48 Flashcards

deck 48

1
Q

should compensating balances and restricted cash be disclosed in the notes?

A

yes

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2
Q

who developed a framework for small and med-sized entities?

A

AICPA

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3
Q

does IFRS and GAAP use the term RE?

A

yes

*they do not use the same acct for TS method or cap stock titles

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4
Q

is the only equity method disclosure the accounting policy for the investment?

A

yes

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5
Q

what steps are the SEC’s rulemaking procedures?

A
  • concept release
  • rule proposal
  • rule adoption
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6
Q

what is included in statement of changes in equity?

A
  • column headings that identify indiv. SE accounts
  • events changing SE accounts
  • body of statement presented in terms of dollar impact of various transactions and events
  • impact of the transactions on the number of shares if any
  • EB that tie to the items presented in the SE section of the BS on the same dates
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7
Q

income is constructively rec’d and included in gross income if:

A
  • readily avail. to taxpayer and

- actual receipt is not subject to substantial limitations or restrictions

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8
Q

GAAP is..

A

the basic concepts underlying financial accounting and reporting

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9
Q

how can forfeited nonvested accounts for an employee ben. plan be used?

A
  • reduce future emp. contr’s
  • for exp’s
  • to be reallocated to participants’ accounts
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10
Q

is a sole proprietorship a taxable entity?

A

no, they are pass throughs

- no req’d provision for IT’s
paid by owner of proprietor’s personal tax return

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11
Q

what is the JE for an increase in cash surrender value?

A

Dr: cash surrender of life ins.
Dr: insurance exp
Cr: cash

(reduces ins. exp)

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12
Q

where do operating transfers out go in CF’s for gov-wide?

A

noncap fin. act’s

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13
Q

where do interfund reimbursements for svc’s go?

A

operating act’s

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14
Q

how is ending ARO calc’d?

A

BB+PV new ARO+accretion exp - ARO settled during the day

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15
Q

what are the primary chars’ that affect FR’ing for gov-type act’s?

A

(1) the representative form of gov. and the separation of powers
(2) the fed. system of gov. and the prevalence of intergov rev’s
(3) the relationship of taxpayers rec’d

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16
Q

where has the GASB codified all its standards?

A

in the cod. of gov. acct. and FR’ing standards

17
Q

in regards to business combos, is GW optional under IFRS?

A

yes

18
Q

how should the acquirer recognize a bargain purchase in a business acq?

A

as a gain in earnings at acq date

(Acq cost - BV NA) = gain

19
Q

when valuing certain fin. instruments, a co. that elected FV option must apply what kind of meas?

A

instrument-by-instrument basis

20
Q

how is days’ sales in inv calc’d?

A

(avg inv/COGS) * working days per year