ACC 318 Module Four Assignment Template

Complete this template by replacing the bracketed text with the relevant information.

Master Glossary

1. Define ordinary income (loss).

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2. Define error in previously issued financial statements.

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3. Define earnings per share.

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4. List the three characteristics included in the definition of a publicly traded company.

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FASB Codification Research

1. Cite the complete FASB Codification reference used for the characteristics of related parties.

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2. Describe at least four examples of related parties.

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3. Cite the complete FASB Codification reference used for the explanation of segment reporting.

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4. Explain when segment reporting quantitative thresholds requires a public company to report separate information about an operating segment.

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5. Cite the complete FASB Codification reference used for the explanation of interim reporting relating to SEC-register companies.

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6. Explain whether it is acceptable for an SEC-registered company to state the impracticality of determining components of inventory using the gross profit method in their interim reporting. Consider the following question to guide your response:

A. Is it acceptable?

B. Would a public company count inventories during each interim period?

C. Will management be able to make reasonable estimates of inventory estimates? Why or why not?

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References

Include any references used to complete this assignment. This section is for the full citations. Sources should be cited using APA style.

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