Deposits Codification Interpretation Paper Analysis
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Deposits Codification Interpretation Paper Analysis
Content Type
User Generated
User
myMCCKC
Subject
Business Finance
Course
ASC 942
School
San Jose City College
Department
ASC
Description
Interpret the codification paragraph into ‘plain English’ as best you can. In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting?
Here is the codification:(Total 3 codification)
ASC-942-405-25-3 Deposits
The institution’s liability for deposits originates and shall be recognized at the time deposits are received rather than when the institution collects the funds. Checks that are deposited by customers and that are in the process of collection and are currently not available for withdrawal (deposit float) shall be recorded as assets and liabilities. Deposits shall not be recorded based solely on collections.
Interpretation:
ASC-942-405-45-4 Interest Payable
The interest paid or accrued on these accounts, commonly referred to as dividends, shall be reported as an expense on the statement of income, and the amount of interest payable to members shall be included as a liability in the statement of financial condition.
Interpretation:
ASC-908-605-25-6 Sampling Method
The objective of the sampling method is to recognize revenue on the basis of a survey of lifted off-line and on-line coupons for the period. There are two attributes for which a sample of lifted coupons may be tested:
- When the revenue passenger mile attribute is used, a sample of the dollar value of coupons is accumulated and divided by revenue passenger miles flown to produce an average yield per revenue passenger mile. These average yields are accumulated for each segment. This average yield is then multiplied by the total number of revenue passenger miles flown by the carrier to determine earned revenue. The average yield per revenue passenger mile is the most common attribute used for sampling systems.
- The number of revenue passengers attribute system develops an average fare per passenger from the sample. Earned revenue is then determined by applying this average fare to the number of passengers transported for the period.
Interpretation:
**Please Interpret the codification paragraph into ‘plain English’ as best you can. In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting?
It should be around 100-150 words per Interpretation, because you have to explain it and explain how to do it.
_________________________________
Here is the example:
ASC 326-20-30-1 Developing an Estimate of Expected Credit Losses
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net amount expected to be collected on the financial asset. At the reporting date, an entity shall record an allowance for credit losses on financial assets within the scope of this Subtopic. An entity shall report in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses for management’s current estimate of expected credit losses on financial asset(s).
Interpretation: The old method of accounting for credit losses required that the losses had actually been incurred by the balance sheet date to be recognized. The new method for accounting for credit losses requires that credit losses are taken when losses are expected to occur over the life of the asset. The effect of this is that losses are accelerated and taken sooner than they would have been under the old method. This allows for credit losses to be treated similarly to doubtful accounts; companies would debit Credit Losses and credit Allowance for Credit Losses to account for expected losses that would occur in the future.
ASC 326-20-30-2 Developing an Estimate of Expected Credit Losses.
An entity shall measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristic(s) exist (as described in paragraph 326-20-55-5). If an entity determines that a financial asset does not share risk characteristics with its other financial assets, the entity shall evaluate the financial asset for expected credit losses on an individual basis. If a financial asset is evaluated on an individual basis, an entity also should not include it in a collective evaluation. That is, financial assets should not be included in both collective assessments and individual assessments.
Interpretation: Before the Accounting Standards Update, a company could elect whether or not to pool assets based on shared characteristics. After the update, a company is required to pool financial assets with other assets that have shared characteristics when determining potential credit losses. The new updates do allow for assets to be evaluated individually, but only in cases where the asset is not substantially similar to other assets and is not included in a pool of assets.
51
Accounting and Financial Position Discussion
- Prompt: The Problem-Based Template in the article is considered as “an exercise in logic.” Please focus on Step 1 of the three steps in the template.
Requirements: Please answer the questions in Step 1. Please note that you’ll receive full credit as a result of completing this exercise. The problem you identify and your argument and supporting research does not have to be used in future research or a dissertation-related course.
References
Ellis, T. J., & Levy, Y. (2008). Framework of problem-based research: a guide for novice researchers on the development of a research-worthy problem. Informing Science: The International Journal of an Emerging Trans discipline, 11, 17+. https://link.gale.com/apps/doc/A199195049/AONE?u=belhavenu&sid=AONE&xid=1e358057 (Links to an external site.)
Ellis, T. J., & Levy, Y. (2009). Towards a guide for novice researchers on research methodology: review and proposed methods. Issues in Informing Science & Information Technology, 6, 323+. https://link.gale.com/apps/doc/A229896131/AONE?u=belhavenu&sid=AONE&xid=b0755822
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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