FAR1 Flashcards
Purchase discounts are included in what?
Not included in revenue, they reduce COGS
Recovery of accounts doesn’t hit what?
Doesn’t hit revenues
What does OCI include?
OCI includes equity changes except owner investments and distributions
What is the direct method for currency exchange?
1 USD =
When marked held for sale, classify as what?
If held for sale, mark as discontinued operation
If the USD appreciates…
Less USD to make a purchase
Take the spot rate at what 2 dates to book translation gain/loss?
At purchase/sale date and at YE date
Debit what and credit what for foreign translation gain at YE ?
DR AP and CR foreign gain
Debit what and credit what for foreign translation gain at YE ?
DR AP and CR foreign gain
Form 8K is used for what?
Companies file 8K with the SEC to report major events
Form 10K is used for what?
Filed by companies with the SEC to report quarterly operations
Calculate EPS
EPS = net income less stock dividends /
Average common shrs outstanding
What is diluted EPS?
Diluted EPS reduces basic EPS
How many days to file 10K Form after FYE for accelerated filer?
75 days (accelerated filers and large accelerated filers, over $100M worth)
How many days to file 10K with the SEC for non-accelerated filer?
90 days from FYE (non accelerated is less than $100M worth)
