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ACCT 3120 CrossWord > ACCT 4140 - Key Items > Flashcards

ACCT 4140 - Key Items Flashcards

1
Q

Securities Act of 1933

A

Regulates initial offering of securities made by companies or underwriters; lead to Securities Exchange Act of 1934

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1
Q

Securities Exchange Act of 1934

A

Regulates the subsequent trading of securities through brokers & exchange

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2
Q

Structure of Securities & Exchange Commission (SEC)

A
  • 5 commissions (appointed by US president)
  • 6 divisions
  • 25 offices ; 4500 employees
  • 11 regional locations
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3
Q

6 Divisions

A
  • Corporate Finance
  • Trading & Markets
  • Investment Management
    -Enforcement
    -Economic & Risk Analysis
    -Examination
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4
Q

Corporate Finance

A

Revise financial reports filed w/ SEC; ensure compliance w/ SEC requirements

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5
Q

Trading & Market

A

Regulates brokerage firms & stock exchange

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6
Q

Enforcement

A

Investigates possible violations on securities laws

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7
Q

Investment Management

A

Regulates investment companies like mutual funds

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8
Q

Economic & Risk Analysis

A

Provides sophisticated economic & risk analysis for the other commissions

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9
Q

Examinations

A

New division; provides help support inspection of brokerage firms and investment management companies

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10
Q

SEC Authorities

A

1) set acct standards 2) override FASB 3) issue moratorium on specific acct practices 4) tend to restrict its authorities to gray areas of accounting

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11
Q

PCAOB

A

under oversight of SEC ; 5 board members; 2 members must be CPA; enforces auditing standards

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12
Q

PCAOB Authorities

A

modify standards made by ASB, develop own pronouncements, inspect LARGE firms every year, inspect SMALL firms every 3 years

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13
Q

Audit Committees

A

responsible for appointment of compensation and external auditors, must be independent of management; work directly w/ auditors; lead partners rotate every 5 years

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14
Q

S-K

A

non-financial information

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15
Q

S-X

A

financial information/ statements

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16
Q

Registration Filings

A

S-1 (most common); S-3; S-4; S-8; S-11 (2 parter: 1 - prospectus -> explains the reasons and where the money of stock will go, what the investors want to know; 2- information for the SEC)

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17
Q

Periodic Filings

A

every reporting period, include 10-k audited statements, 10-q nonaudited statements, proxy stmt (yearly information, improvements etc)

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18
Q

Fund Financial Stmt

A

current revenue, exp; uses the modified accounting method; focuses on current resources

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19
Q

Government Wide Stmt

A

long term focus; full accrual accounting -> similar to GAAP

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20
Q

Funds (definition)

A

separated reported (bookkeeping) government activities

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21
Q

Major Funds

A

Governmental; Proprietary; Fiduciary

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22
Q

Gov. Fund -> General Fund

A

account for all financial resources not accounted for in other funds

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23
Q

Gov Fund -> Special Revenue Fund

A

resources committed for specific purposes, meaning with restrictions by donors or law

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24
Q

Gov Fund -> Capital Projects Fund

A

financial resources for BIG projects

25
Q

Gov Fund -> Debt Service Fund

A

financial resources set aside to pay long term liability and interest

26
Q

Gov Fund -> Permanent Fund

A

account for endowments, principals can’t be used, only can use interest rev

27
Q

Proprietary fund -> Enterprise Fund

A

accounting for government operations open to the public

28
Q

Proprietary fund -> Internal Service Fund

A

account for operations that provide services to government department

29
Q

Fiduciary Funds

A

money held by government; for others in pension fund held for employees only included in fund financial stmt not government wide

30
Q

stmt of net position

A

similar to balance sheet; government wide financial; deferred outflows = prepaid exp; deferred inflows = deferred revenue; broken up by government vs business

31
Q

stmt of activity

A

similar to income stmt; government wide financial; broken up by government vs business activities

32
Q

balance sheet

A

fund financial; current liab, current asset, no SE instead fund balance

33
Q

nonspendable

A

cannot spend (due to restriction)

34
Q

restriction

A

can be spent only in manner assigned by highest authority

35
Q

assigned

A

designated for specific purposes only not by the highest authority

36
Q

unassigned

A

no external / internal restriction aka free to use

37
Q

Stmt of revenue, expenditures, & changes in fund balance

A

uses modified accrual; separated by major fund

38
Q

How to be major fund

A

> = 10% of total corresponding fund AND >= 5% of total government & enterprise fund

39
Q

Ecumbrances

A

financial commitment to purchase item; almost used as a stand in to represent what we set aside to not overspend

40
Q

purchase method

A

report what was spent & then report assets left over

41
Q

Consumption method

A

report assets received, then report what was spent (COGS)

42
Q

derived tax revenue

A

tied to an event; it is triggered like buying an item = sales tax)

43
Q

imposed non exchange

A

revenue does not need to be triggered by event like when you buy a house there is no triggering event, you just pay taxes on the house (what you own)

44
Q

government mandated nonexchange transaction

A

money from one government to another to help support

45
Q

voluntary nonexchange transaction

A

money willingly given to government for particular reason, like a donation

46
Q

Hierarchy

A

GASB official stmt; GASB interpretation prior to No. 76

GASBM technical bulletin; GASB implemintaion guide; AICPA literature that has been deemed by GASP

47
Q

Tax abatement disclosures

A

purpose, type of tax, dollar amount, commitments by recipient and government; NOT INCLUDED identity of company

48
Q

Solid Waste Landfill

A

Government- Wide: reports long term liability and short

fund financial: reports only short term liability

49
Q

Net Pension Asset

A

if amount of pension trust fund is larger than present value of liability

50
Q

Net Pension Liability

A

if present value of liability is larger than pension fund

51
Q

Work of Art

A

has to be capitalized @ historical cost (donations @ FV); capitalization is optional if 1)held for public exhibition, education, and research 2) protected and kept unencumbered, education, or research and 3) subject to policy that requires proceeds of sale to go towards other item for collection

52
Q

ACFR

A

3 sections - 1) introductory 2) financial (financial has 3 section - management decision and analysis; financial statements and notes; required supplementary information) 3) statistical

53
Q

Component Unit

A

legally separated organization included in government if government is financially accountable for the organization

54
Q

Qualification from Component Unit

A

1) must be fiscal dependency - financial interdependence 2) governing board - primary gov appoint voting majority and impose will on board or impose a financial burden or financial benefit

55
Q

Reconciliation Components

A

Capital Assets reported by gov but not on gov fund
bond payable reported by gov but not gov fund
revenue and internal service fund reporting by gov but not gov fund

56
Q

Stmt for Not for Profit

A

stmt of financial position (balance sheet); stmt of activity (income stmt); stmt of functional exp; stmt of cash flows

57
Q

Supporting Activity

A

admin exp like marketing; rent; anything that cost to run org

58
Q

Program Activity

A

mission fund

59
Q

$ spent on mission

A

total program services / total exp

60
Q

contribution

A

unconditional trade of asset or cash to entity voluntarily; if no restriction immediate rev - if restriction deferred rev

ACCT 3120 CrossWord (8 decks)

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