Below are 5 questions. Choose any 1 of the following 5 questions and answer it on the following page(s)

Be sure to read the syllabus regarding writing style and format. For this question please use 1.15 spacing between lines. Questions (Choose any 1 of the following 5) 500 words 1. The accounting for assets, both current and long-term, has changed significantly since the inception of the FASB. Discuss some of the primary changes in the accounting (measurement and reporting) for assets that the FASB has implemented. 2. The accounting for liabilities, both current and long-term, and equity has changed significantly since the inception of the FASB. Discuss some of the primary changes in the accounting (measurement and reporting) for liabilities and equity that the FASB has implemented. 3. Discuss the current state of accounting for leases, the strengths and weaknesses, and where improvement can be made. Be sure to discuss the off-balance sheet financing nature of operating leases. If you choose this question you may want to go to the FASB ASC website and look at Proposed Accounting Standards Updates, 2013, Leases Topic 842. The information for accessing the ASC is given in the syllabus. 4. Discuss the theories of equity, specifically the proprietary, entity and residual equity theories. Be sure to include in your discussion which theory you believe best meets the theory of equity, that is best defines what equity is or should be. 5. The text authors point out that accounting for income taxes has been a controversial financial accounting topic for many years. Discuss the (1) controversies, (2) the resolutions, and (3) any unresolved or questionable areas related to the accounting for income taxes. For this question you may want to access the FASB ASC (information to access the FASB ASC is given in the syllabus) and look at Proposed Accounting Standards Updates, 2015, Income Taxes Topic 740, Part II, Balance Sheet Classification of Deferred Taxes