Posted: June 17th, 2022

Apply Critical Thinking to use principles of sound reasoning.

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Unit 9 Assignment 2: Bridge to the Profession: Professional Research―FASB Codification
The following Course Outcomes are assessed in this Assignment:
GEL-8.02: Apply Critical Thinking to use principles of sound reasoning.
PC-3.2: Interact with others in a professional manner using appropriate communication and presentation skills.
Directions:
Read the Bridge to the Profession: Professional Research: FASB Codification in Chapter 8 of your textbook. Your Assignment will be to put together a Microsoft® PowerPoint presentation, addressing the four prompts outlined in the scenario below.
The presentation should be 10–15 slides, not including the title and references slide. Each slide is required to also include a scripted narration of what would be said at that point in the presentation. The slides should be easy to read and include proper citation of sources.
Scenario: In conducting year-end inventory counts, your audit team is debating the impact of the client’s right of return policy both on inventory valuation and revenue recognition. The assist controller argues that there is no need to worry about the return policies since they have not changed in a while. The audit senior wants a more authoritative answer and has asked you to conduct some research of the authoritative literature before she presses the point with the client.
Instructions:
If your school has a subscription to the FASB Codification, go to the homepage of the American Accounting Association to log in and prepare responses to the items below. Provide Codification references for your responses. Review the FASB login procedures.
Analyze the implications of authoritative guidance for revenue recognition when right of return exists.
Identify when this guidance would be important for a company.
Sales with high rates of return can ultimately cause inventory to be misstated. Formulate a conclusion as to whether returns are allowed, and whether different industries are able to make different types of return policies.
Determine in what situations a reasonable estimate of returns would be difficult to make.
You may log in at https://aaahq.org/Research/FASB-GARS using the following:
STUDENTS:
User ID: AAA53257 Password: v28TSHM If you have any trouble with the username and/or password, use the following alternative link: https://asc.fasb.org/home
Sign up for the free basic view.
1)Use the Rubric. You can find it with the assignment in Unit 9
2) Use Proper reference for codification. It is not APA or a website but looks like this: FASB ASC ###-##-##-#
3) DO NOT COPY AND PASTE and DO NOT QUOTE. Every word should be in your own words.
I strongly suggest watching this video I made so you are aware of the expectations and I walk you through using FASB codification. https://www.youtube.com/watch?v=bNi8wWyvkf4
Rubric: Meets all criteria:
● Identify three examples of when revenue recognition applies to inventory return policies.
● Determine three situations when a reasonable estimate of returns would be difficult to make.
● Analyze correct authoritative guidance and revenue recognition.
Meets all criteria:
● Provides three scholarly sources and the limitation of each.
● Provides a detailed conclusion with three original ideas on this conclusion.
Meets all criteria
● Presentation is focused, concise, and organized into 10-15 PowerPoint slides.
● Utilizes the notes feature in PowerPoint to articulate the requirements for this assignment.
● Articulates at a college level.
● Few or no grammar or punctuation errors.
● Uses non-offensive, inclusive, and respectful language.
Work demonstrates a superior ability to apply critical thinking skills to illustrate sound reasoning. This includes the ability to identify the issue, formulate inferences, identify faulty reasoning; recognize and explain assumptions, formulate conclusions, and assess implications.
Student work demonstrates a comprehensive understanding and expert-level usage of interpersonal skills to embody professional demeanor using all of the following skills: communication skills, problem solving, decision making, listening skills, negotiation, and assertiveness. Student shows he or she is able to apply all of the skills in a professional situation.

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