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MIDWEST ACCOUNTING SOLUTIONS LIMITED: A COMPACT CASE IN FINANCIAL ACCOUNTING

Track: CASE

Keywords: Revenue recognition, generally accepted accounting principles (GAAP)

Midwest Accounting Services Limited (MASL) was a regional firm of CPAs that specializes in providing guidance to medium-sized companies about what was the appropriate accounting treatments for actual and contemplated business transactions. Mr. Leonard Morgan, an intern with MASL was recently given a one-week deadline to prepare a accounting position paper for a series of business transactions completed by three of MASL’s clients. Students (the intern) are asked to (1) identify to the key accounting issues involved in each transaction, (2) identify the accounting standards from the Financial Accounting Standards Boards (FASB) Codification database that pertain to each transaction, (3) analyze how the accounting standards related to the facts of each transaction, (4) consider all reasonable alternatives for accounting for each transaction, and (5) recommend the preferred accounting treatment for each transaction and provide a justification. The case is intended for use in the intermediate accounting course of a typical Bachelor of Accounting program at a North American university. Students will complete the case individually. The case is based on a series of actual transactions and events faced by publicly listed companies that were the subjects of accounting enforcement actions by the US Securities and Exchange Commission.

Author(s):

Anthony Bowrin - abowrin@svsu.edu
Saginaw Valley State University

Lawrence Kickham - lkickham@svsu.edu
Saginaw Valley State University

Stacie Krupp - slkrupp@svsu.edu
Saginaw Valley State University

 

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