Directions for access: Follow the steps listed below to access the FASB codification system.

Go to https://aaahq.org/Research/FASB-GARS

Click the "FASB User Login" button at the center of the page

Enter the below username and password

Username: AAA51460

Password: 5Me6MWc

Select the FASB Accounting Standards Codification

Click "Accept: at the bottom of the user agreement

For each of the four questions proposed, use the FASB Codification website and answer to the question (true or false), the search terms, the four-number codification, and copy and paste the sentence or two of text that supports your answer

Question 1

Your company has extinguished a piece of debt instrument by issuing a new, substantially different debt instrument. If extinguishment accounting is applied, you think that the new debt should be valued at fair value to determine any recognized gain or loss. Is this true or false?

True or False:

Search terms:

Codification:

Text copy and paste:

Question 2

Your company decides to make a change in accounting principle. You know that the change in accounting principle is allowed if the alternative method is justified in being preferable. Your co-worker believes that there is another way a change in accounting principle would be allowed. Is this true or false?

True or False:

Search terms:

Codification:

Text copy and paste:

Question 3

Your company provides services in exchange for a customer signing a long-term notes receivable. If the note amount is considered unreasonable, you believe that the note should be recorded at the present value. Is this true or false?

True or False:

Search terms:

Codification:

Text copy and paste:

Question 4

Your company pays a third-party for business process reengineering to increase efficiency in its software system. Your boss thinks that these costs should be capitalized to an asset amount. Is this true or false?

True or False:

Search terms:

Codification:

Text copy and paste: