Questions from Intermediate Accounting

Q: Livesey Company has signed a long-term contract to build a

Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related to the contract is $120 million. Estimated costs for building the arena are $40 million in th...

Q: What are some of the key obstacles for the FASB and IASB

What are some of the key obstacles for the FASB and IASB within its accounting guidance in the area of cash flow reporting? Explain.

Q: When would a construction company be allowed to use the completed-

When would a construction company be allowed to use the completed-contract method?

Q: When is a company allowed to initially recognize the financial statement effects

When is a company allowed to initially recognize the financial statement effects of a tax position?

Q: What information about its pension plan must a publicly traded company disclose

What information about its pension plan must a publicly traded company disclose in its interim financial statements?

Q: How should a lessor measure its initial gross investment in either a

How should a lessor measure its initial gross investment in either a sales-type lease or a direct financing lease?

Q: If a company registered with the SEC justifies a change in accounting

If a company registered with the SEC justifies a change in accounting method as preferable under the circumstances, and the circumstances change, can that company switch back to its prior method of ac...

Q: Do companies need to disclose information about investing and financing activities that

Do companies need to disclose information about investing and financing activities that do not affect cash receipts or cash payments? If so, how should such information be disclosed?

Q: Cherokee Construction Company began operations in 2011 and changed from the completed

Cherokee Construction Company began operations in 2011 and changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2012. Fo...

Q: If an SEC-registered company uses the gross profit method to

If an SEC-registered company uses the gross profit method to determine cost of goods sold for interim periods, would it be acceptable for the company to state that it’s not practicable to determine co...