48 Flashcards
deck 48
should compensating balances and restricted cash be disclosed in the notes?
yes
who developed a framework for small and med-sized entities?
AICPA
does IFRS and GAAP use the term RE?
yes
*they do not use the same acct for TS method or cap stock titles
is the only equity method disclosure the accounting policy for the investment?
yes
what steps are the SEC’s rulemaking procedures?
- concept release
- rule proposal
- rule adoption
what is included in statement of changes in equity?
- 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
income is constructively rec’d and included in gross income if:
- readily avail. to taxpayer and
- actual receipt is not subject to substantial limitations or restrictions
GAAP is..
the basic concepts underlying financial accounting and reporting
how can forfeited nonvested accounts for an employee ben. plan be used?
- reduce future emp. contr’s
- for exp’s
- to be reallocated to participants’ accounts
is a sole proprietorship a taxable entity?
no, they are pass throughs
- no req’d provision for IT’s
paid by owner of proprietor’s personal tax return
what is the JE for an increase in cash surrender value?
Dr: cash surrender of life ins.
Dr: insurance exp
Cr: cash
(reduces ins. exp)
where do operating transfers out go in CF’s for gov-wide?
noncap fin. act’s
where do interfund reimbursements for svc’s go?
operating act’s
how is ending ARO calc’d?
BB+PV new ARO+accretion exp - ARO settled during the day
what are the primary chars’ that affect FR’ing for gov-type act’s?
(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
