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Author Question: The Income Summary account would be reported on which financial statement? a. Income Statement b. ... (Read 146 times)

armygirl

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on: Jul 6, 2018
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

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Reply #1 on: Jul 6, 2018
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.


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