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FAR > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

What are cash or cash equivalents

A

q

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2
Q

What items are not cash or cash equivalents?

A

h

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3
Q

How do you classify unrestricted and restricted cash

A

6

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4
Q

Are deposits in transit added or subtracted from bank reconcilation

A

d

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5
Q

are outstanding checks added or subtracted from bank recociliation

A

5

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6
Q

are service charges added or subtracted from books

A

3

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7
Q

are bank collections added or subtracted from books

A

f

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8
Q

how are errors treated during bank reconciliations

A

f

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9
Q

how are NSF checks treated for book reconciliations

A

f

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10
Q

how is interest income treated for book reconciliations

A

f

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11
Q

how are negative bank acct balances treated

A

fff

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12
Q

can balanes in the same bank acct be netted?

A

f

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13
Q

can balances in different bank accounts be netted

A

f

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14
Q

How is AR valued

A

r

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15
Q

Account analysis for an AR T account

A

r

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16
Q

Gross method discounds

A

r

17
Q

net method discounts

A

r

18
Q

How to apply trade discounts

A

r

19
Q

how should accounts receivable be presented on the balance sheet?

A

r

20
Q

How to perform direct write off method

A

rrr

21
Q

IS the allowance method or the accural method allowable for GAAP?

A

g

22
Q

What are allowance methods for GAAP

A

df

23
Q

Explain the percentage of sales method

A

g

24
Q

Explain the percentage of AR at year end method

A

fa

25
Q

Explain the aging of receviables method at year end?

A

f

26
Q

When there is a provisional amount to uncollectibles expense what do you do?

A

f

27
Q

How are bad debt expenses charged?

A

f

28
Q

What JE is made when a receivable is determined to be uncollectable?

A

ff

29
Q

When would you use the direct write off method

A

f

30
Q

What is the JE to restore a previously written off account

A

g

31
Q

What is factoring of AR

A

3

32
Q

What is factoring with recourse

A

f

33
Q

What is factoring without recourse

A

f

34
Q

How do you value notes receivable

A

4

35
Q

What are discounted notes receviable

A

g

36
Q

What are notes receivable with recourse

A

g

37
Q

What are notes receivable without recourse

A

v3

38
Q

How do you figure out the dicount rate for notes receviables

A

4

FAR (34 decks)

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