Deck32 Flashcards
Is trouble debt restructuring ever considered an extraordinary gain?
No
A property dividend should be recorded in RE at the date of (a) declaration (b) issuance?
(a) declaration
What does the introductory section of CAFR contain?
Letter of Transmittal, Organizational Chart, Table of Contents (Note: does not contain auditor’s opinion)
The “Notional Amount” is recorded in (a)Dollars (b) Shares
(b) Shares
Concentration of credit risk should be disclosed in:
The notes to the financial statements
How should plan investments be reported in a defined benefit plan’s financial statements?
At Fair Value
Under the Allowance method, writing off an uncollectable account has _______ effect on income.
No
Is a stock dividend included in dividend income?
NO
When would a company use the installment sales method for recognizing revenue?
When installment sales are material, and there is no reasonable basis for estimating collectibility.
Under GASB, “supplies” would be considered _____________ because they are not in spendable form.
Nonspendable - They are inventory
Disclosure of information about significant concentrations of credit risk is required for:
All financial instuments
Which type of material related-party transactions require disclosure?
Everything except things from the ordinary course of business. (Wages, Expenses, Etc.)
For Impairment of “Available-For-Sale” securities, other-than-temporary losses in OCI should be reclassified to__________.
Earnings
The transfer of a Bond at Maturity (a) is or (b) is not, considered a transfer of a financial asset.
(b) is not
Are all business combinations subject to the acquisition accounting requirements of ASC 805 “Business Combinations”?
No
Are estimated disposal gains recognized?
No - only estimated disposal losses
Can the fair value of an investment accounted for using the Equity Method be hedged?
No - specifically excluded under GAAP
What is the purpose of reporting Comprehensive Income?
To summarize all changes in equity from nonowner sources.
Large Accelerated Filer must file form 10-Q within _____ days after the end of the quarter.
40 days for 10-Q. (Also, 60 days for 10-K Annual Report)
How should Depreciation Expense be reported in the Statement of Activities?
Decrease in Unrestricted Net Assets
