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FAR > Balance Sheet > Flashcards

Balance Sheet Flashcards

Learn what goes where on the balance sheet

1
Q

What is Cash (unrestricted and restricted)?

A

Current Assets - Cash consists of (1) coin and currency on hand, (2) demand deposits (checking accounts), (3) time deposits (savings accounts), and (4) near-cash assets (e.g., deposits in transit or commercial paper, also known as negotiable instruments).

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2
Q

Temporary term investments (trading securities)

A

Current Assets

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3
Q

Receivables (NRV)

A

Current Assets

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4
Q

NRV (Net Realizable Value)

A

amount you expect to receive within 1 year or the accounting cycle

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5
Q

Tax and Other Refunds

A

Receivables (Current Assets)

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6
Q

Receivables from affiliates and employees and overpayments to creditors

A

Receivables (Current Assets)

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7
Q

Accounts receivable, net of allowance for bad debts

A

Receivables (Current Assets)

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8
Q

Current portions of installments receivable and notes receivable

A

Receivables (Current Assets)

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9
Q

Inventories (LCM)

A

Current Assets

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10
Q

LCM

A

Lower of Cost of Market

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11
Q

Raw Materials

A

Inventories (Current Assets)

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12
Q

Work-in-progress

A

Inventories (Current Assets)

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13
Q

Finished goods

A

Inventories (Current Assets)

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14
Q

Prepaid Expenses (insurance and rent)

A

Current Assets

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15
Q

Current Deferred Taxes

A

Current Assets

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16
Q

Nonmarketable securities (equity method securities)

A

Noncurrent Investments - non current assets

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17
Q

Long-term investments in marketable debt securities (available for sale and held to maturity)

A

Noncurrent Investments - non current assets

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18
Q

Land, buildings and improvements (Book value Less accumulated depreciation)

A

Property, Plant & Equipment (Fixed Assets) - non current assets

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19
Q

Machinery and equipment, leased assets (Book value Less accumulated depreciation)

A

Property, Plant & Equipment (Fixed Assets) - non current assets

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20
Q

Goodwill (test for impairment annually)

A

Intangible Assets (net of amortization) - non current assets

21
Q

Other identifiable intangibles such as patents, trademarks and copyrights

A

Intangible Assets (net of amortization) - non current assets

22
Q

Customer Deposits

A

Other Assets - non current assets - Customer deposits and unearned rents represent amounts already received and included in cash in exchange for goods or services that have not yet been delivered. These items are liabilities, not assets.

23
Q

Noncurrent receivables (including portions of installments receivable and notes receivable)

A

Other Assets - non current assets

24
Q

Noncurrent deferred tax asset

A

Other Assets - non current assets

25
Q

Equipment to be disposed of

A

Other Assets - non current assets

26
Q

Short-term notes payable

A

Current Liabilities

27
Q

Accounts Payable

A

Current Liabilities

28
Q

Accrued expenses such as salaries and wages, interest and utilities (things incurred but not yet paid)

A

Current Liabilities

29
Q

Estimated current liabilities such as warranty expense

A

Current Liabilities

30
Q

Taxes payable such as income taxes, collected sales taxes and withheld payroll taxes

A

Current Liabilities

31
Q

Unearned revenues including rents or fees collected in advance

A

Current Liabilities - Customer deposits and unearned rents represent amounts already received and included in cash in exchange for goods or services that have not yet been delivered. These items are liabilities, not assets.

32
Q

Dividends Payable

A

Current Liabilities

33
Q

Current portion of long-term debt such as noncurrent portions of capital lease obligations and notes and loans payable

A

Current Liabilities

34
Q

Notes payable net of current portion

A

Noncurrent Liabilities

35
Q

Bonds payable

A

Noncurrent Liabilities

36
Q

Noncurrent deferred tax liability

A

Noncurrent Liabilities

37
Q

Other noncurrent liabilities such as noncurrent portions of capital lease obligations and warranty obligations

A

Noncurrent Liabilities

38
Q

Deferred liabilities such as liabilities under pension plans, post-employment plans and post-retirement plans

A

Noncurrent Liabilities

39
Q

Contributed Capital (APIC)

  • Preferred Stock
  • Common Stock (net of T/S at par)
  • Additional paid-in capital (APIC)
A

Stockholder’s equity

40
Q

Noncontrolling interest (minority interest)

A

Stockholders equity

41
Q

Earned capital

  • Retained earnings (appropriated and unappropriated)
  • Accumulated other comprehensive income (OCI) - (DENT)
A

Stockholders equity

42
Q

Subtract from stockholders equity treasury stock at cost

A

Stockholders equity

43
Q

Land held for resale goes in which section on the balance sheet?

A

Inventories - Current Assets

44
Q

Accounting Equation

A

Total Assets = Total Liabilities + Stockholders Equity

A=L+E

45
Q

What is a trial balance?

A

A trial balance sheet is a report that lists the ending balances of each account in the chart of accounts in balance sheet order.

46
Q

Where on the balance sheet are bond-sinking funds accounted for?

A

Net of cash if specified or as non current asset

47
Q

What is a cash equivalent?

A

Cash equivalents are short-term, highly liquid investments/securities. Normally, only investments with original maturities of 3 months or less qualify (e.g. Commercial paper maturing in two months)

48
Q

What is a compensating balance?

A

The minimum balance that must be maintained in a bank account, used to offset the cost incurred by a bank to set up a business loan. The compensating balance is not available for company use, and may need to be disclosed in the borrower’s notes to the financial statements

FAR (10 decks)

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