ACCT Practice Project Access to the FASB codification system:http://www2.aaahq.org/ascLogin.cfmStudent AccessAAA52067S6P6TVn
Prepare and submit your solution Use Google Docs, Microsoft Word, or similar word processing software to prepare your solution.
Use the PwC quick reference guide (see blackboard) to help you research: Use the FASB Learning Guide (see Blackboard)o This will be an invaluable resource when completing FASB Codification Research Projects.
Format your answer for each question as indicated in the picture below.?
NOTE: When quoting wording from a “Section” (paragraph), this is NOT original writing….copy/paste exact wording from the selected “Section” and paste into your answer.
Example format for answer to each question — Use this format when preparing answer to each question. Save your solution in Adobe Acrobat (.pdf) format.
NOTE: Google Docs includes a feature that allows you to save a document in .pdf format. Hand in your .pdf document through the Submit Assignments feature on the Blackboard welcome screen. Assignment: Definitions: Look these up in the Codification, copy, and paste, be sure to reference your source. Feel free to add your own words in addition to the quotes from the codification.
Your own examples are a good way to expand your reply in your own words. a) What is the definition of inventory? (b) What is the definition of market as it relates to inventory? (c) What is the definition of net realizable value?
2. Questions: Search the codification for information.
In your own words, discuss the following:
- List and describe three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?
- Again, be sure to cite your sources. In addition to the codification, you may use other sources. The codification will be your primary source.
- Submit your document to the link in Blackboard. You may submit as often as you like. I will grade the most recent submission.