FAR 20 - Interim Financial Statements (10Q) Flashcards by Mary Thomas | Brainscape

Q

Interim FS

How are property taxes, bonuses, deprication allocated?

A

Allocated to all quarters

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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.

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Q

Interim FS

How are major expenses accounted for?

A

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

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Q

Interim FS

Which tax rate is used?

A

Estimated Annual Rate

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Q

Interim FS

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

A

In that quarter

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