• Discuss one factor that a company might consider in determining the need for a valuation allowance for a deferred tax asset.
• The revised revenue recognition accounting standard employs a five-step process to recognize income upon the transfer of promised goods or services. Many companies bundle a product and a service. How will a company recognize revenue for such products ?
• The defined contribution and defined benefit plans had been the most popular pension plans in use by employers. Many employers have changed from traditional defined benefit plans to defined contribution plans. No major company has adopted a traditional plan in the last 10 years. What would be one possible reason that might explain this trend and the future impact on the accounting for pensions?