Far newmonics

Question 1

governmental funds that have modified accrual

Answer 1

DeGaSCaP
D - debt service fund
(e)
G - General Fund
(a)
S - special revenue fund
C - captial service fund
(a) 
P - permident fund

Question 2

Consolidates Entry -

Answer 2

CAR IN BIG
C - common stock - dr
A - APic - Dr
R - retianed earning - dr

I - Investment in sub - CR
N - non cont interested - CR

B - book value adj to FV - dr or cr
I - idenifiable assets - dr
G - oodwill - dr
G - gain cr

Question 3

Govermental funds

Answer 3

Gr(a)spp EI Papi

G -general funs
R- revenue  - special
S - ervice debt
P - projects - capital
P- permindent

E - enterprise fund
i- internal service fund

P - pension fund
a - agency fund
P- private fund
I - investment fund

Question 4

govermental Chartactistis

Answer 4

Truccr
T - timelessness
R - relevance
C- omparibiliy
C - onsistancy
R - reliability

Question 5

what does modified and full accrual for governmental funds focus on

Answer 5

MFFE - 
m - odified
F- financial
F - full accrual
E - econmic

Question 6

HOW DO YOU CALCULATE MARKET VALUE OF BONDS PROCEEDS

Answer 6

P - PAYMENTS AT PRESET VALUE
PLUS
P- PAYMENTS OF INTEREST

Question 7

HOW DO YOU CALCULATE THE PRESENT VALUE OF A BOND

Answer 7

1- PV OF $1 @ YIELD RATE X FACE

2. (STATED RATE X FACE) x PV PF ORID. ANNUITY OF $1 @ YIELD

Question 8

HOW TO CREATE A FUND BALANCE

Answer 8

E - ESTIMATED FUND BALANCE
F- FINANCING OTHER USES
A- APPROPRIATIONS
B - BUDGETARY FUND BALANCE

Question 9

ENTERPRISE SHOULD DISCLOSE WHAT?

Answer 9

D - DEPRECIATION
i - INTERSEGMENT REV
i - INCOME TAX

R- REVENUE FROM EXTERAL CUSTOMERS
U - Unusual infrequently occurring items
I - INTEREST REV AND EXP
N - NET INCOME OF INVESTEES - EQUITY METHOD
S - SIGNIFICANT NON-CASH ITEM

Question 10

HOW TO CALCULATE GROSS PROFIT

Answer 10

CASH COLLECTED / NORMAL SALES

Question 11

HOW TO CALCULATE DEFERRED GROSS PROFIT

Answer 11

GP% X SALES - CASH COLLECTED

Question 12

HOW TO CONVERST FROM CASH BASIS TO ACCRUAL BASIS

Answer 12

CRAPI
C - CASH REMITTED
A - ADD INCREASE IN ACCOUNTS PAYABLE
I - INVENTORY INCREASE - SUBTRACT.

Question 13

WHAT IS IN OCI

Answer 13

MR. FUG
M - MINIMUM PENSION LIAB
R - EVENUE AND GAINS

F - FORIEGN CURRENCY TRANSLATION ADJUSTMENTS
U - UNREALIZED GAINS AND LOSSES IN AFS
G - GAINS AND LOSSES - NOT IN EARNINGS

Question 14

INTEREST PAYABLE AND INTEREST EXPENSE

Answer 14

IP - STATED X FACE

IE - EFFECTIVE X CARRYING

Question 15

CONVERTIBLE BONDS - MARKET AND BOOK

Answer 15

MV - HAVE G AND L

BV NO G AND L

Question 16

BOND AMMORTIZATION TABLE

Answer 16

YEAR / CASH PAID / INTEREST EXPENSE / DISCOUNT AMMORTIZATION / CARRY AMOUNT

Question 17

HOW TO CALCULATE EPS

Answer 17

NET INCOME - DIVIDENDS ON PEFERRED STOCK / AVERAGE OUTSTANDING SHARES

Question 18

HOW TO CALCULATE DILUTED EPS

Answer 18

TOTAL INCOME - PREFERRED DIVIDENDS / OUTSTANING SHARE + DUILTED SHARES