Question 11 Mahchester United’s balance sheet? What about a player who plays for the local commu

Question 11

Mahchester United's balance sheet? What about a player who plays for the local community football club? b Go to the website for the Liverpool Football Club at www.liverpoolfc.tv/. Review the club's annual report and explain how the club accounts for its players. 11 Most of the major airlines offer frequent traveller' specials where travellers can receive free flights, upgrades from economy to first or business class, or free accommodation packages. Some airlines have been trying to gain more market share by giving double-kilometres credit for each flight. How should the airlines account for frequent flyer points that have been issued to travellers but not yet redeemed? Are they a liability? 12 Why do you think companies take an active interest in the standard-setting process of the accounting profession? – STRU