ACC 541
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<strong>ACC</strong> <strong>541</strong> Week 5 DQ 1<br />
Explain operating segments of an enterprise.<br />
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<strong>ACC</strong> <strong>541</strong> Week 4 Summary<br />
Please post your Weekly Summary here. It needs to be a summary of what you<br />
learned, liked or disliked etc. Needs to be in your own words in order to earn<br />
points.<br />
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<strong>ACC</strong> <strong>541</strong> Week 4 Learning Team Assignment Response to Client Request II<br />
Your client is being sued. You have asked the client’s lawyer about the possibility<br />
of losing the lawsuit. The client, meanwhile, has asked you to describe what would<br />
happen to his or her financial statements. The client has also informed you that by<br />
losing the lawsuit, he or she anticipates losing the mortgage and has started talking<br />
to a mortgage lender. The client wants to know if part of the debt is forgiven, or if<br />
the mortgage is rewritten, or if the mortgage will be rewritten if he or she files<br />
Chapter 11.<br />
The lawsuit also involves a patent held by the company. The company had<br />
acquired a hedge contract against the impairment of the patent. Aside from the<br />
recovery of the hedge, the client wants to know how the impairment of the patent<br />
will be reflected on the financial statements in the event of losing a lawsuit.<br />
Conduct research in FASB individually to answer your client’s questions.<br />
Write a 700- to 1,050-word memo as a team that is brief but fully explores the<br />
issues. Include the following in your memo:
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