FASB ASC Assignment

FASB ASC Assignments (Summer 2020)
The Financial Accounting Standard Board (FASB) maintains the Accounting Standards Codification (ASC), which is the source of generally accepted accounting principles (GAAP). The ASC is formatted in four numbers that are connected by hyphens. For example, the treasury stock is defined as “Repurchased common stock is often referred to as treasury stock or treasury shares” (505-30-05-02) in the FASB ASC database, http://aaahq.org/ascLogin.cfm (Username: AAA52235; Password: M3DH4ey). The first number (505) represents the topic number, i.e., 505 (equity) that includes several subtopics, such as treasury stock (505-30). Then, the treasury stock definition can be found in the second paragraph of the overview and background section (505-30-05).

For this assignment, students need to identify the ASC (i.e., four numbers) that can serve as authoritative guidance for the issue raised in each of the cases below and provide a short response.

Don't use plagiarized sources. Get Your Custom Essay on
FASB ASC Assignment
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

1. Lee Oil Lab purchased testing equipment to evaluate the properties of the shale reservoirs for a 5-year note receivable on which payment started immediately. Nonetheless, Lee Oil needs to set up and test the equipment over the next 3 months. Lee Oil would like to know how the interest costs incurred during the installation period would affect the historical cost of the new equipment.
2. Lee Bio Lab acquired software to carry out research and development activities. Lee Bio would like to know how the cost of software should be recorded in their accounting ledger.
3. Robert Parker wanted to refer to the two types of foreign currency transactions in which gains and losses are not included in net income.
4. Mr. Tax wonders how changes in tax laws and rates in the current year should affect the computation of deferred tax liabilities and assets.
5. The bank of Joy Williams is reluctant to increase the line of her credit because of the high current ratio as shown in her current financial statements. Accordingly, she looks for authoritative guidance that helps her to find out financial arraignments to exclude the substantial amount of short-term obligations from current liabilities.

The Homework Market
Order NOW For A 10% Discount!
Pages (550 words)
Approximate price: -

Why Choose Us

Top quality papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional academic writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

Free revisions

If you feel that we missed something, send the order for a free revision. You will have 10 days to send the order for revision after you receive the final paper. You can either do it on your own after signing in to your personal account or by contacting our support.

On-time delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & confidential

We use several checkers to make sure all papers are plagiarism-free and do not share them with third parties.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

You are welcome to choose your academic level and the type of your paper. Our academic experts will gladly help you with essays, case studies, research papers and other assignments.


Admission help & business writing

You can be positive that we will be here 24/7 to help you get accepted to the Master’s program at the TOP-universities or help you get a well-paid position.


Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.


Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.

× Contact Live Agents