Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Yaeger FAR > Final Prep > Flashcards

Final Prep Flashcards

0
Q

Under GASB, Proceeds of debt issue would be recorded either as…

A

A liability, short term debt or proceeds of bonds other financing
Sources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

A city’s budgetary entry for estimated revenues of the general fund includes…

2) it does not include…

A

Property taxes, licenses and fines

2) does not include proceeds of debt issue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Forfeited nonvested accounts of an employee benefit plan can be used…3

A

1 reduce future employer contributions

2 reduce expenses

3 reallocated to participant’s accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The measurement focus of governmental type funds is the determination of…

A

Both flow of financial resources and financial position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Expenditures are…

A

Closed at the end of the fiscal year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Fund balance reserved for encumbrances is…

A

A balance sheet account

Balance sheet accounts aren’t closed at end of fiscal year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Stock dividends less than 20% should…

A

Charge retained earnings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A corporation issuing stock should not charge retained earning for the market value of shares issued in…

A

Employee stock bonus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When there are encumbrances of $132,000 how would they be reported on the balance sheet?

A

Fund balance unassigned. 132,000
Reserve for encumbrances
Fund balance committed. 132,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

According to GASB, the primary characteristics of governmental structure are…3

A

1 representative for of government and separation of powers

2 federal system of government and prevalence of
intergovernmental revenues

3 relationship of taxpayers to services received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Flows an balances of financial resources for governmental fund types is…

A

Not a primary characteristic of their structure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The initial test under FASB to determine whether an impairment of carrying amount for a long lived asset

A

Carrying amount exceeds undiscounted future cashflows

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Assets - liabilities - encumbrances, in a capital projects fund are…

What are they not?

A

Assigned

Not unassigned

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Extraordinary items are reported…2

A

1 before any cumulative effect of accounting chages

2 and after discontinued operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What characteristic involves specified criteria that serve to screen the risks and uncertainties encountered by every entity?

A

Selectivity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An antitrust action that is unusual in nature is…

A

An extraordinary item

16
Q

Regulation S-K

A

Contains instructions for filing nonfinancial statement forms with
The SEC

17
Q

Regulation S-X

A

Contains information regarding financial statements submitted
To the SEC

18
Q

What account should be reduced if 25% of preferred stock is required and PiC exists?

2) does not exist

A

PiC should be reduced before retained earnings is

19
Q

Retained earnings is a term used by both…

A

US GAAP and IFRS

20
Q

Recognition principle for share based payment transactions don’t apply to…

A

Employee stock ownership plan instruments

21
Q

Recognition principle for share based payment transactions applies to grants of…3

A

1 common stock

2 stock options

3 other equity instruments to employees

22
Q

Which type of fiduciary fund should not be reported in the statement of changes in fiduciary net position?

A

Agency funds

23
Q

Agency funds should not be reported in the statement of changes in fiduciary net position because…

A

They involve reporting for resources held by government in purely
Custodial capacity

24
Q

Principal market, is the market in which a reporting entity…

A

Would sell the asset or transfer the liability with the greatest
Volume and level of activity for the asset or liability

25
Q

Any fair value measurement should assume that the transaction to sell the asset or transfer the liability occurs in which market?

A

Principal market for asset or liability

26
Q

If there is no principal market for that type of asset or liability the entity should…

A

Use the most advantageous market for that asset or liability

27
Q

What is the purpose of SFAC 4 as stated in that concepts statement?

A

Provide basis for establishing detailed accounting and reporting standards for non business entities

28
Q

Transfer from the the general fund to a capital projects fund is…

A

An other financing used

29
Q

Refuting employer contributions from the general fund to a pension trust fund is…

A

Treated as an expenditure

Yaeger FAR (59 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions