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CSU - ACT 332 - Study Guide - Midterm

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CSU - ACT 332 - Study Guide - Midterm

School: Cleveland State University
Department: OTHER
Course: Intermediate Accounting II
Professor: Richard Molina
Term: Fall 2017
Tags:
Name: Exam 2 Study Guide
Description: This is verbatim.
Uploaded: 10/28/2017
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background image Chapter 18:  1. 5 steps for revenue recognition order a. allocation of a contract price when we have more than one performance  obligations b. recognize when to record contract asset 1. when you have satisfied a performance obligation but not yet  earned the right to be paid  ii. what is contract asset? iii. How does it differ from an account receivable? 1. Account receivable is when you have a right to be paid  iv. Contract liability/unearned revenue 1. When you have been paid but you have not yet performed the  performance obligation  2. allocate a contract price to more than one performance obligation (E18­10) (E18­13) a. Read carefully when payment is due 
b. Have I satisfied a performance obligation before payment date?
c. Don’t rely on solution, only how we did in class  3. Sale with a right to return (E18­21) 4. Warranties (MC) a. Assurance b. Extended
c. Accounting for warranties
5. Accounting for consignment (MC) (E18­25)  a. Consignee and consignor  6. Long term construction contracts (E18­33) (E18­37) a. % of completion method b. completed contract method Chapter 19: 1. temporary differences giving rise to DTA and DTL (E19­2) (E19­5) (E19­12)  a. accounting for temporary differences 2. permanent differences a. book income = 80,000; taxable income = 100,000  higher because there is a  permanent difference; something that we expensed on the books that we will  never be able to deduct on a tax return i. how do we handle this? 1. Never have DTA or DTL with a permanent difference ii. Since book income is less than taxable income  income tax expense is  less than income tax payable; how do you balance entry w/out DTA or  DTL? 1. Adjust book income a. If expense, add it back to book income
b. If income that will never appear on a tax return, reduce 
book income 3. Accounting for NOL (E19­23) 

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School: Cleveland State University
Department: OTHER
Course: Intermediate Accounting II
Professor: Richard Molina
Term: Fall 2017
Tags:
Name: Exam 2 Study Guide
Description: This is verbatim.
Uploaded: 10/28/2017
1 Pages 43 Views 34 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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