Question

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required: Determine the specific citation for accounting for the following:

The general partners in a limited partnership are presumed to control that limited partnership regardless of the extent of the general partners' ownership interest in the limited partnership.

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required: Determine the specific citation for accounting for the following:

An entity has financial statement and disclosure alternatives that may provide additional useful information. For example, an entity may highlight the effects of consolidating a limited partnership by providing consolidating financial statements or separately classifying the assets and liabilities of the limited partnership(s) on the face of the balance sheet.

Homework Answers

Answer #1
  • As per 810-20-25-3 The general partners in a limited partnership are presumed to control that limited partnership regardless of the extent of the general partners' ownership interest in the limited partnership.
  • As per 958-810-45-2 An entity has financial statement and disclosure alternatives that may provide additional useful information. For example, an entity may highlight the effects of consolidating a limited partnership by providing consolidating financial statements or separately classifying the assets and liabilities of the limited partnership(s) on the face of the balance sheet.

Please support and mark the answer as helpful so other studnets in future can get helped too.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: An operating segment is a component of a public entity that has all of the following characteristics: a.  It engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity). b.  Its operating results are regularly reviewed by the...
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles....
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: 1.A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally...
Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASB Accounting...
Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASB Accounting Standards Codification® represents the single source of authoritative U.S. generally accepted accounting principles. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equity using the FASB Accounting Standards Codification® at the FASB website (www.fasb.org). Required: 1. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for reporting that component of shareholders’ equity? 2. What is the specific nine-digit...
What are the key differences to the generally accepted accounting principles according to the FASB Codification...
What are the key differences to the generally accepted accounting principles according to the FASB Codification and tax guidance vs. treated for tax purposes under the Internal Revenue Code from the list below: LIFO vs. FIFO Inventory Goodwill
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and...
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “Statement of Financial Accounting Standards,” which represents an authoritative expression of generally accepted accounting principles. Go to the FASB website to answer the following questions. a. What are the 10 steps of the standard-setting process? b. What are the advisory groups that provide service to the FASB? c. What characteristics make the FASB’s procedures...
6. The Financial Accounting Standards Board: A. is a U.S. governmental agency that produces accounting principles...
6. The Financial Accounting Standards Board: A. is a U.S. governmental agency that produces accounting principles in the United States. B. is a private-sector entity responsible for the preparation and continued revision of the Accounting Standards Codification. C. does not provide accounting principles for privately held U.S. companies. D. All of the above are true. E. None of the above is true.
Generally accepted accounting principles are: mandatory rules applied to both financial and management accounting. standards of...
Generally accepted accounting principles are: mandatory rules applied to both financial and management accounting. standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor. optional procedures for recording economic events. the rules of accounting, prescribed exclusively by Federal regulatory agencies.
US generally accepted accounting principles(GAAP) is similiar but not identical to International Financial Reporting Standards (IFRS)....
US generally accepted accounting principles(GAAP) is similiar but not identical to International Financial Reporting Standards (IFRS). Please compare and contrast their financial accounting guidelines.
Under generally accepted accounting principles, Company's can present their income statements in 1 of 2 different...
Under generally accepted accounting principles, Company's can present their income statements in 1 of 2 different formats. 1. With the information provided below, prepare 2 Income Statements for the Williams Company for the year ended December 31. 20XX. a) Single step Income Statement 3 points b) Multiple step Income Statement 5 points To earn credit, you must use Excel functions to make any related calculations. Income tax expense $250,000 Interest expense 5,000 Selling expenses 10,000 Research and development expenses 5,000...
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods...
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining-balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/2021 year-end financial statements for Company B: Income Statement Depreciation expense $ 5,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT