Financial Reporting Ninja Flashcards
Which SEC document provides instructions on filing non financial statement forms required by the SEC
regulation S-k
Which SEC document provides instructions on filing financial statement forms required by the SEC
regulation s-x
To determine the accounting treatment for a transaction, a governmental entity must first refer to:
the Codification of Governmental Accounting and Financial Reporting Standards.
Permanent differences between taxable income and pre-tax accounting income affect:
A permanent difference affects only the current reconciliation of book income to taxable income, and the permanent difference has no effect on the computation of deferred taxes. Permanent differences do not affect either interperiod or intraperiod income tax allocation.
Which of the following disclosures should prospective financial statements include?
- Summary of significant accounting policies
- Summary of significant assumptions
- Both summary of significant accounting policies and summary of significant assumptions
- Neither summary of significant accounting policies nor summary of significant assumptions
Both sig accounting policies and assumptions
If it is probably you are going to win a lawsuit at a gain how do you record it on the FSq
as a Disclosure because it is a GAIN if it was a loss then you would accrue the loss on the FS if it was probable
The statement of net assets available for benefits of the plan must include the following:
Total assets
Total liabilities
Net assets reflecting all investments at fair value
Net assets available for benefits
Cash collected from customers using the direct method for statement of CF includes:
sales revenue,
plus collections of accounts receivable from the prior year,
less recorded sales not yet received in cash
The University of Tulsa, a private institution, is required to report under the standards of which of the following bodies?
FASB
With respect to the categories of assets, liabilities, and stockholders’ equity presented on the balance sheet (statement of financial position), what are U.S. GAAP and IFRS differences?
IFRS statements may present property, plant, and equipment first in the balance sheet.
Gain on extinguish (or refund )of debt is recorded where
continuing operations
How is vacation pay and sick pay accrued and reported
Vacation pay is accrued but sick pay is not
how do you report the fair value of a non financial asset
highest and best use
Topic 275 of the FASB’s Accounting Standards Codification is entitled “Risks and Uncertainties.” The primary subject discussed in this topic is:
Disclosure
Only the costs which are ____ associated with the condemned property should be included in the determination of the gain on the condemnation
Direct
appraisal fee, attorney fees
If the exchange of an asset lacks commercial substance, the asset is measured at its ____
BV
Under IFRS accounting for business combinations, which of the following is correct?
A.
Full goodwill accounting is required.
B.
Accounting for goodwill is not permitted.
C.
A bargain purchase cannot be recognized as an extraordinary gain.
D.
Accounting for goodwill is optional but not required.
Accounting for goodwill is optional but not required.
How many periods should leases disclose information and periods there after
5, 3 years
Subsequent events take place:
after the formal balance sheet date
A not-for-profit hospital issued long-term tax-exempt bonds for the hospital’s benefit. The hospital is responsible for the liability. Which fund may the hospital use to account for this liability
General fund
The retail inventory method includes which of the following in the calculation of both cost and retail amounts of goods available for sale
purchase returns
Program services expenses are incurred in ______
Program services expenses are incurred in carrying out the primary mission of an organization.
what does gov’t MDA discuss
presents both a short-term and a long-term analysis of the local government’s activities and status; and it discusses the current-year results compared with the prior-year results, discussing both positive and negative aspects of the comparisons.
Costs related to research done on behalf of a client are expensed as _____ unless there is an obligation for the client to repay the cost
an operating expense,
Market research is an _______ expense
Market research is an operating expense not directly related to research. Market research is expensed as an operating expense.
Any gain or loss on futures contracts not designated as a hedge is recognized _____
in current income.
What are examples of financing outflows
Other financing activities would include the issuance of stock, the purchase of treasury stock, the issuance of bonds, borrowing funds, and paying back principal related to bonds and loans.
The payment of interest on the bonds payable is an ___ outflow under U.S. GAAP and the payment to acquire the common stock of a company is _____
operating cash, investing
operating transfers out (uses of $125,000) would produce what on Govt STCF
noncapital financing activities
Cash payments to suppliers (uses of $250,000) and Interfund reimbursement receipts (sources of $150,000) are classified as what for Gov’t STMNT CF
Operating
non-current deferred tax liability. Under U.S. GAAP, deferred tax liabilities and assets should be classified and reported as a______
non-current amount on the balance sheet.
The estimated revenues control account balances of a gov’t fund are eliminated when the =
budgetary accounts are closed.
