Assignment: Accounting Standards Codification (ASC) Research Assignment
1. How to properly cite an accounting standard from ASC? List the following components in a sequence for proper reference.
(a) section number, (b) topic number, (c) subtopic number, (d) subsection number.
2. What is the definition of a current asset? Cite the Codification topic number(s) relevant to classifying an item as a current asset.
3. List the new revenue recognition steps in order; cite the Codification listing the steps an entity follows to recognize revenue. Research ASC 606-10-10-1 to identify the missing words in the following paragraph:
The objective of the guidance in ASC 606-10-10-1 "is to establish ___________ that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of _________ and __________ arising from a contract with a customer."
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.