Author Question: The Income Summary account would be reported on which financial statement? a. Income Statement b. ... (Read 139 times)

armygirl

  • Hero Member
  • *****
  • Posts: 556
The Income Summary account would be reported on which financial statement?
 a. Income Statement
   b. Balance Sheet
   c. Statement of Owner's Equity
   d. None. The Income Summary account is not reported on a financial statement.

Question 2

What is the purpose of the Statement on Standards for Valuation Services (SSVS) No. 1 introduced by the AICPA?
 
  What will be an ideal response?



wergv

  • Sr. Member
  • ****
  • Posts: 365
Answer to Question 1

d

Answer to Question 2

In June 2007, the AICPA introduced SSVS No. 1, its newly developed standards for BV. Specifically, the standards govern engagements to estimate the value of businesses, business ownership interests, securities, and intangible assets. SSVS No. 1 provides overall BV engagement considerations, along with specific development and reporting guidelines that address many of the issues covered in this chapter. This comprehensive pronouncement includes a sample list of assumptions and limiting conditions, a glossary of valuation terms, and interpretations of the standards.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

For a complete list of videos, visit our video library