follows : At December 31 , 2006 , Rex should report an estimated warranty liability of
Question 1
Which of the following should be disclosed for each reportable operating segment of an enterprise ?
Question 2
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for
Question 3
Ace Co . settled litigation on February 1 , 2005 for an event that occurred during 2004 . An estimated liability was determined as of December 31 , 2004 . This estimate was significantly less than the final settlement . The transaction is considered to be material . The financial statements for year-end 2004 have not been issued . How should the settlement be reported in Ace ' s year-end 2004 financial statements ?
Question 4
When should a lessor recognize in income a nonrefundable lease bonus paid by a lessee on signing an operating lease ?
Question 5
In a sale-leaseback transaction , a gain resulting from the sale should be deferred at the time of the sale-leaseback and subsequently amortized when I . The seller-lessee has transferred substantially all the risks of ownership . II . The seller-lessee retains the right to substantially all of the remaining use of the property .
Question 6