use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions in a written report.

In the entire report, be sure to use quotation marks whenever you are not using your own words

For the second set of questions (under the heading How is the term defined) you will need to provide the definition as well as the reference to the codification in the appropriate form. It is possible that a term may not be included in the glossary, in which case you will need to find the definition within the appropriate section of the codification.

. How is that term defined in the Codification? (6 points)

1. A disposal of a component of an entity shall be reported in discontinued operations if it represents a strategic shift that has (or will have) a major effect on an entitys operations and financial results. How is the term component of an entity defined?

2. Investments in debt and equity securities may be classified as held-to-maturity, trading, or available-for-sale. How are the terms a) trading securities and b) available-for-sale securities defined?

3. When accounts receivable are sold with recourse, the seller records a recourse liability. What does the term recourse mean?

4. What is the definition of the term commercial substance as it relates to the exchange of nonmonetary assets?

5. Contingencies that are expected to result in a probable loss must be estimated, recorded, and disclosed. How is the term loss contingency defined?