On your own, create a fictitious fact pattern (accounting problem / business issue) to which you can apply the accounting research process. If you can, use a fact pattern based on a real situation that you've encountered professionally. Alternatively, the following sources may help you generate ideas: (1) The Codification: browse for guidance, then "back into" a fact pattern; (2) recent business news articles (e.g., from the Wall Street Journal); (3) discussions with small-business owners; or (4) corporate annual reports.

Required:

1. Describe the fact pattern.

2. Identify at least 1 researchable question for this fact pattern.

3. Brainstorm the likely answer to the question.

4. Locate the applicable Codification reference. Describe the requirements, plus any alternatives available.

5. Briefly describe your conclusion.