Must obligations be known contractual debts in order to be reported as liabilities?

Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securities

Which of the following situations does not base an accounting measure on a present value? Prepaid insurance , leases, pensions or sinking funds

Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial Statement?   Income Statement Cash Flow Changes in Owners Equity Balance Sheet

Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assets