F1

Question 0

Enhancing qualitative characters ?

Answer 0

Cut v 
Comparability 
Understandability 
Timeliness
Verifiability

Question 1

Operating procedures for Fasb update ?

Answer 1

Accounting standard updates issued only after majority vote by member of the FASB

Question 2

NRV less than historical cost 3 months to dispose

Answer 2

Less time use NRV

Question 3

Conservatism ?

Answer 3

Prudent reaction to uncertainty to ensure that uncertainty and risk inherent in business situation are adequately considered. Ex: contingent loss

Question 4

Comprehensive income calculation ?

Answer 4

Net income + PUFE adjustment 
Pension plan 
Unrealized gains +and losses on AFS
-Foreign currency items 
Effective portion of cash flows hedge

Question 5

Fasb comprehensive income includes

Answer 5

Loss on discontinued operations

Question 6

Comprehensive income excludes

Answer 6

Investment by owners

Dividends paid to stockholders

Question 7

Net income formula

Answer 7

Sales revenue - cogs - operating exp

Question 8

What is accumulated other comprehensive income ?

Answer 8

Component of stockholders equity on balance sheet

Question 9

IFRS other comprehensive income

Answer 9

Pufer

R for revolution surplus

Question 10

Unrealized loss on trading securities and revaluation loss

Answer 10

Reported on net income

Not other comprehensive income

Question 11

Comprehensive income related tax effects should be disclose?

Answer 11

Yes

Question 12

Where comprehensive income must be shown ?

Answer 12

1. Face of combined “ stmt of income and comp. income “ OR
2. Separate stmt of comp. income OR
3. As a component of stmt of changes of owners equity GAAP only

Question 13

Reclassification adjustment must be shown in f/s discloses comprehensive income to:

Answer 13

Avoid double counting which are currently in net income

Question 14

Purpose of reporting comprehensive income ?

Answer 14

To summarize all changes in equity from non owner sources

Question 15

Where accumulated OCI reported

Answer 15

Stmt of financial position

Question 16

What to disclose in summary of significant accounting policies ?

Answer 16

Basis of profit recognition on long term construction contracts
Criteria for determining which investments are treated as cash equivalents
Revenue recognition policy

Question 17

Disclose on other footnotes not in summary ?

Answer 17

Composition of sales by segment
Future minimum lease payments
Depreciation expense

Question 18

Disclosures of accounting policy is :

Answer 18

Integral part of financial stmt

Question 19

What is not a disclosure requirement related to risk and uncertainty under GAAP ?

Answer 19

Disclosure of significant estimates when it is probable that the estimate will change in near term, even If the effect of the change will be material

Question 20

Related party transaction example under GAAP

Answer 20

Loans to officer

Question 21

Related party transaction under IFRS

Answer 21

Officer salaries + loans to officer

Question 22

Conceptually interim financial stmt can be described as emphasizing which of the following enhancing qualitative character ?

Answer 22

Timeliness and

uses same principle followed in latest financial statement

Question 23

Interim financial reporting should be viewed primarily as :

Answer 23

Reporting for an integral part of annual report

Question 24

Interim for second quarter determined when :

Answer 24

Expected and applicable for full year end of 2nd year

Question 25

Is inventory losses recognized in interim financial reporting ?

Answer 25

Generally yes

Question 26

Important calculation note for interim reporting

Answer 26

Allocation. Check date and tax rate carefully

Total income for year x tax rate - Tax exp recorded previous quarter

Question 27

Discontinued operations as extraordinary item occurred midyear initially reported?

Answer 27

Included in net income and disclosed in notes to interim financial statements

Question 28

Segment reporting 10 % revenue calculation

Answer 28

Before eliminations divide each total revenue to total Revenue
Revenue includes both sales to affiliated customers and intersegment sales

Question 29

Disclosure for segment

Answer 29

Separately sales to unaffiliated customers and intercompany sales

Question 30

Disclose each reportable segment under GAAP

Answer 30

Profit or loss

Total asset

Question 31

Who are required to report segment ?

Answer 31

Only publicly traded enterprises

Question 32

Under IFRS which is not disclosed for an entity’s reportable segment ?

Answer 32

Segment cash flow
Neither in GAAP no stmt of cash flow
Segment liabilities reported under IFRS but not in GAAP

Question 33

How to report operating results as segment reporting ?

Answer 33

Add positive components to find total to find 10% and then compare components absolute values

Question 34

Which form is not required to include audited financial stmt?

Answer 34

Form 6-K and 10Q

Required for audited financial stmt forms list: 10-k 40f and 20f

Question 35

Sec accelerated filer 10-k report days ?

Answer 35

75 days

Question 36

Sec non accelerated filer form 10-K days ?

Answer 36

90 days

Question 37

Due to absence of seasonal fluctuation what is appropriate period for 10-Q?

Answer 37

The end of preceding fiscal year

Question 38

Which forms are not required for XLBR financial stmt the exhibit ?

Answer 38

Forms 3,4,5

Question 39

Sec required stmt with 10-K?

Answer 39

Balance sheet 
Stmt of comprehensive income 
All footnotes
Any applicable financial stmt schedules
In an exhibit prepared using XbRL

Question 40

Any entity that has modified liability for its interactive data XBRL exhibits for a period :

Answer 40

Of 24 months from the time the filers first required to submit interactive data files.

Question 41

Large accelerated for 10Q days

Answer 41

40 days

Question 42

Small acceleration for 10-Q days

Answer 42

45 days

Question 43

Sec large accelerated 10-K days

Answer 43

60 days