ACCT 557

ACCT 557 WEEK 2 Workout Room Application This week we will cover quite a few different aspects of accounting for income taxes. (See the Assignment area to get a jump on some of the problems we'll be concentrating on in this thread.) Before we start doing the problems together, what are the steps in reconciling pretax financial income and taxable income? What schedules are required for tax returns to reconcile these? And how is this reconciliati

ACCT 557 WEEK 1 Workout Room Application graded This week, we will cover quite a few different revenue scenarios. (See the assignment area to get a jump on some of the problems we'll be concentrating on in this thread.) Before starting to do these problems together, what are the steps in determining the revenue to be recognized with the percentage of completion method? Now, what are the steps for the cost recovery method? Let’s start wi

ACCT 557 WEEK 1 Revenue Recognition Theory graded What is the revenue recognition principle? What is the current environment regarding revenue recognition? Research a current company's financial statement that the SEC has present or past investigations on for revenue recognition practices of a company. Why do you think there are so many of these? How is the IFRS-FASB Convergence Project potentially changing the revenue recognition as we know it

ACCT 557 Final Exam 1 TCO A Benny Building Inc won a bid for a new warehouse building contract Below is information from the project accountant. Total Construction Fixed Price 25000000 Construction Start Date June 132012 Construction Complete Date December 16 2013 As of Dec. 31 2012 2013 Actual cost incurred 11500000 8360000 Estimated remaining costs 8250000 Billed to customer 9000000 16000000 Received from customer 7500000 165000