Download Accountants’ handbook. Special Industries and Special Topics by D. R. Carmichael, O. Ray Whittington, Lynford Graham PDF

By D. R. Carmichael, O. Ray Whittington, Lynford Graham

This very popular reference is trusted by means of a substantial a part of the accounting occupation of their daily paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its entire scope is widely known and trusted. it's designed as a unmarried reference resource that offers solutions to all average questions about accounting and monetary reporting requested via accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting details.

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6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 100 100 20 0 20 20 80 20 20 0 0 0 80 10 10 90 10 10 20 0 20 0 20 20 20 20 20 0 0 0 0 10 10 10 10 10 80 100 Assumption of Seller’s Nonrecourse Mortgage 80 100 60 60 80 80 80 Assumptions: Sales price: $100. Seller’s basis in property sold: $70. Initial investment requirement: 20%. All mortgage obligations meet the continuing investment requirements of Statement 66. 2 Examples of the application of the EITF consensus on Issue No. 88-24. Source: EITF Issue No.

If an impairment loss is warranted, the revised carrying amount of the asset, which is based on the discounted cash flow model, is the new cost basis to be depreciated over its remaining useful life. A previously recognized impairment loss may not be restored. 8 ACCOUNTING FOR MINING REVENUES (a) SALES OF MINERALS. Generally, minerals are not sold in the raw-ore stage because of the insignificant quantity of minerals relative to the total volume of waste rock. ) The ore is usually milled at or near the mine site to produce a concentrate containing a significantly higher percentage of mineral content.

Expenditures during this time frame are commonly referred to as costs incurred in the start-up period. Statement of Position (SOP) 98-5, “Reporting on the Costs of Start-up Activities,” provides guidance for mining companies as to when development stops and commercial operations begin. ” The SOP precludes the capitalization of start-up costs that are incurred during the period of insignificant mineral production and before normal productive capacity is achieved. (b) PRODUCTION COSTS. When the mine begins production, production costs are expensed.

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