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EXERCISES Use the FASB Codification to answer the following questions. There is a specific, correct answer to each of the following questions. Keep looking in
EXERCISES Use the FASB Codification to answer the following questions. There is a specific, correct answer to each of the following questions. Keep looking in the Codification until you find the reference that directly responds to these questions 1. Suppose you wanted to understand how interest payments on a loan should be presented (classified) in the state- ment of cash flows. a. Show how you would navigate to the appropriate guidance using the "browse topics feature on the left side of the screen. (example: liabilities contingencies-loss contingencies-initial measurement) b. Now provide the numerical ASC reference for the relevant guidance, down to the paragraph. c. What search term(s) might I enter, if I wanted to perform a keyword search to locate this guidance? d. What is the Codification reference (ASC xxx-xxx) if I wanted specialized statement of cash flows guidance for entities in the Real Estate-Timeshare Entities' industry
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