FAR 1

Question 0

Faithful representation

Answer 0

Completeness
Neutrality
Freedom from error

Question 1

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

Answer 1

Recognition
Allocation
Realization

Question 2

Relevance

Answer 2

Predictive value
Confirming vale
Materiality

Question 3

Enhancing qualitative characteristics

Answer 3

Timeliness
Understandability
Comparability
Verifiability

Question 4

The single source of US GAAP

Answer 4

FASB Accounting Standards Codification

Question 5

Income Statement–IDEA

Answer 5

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

Question 6

Other comprehensive income

Answer 6

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

Question 7

Net realized value

Answer 7

FV-cost to sell

Question 8

Determining whether an imparirment

Answer 8

Carrying amount> Undiscounted future cash flows

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

Question 9

Measure the impairment loss amount

Answer 9

Carrying value (book) - FV

Question 10

Fiduciary funds include:

Answer 10

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

Question 11

Governmental funds include

Answer 11

General fund
Special revenue fund
Capital project fund
Debt service fund
Permanent fund

Question 12

Proprietary funds include

Answer 12

Enterprise funds

Internal services funds

Question 13

General revenue-taxes levied for a specific purpose

Program revenue

Answer 13

Charges for services provided by a specific program

Program-specific grants and contributions

Question 14

Basic EPS

Answer 14

Weighted average no. of common shares outstanding

Question 15

General revenue

Answer 15

Taxes&

Financing provided by the govt itself

Question 16

How is the form 10Qfiled with the SEC?

Answer 16

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

Question 17

The liquidating dividend is

Answer 17

A return of investment to owner

Question 18

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

Answer 18

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.

Question 19

Gain/loss to be recognized in NET Income

Answer 19

Fair value of the hedging instrument

Question 20

The gain/loss included in other comprehensive income

Answer 20

Changes in fair value of a Cash flow hedge