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Section 1: Answer the following questions (Each question is worth 5 points)What are the main goals/objectives of IASC?What are the four major topical areas that FASB Accounting Standard Codification Research System (the codification) divides related guidance into?Distinguish between priori and posteriori research. Which research is used more for planning work?Section 2: Answer the following questions (Each question is worth 10 points)Explain the three conditions that the US-SEC offered for accepting international accounting standards.What are the advantages and disadvantages of rule based versus principle based accounting standards.What constitute GAAP? Give examples of authoritative and nonauthoritative GAAP.What is a liability? When should a liability be first reported? When should reporting of a liability cease?Section 3: Codifications (Each question is worth 2.5 points)Use the codification to identify the accounting authority governing each of the following:Accounting for prepaid advertisementAccounting for goodwillAccounting for accounts receivableAccounting for accelerated depreciationAccounting for start-up costs.What does the following codification discuss:835-30450-20-25-1; 450-20-30-1270-10-05Section 4: Cases (Each question is worth 10 points)Case 1: The Bootsie Holding Company has sales exceeding $10 billion and each of its three, wholly-owned subsidiaries has sales exceeding $2 billion. Three years ago, the subsidiaries had âcomplexâ capital structuresâuntil Bootsie acquired them. Bootsieâs annual report shows its consolidated income and individual income statement accounts of each subsidiary company. Should Bootsie also report separate earnings-per-share balances for the three subsidiary companies?Case 2: Macy offers customers purchasing its appliances separately priced (extended) warranties. Macy services these extended warranties. Its customers can receive no refunds for not using these warranties, and, of course, Macy must honor these contractsâregardless of any future costs in doing so. It also âtracksâ the profits and losses these types of warranties generate by appliance categoryâin order to help maintain a competitive price and costing structures. How should Macy recognize the revenues and expenses of such extended warranties?
