Financial reporting and disclosures

Question 1

The subsequent event evaluation period for a “filer”

Answer 1

is through the date that its financial statements are issued

Question 2

The subsequent event evaluation period for all other entities(Non Filer)

Answer 2

is through the date that the financial statements are available to be issued.

Question 3

Output method examples

Answer 3

Milestones achieved (whether production or distribution related)

Question 4

Input method examples

Answer 4

Resource consumption, labor hours expended, and costs incurred relative to total expected costs are all examples of input methods

Question 5

A change in the valuation technique used to measure fair value is

Answer 5

a change in accounting estimate

Question 6

A change from the cost approach to the market approach of measuring fair value is considered to be what type of accounting change?

Answer 6

a change in accounting estimate

Question 7

A change in accounting principle is reflected as an adjustment to

Answer 7

beginning retained earnings, net of tax.

Question 8

In financial statements prepared on the income-tax basis, the nondeductible portion of expenses (such as meals and entertainment) should be included

Answer 8

in the expense category in the determination of income.