FAR 20 - Interim Financial Statements (10Q) Flashcards by Christian San Diego | Brainscape

Q

Interim FS

How are property taxes, bonuses, deprication allocated?

A

Allocated to all quarters

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Interim FS

How are inventory losses accounted for/?

A

In that quarter, unless expected to recover by the 4th quarter, then don’t recognize. If don’t recover by the 4th quarter, recognize loss in the 4th quarter.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Interim FS

How are major expenses accounted for?

A

In that quarter, unless benefit future quarters, then allocate.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Interim FS

Which tax rate is used?

A

Estimated Annual Rate

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Interim FS

How are Discontinued Operations & Extraordinary Gains/Losses accounted for?

A

In that quarter

How well did you know this?

1

Not at all

2

3

4

5

Perfectly