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CPA > FAR 1 > Flashcards

FAR 1 Flashcards

0
Q

Faithful representation

A

Completeness
Neutrality
Freedom from error

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1
Q

The process of reporting an item in the financial statement of an entity

A

Recognition
Allocation
Realization

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2
Q

Relevance

A

Predictive value
Confirming vale
Materiality

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3
Q

Enhancing qualitative characteristics

A

Timeliness
Understandability
Comparability
Verifiability

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4
Q

The single source of US GAAP

A

FASB Accounting Standards Codification

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5
Q

Income Statement–IDEA

A

I-income from continuing operation (gross, before tax)
D-discontinued operations (net, after tax)
E-extraordinary item (net)
A-accounting changes ( RE statement)

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6
Q

Other comprehensive income

A

Change in the funded status of a pension plan
Unrealized gains & losses on available for sale securities
Foreign currency items
Effective portion of cash flow hedges

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7
Q

Net realized value

A

FV-cost to sell

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8
Q

Determining whether an imparirment

A

Carrying amount> Undiscounted future cash flows

To be recognized: the carrying amount of the long-live asset is non recoverable

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9
Q

Measure the impairment loss amount

A

Carrying value (book) - FV

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10
Q

Fiduciary funds include:

A
  1. Pension trust fund
  2. Investment trust fund
  3. Private-purpose trust fund
  4. Agency fund
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11
Q

Governmental funds include

A 
General fund
Special revenue fund
Capital project fund
Debt service fund
Permanent fund
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12
Q

Proprietary funds include

A

Enterprise funds

Internal services funds

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13
Q

General revenue-taxes levied for a specific purpose

Program revenue

A

Charges for services provided by a specific program

Program-specific grants and contributions

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14
Q

Basic EPS

A

Weighted average no. of common shares outstanding

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15
Q

General revenue

A

Taxes&

Financing provided by the govt itself

16
Q

How is the form 10Qfiled with the SEC?

A

Must be filed electronically on EDGAR unless this filing causes hardship on the filing company.

17
Q

The liquidating dividend is

A

A return of investment to owner

18
Q

Investment revenue maybe reported net of related expenses provided there is disclosure of the expenses elsewhere in the F/S

A

The div rev are subjected to specific use by the donor and should be considered an increase to temporarily restricted net assets. NO expenses are reported in the temporarily restricted net asset category.

19
Q

Gain/loss to be recognized in NET Income

A

Fair value of the hedging instrument

20
Q

The gain/loss included in other comprehensive income

A

Changes in fair value of a Cash flow hedge

CPA (4 decks)

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