The ASC citation for the location of GAAP guidance takes this generic form: ASC 123 45 67 89 (Area Topic Subtopic Section)

Example : What ASC citation provides GAAP guidance for reporting cash effects on the statement of cash flows.

Solution: In the ASC, begin by searching for words included in the question, like cash effects on statement of cash flows. Read the section(s) listed in the search results to identify the appropriate guidance. Example Answer: ASC 230 - 10 - 45 - 1 Area Topic Subtopic Section

Question 1: Fostoria Corporation has several consolidated subsidiaries. What citation explains how intra-entity transactions are treated? This includes intra-entity sales and purchases of inventory. The same question, said another way: How should we treat intra-entity profit on assets remaining within the consolidated group? FASB ASC __ 810 -_______________________________