F2 - Financial Reporting and Disclosures Flashcards
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The remaining 300 was the amount that remained from a previous prepaid account, it is assumed that this amount needs to be expensed in the month.
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Basically, the interest payable is the amount that would be accrued for. It’s the amount that needs to be put on the books to properly record the amount that is allocated to that period.
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The $16k adjustment resulting from the change in inventory valuation would be adjusted out of Beginning Retained Earnings, so it does not affect the recording of activity in the period. This whole amount would need to be reversed, or added back.
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Describe a Type 1 and Type 2 Subsequent Event
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When should a significant estimate be disclosed when a change in the near term could be material?
When the change is reasonable possible.
Contingencies will be disclosed when they are probable, so this must be disclosed more conservatively.
