Financial Accounting homework
Prepare a two- or three-page research paper on 5 company accounting principles as described below and send by email to the instructor. Title page and reference page do not count for prescribed number of pages. I am looking for your assessment of the company’s use of the accounting principles. Do at least a paragraph on each principle. Did you find something interesting in this research?
The company will be Microsoft
Go to the Company/Corporation web site for investors to financial information to the Annual Report or 10-K. Look for Note 1 or 2 of Significant Accounting Policies or Practices.
Select 5 Accounting Principles to discuss; quote company’s statement and give your assessment in a short paragraph.
Fair Value Principle Measurements – Global or Historical Cost Principle – USA
Revenue Recognition – Long Term contracts: at sale or during progress of contract with progress billing
Financial Services Revenue
Research and Development
Inventories – FIFO or LIFO or Weighted Average or Specific Identification or Lower-of-Cost-or Net Realizable Value
Tracks inventory under perpetual or Periodic basis