CPA FIN

Question 1

binding agreement

Answer 1

具有约束力的协议

Question 2

originate

Answer 2

起源于，来自； 产生； 起航

Question 3

Post-balance-sheet-date issuance of a long-term obligation or equity securities.

Answer 3

After the date of an entity’s balance sheet but before that balance sheet is issued or is available to be issued (as discussed in [FASB ASC] 855-10-25), a long-term obligation or equity securities have been issued for the purpose of refinancing the short-term obligation on a long-term basis. If equity securities have been issued, the short-term obligation, although excluded from current liabilities, shall not be included in owners’ equity

Question 4

financing agreement

Answer 4

before the B/S issued the entity has entered into a financing agreement that clearly permits the entity to refinance the short-term obligation on a long-term basis on term that are readily determinable,

Question 5

Consignment

Answer 5

is a sales agreement whereby a third party (consignee) takes possession of goods for the purpose of selling them for the owner (consignor) for a fee; the consignee is the agent of the consignor for the purpose of selling the property. consignment is a special type of bailment-agency ( a fiduciary agency-for -sale relationship)
consigned goods are included in the inventory of the consignor on financial statements

Question 6

Assuming a single tax jurisdiction, under FASB the maximum number of deffered tax balances that can be presented on a classified balance sheet

Answer 6

FASB requires an enterprise to net separately all of the deffered tax assets and liabilities classified as current and noncurrent. thus the maximum number of defferd tax balances that can be reported on an enterprise’s balance sheet is two, one current (assets/liability) and one noncurrent (assets/liability)

Question 7

Avaliable for sale securities

Answer 7

are investments in debt and marketable equity security that are not classified as trading security or held-to-maturity securities. they are reported at fair value, and their unrealized holding gains and losses are excluding from earninga and reported as a separate component of shareholds’ equity.
Availiable-for-sale securities may be either current or non current.