F2-M4 Notes to F/S

Question 1

When business is concentrated what should the notes to F/S include

Answer 1

The amount of revenue from each of the customers

Question 2

What is disclosed in summary of significant accounting policies?

Answer 2

Measurements used in prepping estimates I.E: Basis of consolidation, dep, inventory ect. and how cash equivalent is determined. Overall very specific items would not be here.

Question 3

How is the presentation of notes to F/S

Answer 3

Frist note is summary of significant accounting policies. Later foot notes will provide calculations that reflect the policies.

Question 4

What is disclosure of vulnerability

Answer 4

Concentration exists as of F/S date, risk is in the near term,.

Question 4

Fill in the blank for what other info Footnote disclosures should have

Answer 4

Changes in equity, any other information about asset or liability accounts.

Question 5

Accelerated filers have how many days to file 10k

Answer 5

75 days