Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the attached 10 questions. Some are multiple choice some are fill in the blank. Question 1 1. Which of the following is not

Please answer the attached 10 questions. Some are multiple choice some are fill in the blank.

image text in transcribed Question 1 1. Which of the following is not required when setting up the pending content systems setting? Your entity's fiscal year ending date. Your entity's filing status. Your entity's fiscal year beginning date. Your entity's period type. All of the above are required when setting up the pending content system. 5 points Question 2 1. A nonpublic company has a 52/53 year ending on Mondays. The company needs to transition to pending content for the first annual period beginning after December 15, 2016. Fill in the year (the one in which the fiscal year ends)___________________ the company needs to transition. The year should be shown as four digits. 5 points Question 3 1. While working in the Codification you notice an empty paragraph is highlighted with a blue dotted outline and no other information. What does this mean? The highlighted empty paragraph indicates that that material has been superseded and is now archived material. The highlighted empty paragraph represents SEC material that has been superseded. The highlighted empty paragraph indicates that you have created an annotation related to a section that has been superseded. The highlighted empty paragraph is pending content that is effective for your profile but not shown. The highlighted empty paragraph represents that pending content is available where no paragraph previously existed but the pending material is not effective for your profile. 5 points Question 4 1. While working in the Codification you notice some paragraphs are highlighted with a blue dotted outline and that transition date information and a transition guidance link are included. What does this mean? The highlighted material is archived material and is replacing the current Codification paragraph. The highlighted material is SEC material that your entity is subject to. The highlighted material indicates that you have created an annotation related to the section highlighted. The highlighted material is pending content that is effective for your profile and is replacing the current Codification paragraph. The highlighted material is current content only, as the pending content is not effective for your profile and is therefore hidden from your view. 5 points Question 5 1. A nonpublic company has a fiscal year ending on December 31. The company needs to transition to pending content for the first annual period beginning after December 15, 2016. Fill in the year (the one in which the fiscal year ends)___________________ the company needs to transition. The year should be shown as four digits. 5 points Question 6 1. While working in the Codification you notice some paragraphs are highlighted with a blue dotted outline and no other information. What does this mean? The highlighted material is archived material and is replacing the current Codification paragraph. The highlighted material is SEC material that your entity is subject to. The highlighted material indicates that you have created an annotation related to the section highlighted. The highlighted material is pending content that is effective for your profile and is replacing the current Codification paragraph. The highlighted material is current content only, as the pending content is not effective for your profile and is therefore hidden from your view. 5 points Question 7 1. A public company has a fiscal year ending on November 30. The company needs to transition to pending content for the first annual period beginning after December 15, 2016. Fill in the year (the one in which the fiscal year ends)___________________ the company needs to transition. The year should be shown as four digits. 5 points Question 8 1. A public company has a 52/53 year ending on Mondays. The company needs to transition to pending content for the first annual period beginning after December 31, 2016. Fill in the year (the one in which the fiscal year ends)___________________ the company needs to transition. The year should be shown as four digits. 5 points Question 9 1. What is the purpose of the pending content system within the Codification? To allow users to create alerts to notice them when new content becomes available. To allow users access to training materials that will educate them on accounting standards updates. To allow users to streamline and filter pending content on the basis of content effective dates and profile information. To allow users to communicate with others impacted by changes in the accounting standards. To allow users to provide feedback to the standard setters on the effectiveness of the new accounting standards. 5 points Question 10 1. A public company has a fiscal year ending on August 31. The company needs to transition to pending content for the first annual period beginning after June 15, 2016. Fill in the year (the one in which the fiscal year ends)___________________ the company needs to transition. The year should be shown as four digits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for creating and managing value

Authors: Kim Langfield Smith, David Smith, Paul Andon, Ronald Hilton, Helen Thorne

8th edition

9781760420413 , 978-1760420406

More Books

Students also viewed these Accounting questions

Question

1. What does this mean for me?

Answered: 1 week ago