ACT506 Advanced Accounting II CT 2

Learning Goal: I’m working on a accounting report and need support to help me learn.

Learning Outcomes for this Module Reminder:

• Evaluate the basic concepts and standards behind the preparation of consolidated financial statements.
• Illustrate the consolidation process for a less-than-wholly-owned subsidiary.
• Illustrate the consolidation process subsequent to acquisition including combined financial statements.
• Evaluate the rules for the consolidation of Variable Interest Entities (VIEs.).

In addition to the Assignment in Connect, please answer the following questions and submit your answers in a Word document:

Chapter 3. The Reporting Entity and the ConsolidationAssignment

W ith regards to your assignment performed in Connect, and what you read and learned about in this module, answer the following questions.

You should refer to the FASB Accounting Standards Codification (FASB ASC), specifically, when answering some of the questions below.

The concept of the accounting entity often is considered to be the most fundamental of accounting concepts, one that pervades all of accounting. For each of the following, indicate whether the entity concept is applicable, discuss, and give illustrations to support your contention:

• A unit created by or under law
• The product-line segment of an enterprise
• A combination of legal units
• All the activities of an owner or a group of owners
• The economy of the United States

Writing Assignment Requirements:

• Write a paper of 2-3 pages double-spaced in length, not counting the title and the reference page(s) and any Exhibit(s) or Appendices. Submissions in excess of 3 pages are acceptable.
• Use terms, evidence, and concepts from the Module interactive lecture and readings, including professional business language.
• Cite at least 3 credible, academic or professional sources for this assignment. The CSU Global Library (Links to an external site.) is a great place to find resources plus the FASB Codification.
• Format your paper according to CSU Global Writing Center (Links to an external site.) .
• Start with the links under the Research Help and Writing Help tabs on the CSU Global Library’s (Links to an external site.) homepage if you need assistance with writing style.

Review the week’s CT Assignment grading rubric for more information on expectations and how your assignment will be graded by your instructor.