Gaining an Understanding of a Business and Industry:
Goal: Expose you to databases that might help you understand your client’s business and industry in order to conduct your audit.
The following must be performed using the databases described below. To earn the full grade you must do all of the following steps. You must have everything typed! The Assignment is due Thursday, September 18, 2014/Monday, September 22, 2014 at the official start time of your section.
Please type or paste your answers in the appropriate tables.
You need to answer the following questions correctly to earn points. One point for each question answered correctly. The following grade scale will be used: A+ (15 points), A (14), A- (13), B+(12), B (11), B- (10), C+ (9), C (8), C- (7), D+ (6), D (5), D- (4), F+ (3), F (0-2 points)
924- Entertainment –Casinos
605- Revenue recognition
25-2 Base Jackpots
1) Using the FASB Accounting Standards Codification (http://aaahq.org/ascLogin.cfm User ID: AAA51167 Password: HcP5b3G) Answer the following question: How should Casino comps be recognized (I do not want the definition of a comp)? State 1) The codification number in the format XXX-XXX-XX-X or Topic-Subtopic-Section-Paragraph An entity shall accrue a liability and charge a jackpot (or a portion thereof as applicable) to revenue at the time the entity has the obligation to pay the jackpot (or a portion thereof as applicable), regardless of the manner of payment. See paragraphs 924-605-55-1 through 55-2 for implementation guidance. 2) Paste the correct actual paragraph from the FASB Accounting Standards Codification that answers the previous question. - Actual hold percentage to theoretical hold percentage comparison (by game) - Comparison of theoretical win to actual win
- Comparison of actual win to slot machine metered win, which may be an electronic meter - Average win per unit (machine )
Please join StudyMode to read the full document