For this assignment, students need to identify the ASC (i.e., four numbers) that can serve as authoritative guidance for the issue raised in each of the cases below and provide a short response.

1. How to measure accounting items, such as asset, liability, revenue or expense, resulting from a foreign currency transaction?

2. Robert Parker wants to know the authoritative guidance about how short-term obligations can be excluded from current liabilities on the balance sheet.

3. Identify two major elements on a note that is exchanged for property, goods, or service?

4. Provide the authoritative guidance that defines the nature of stock split.

5. Funny Corp has decided to issue a stock dividend equal to 10% of its previously outstanding shares. Which section in the authoritative guidance describes the appropriate accounting treatment for this transaction?