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ACYFAR 5 > Financial Statements > Flashcards

Financial Statements Flashcards

1
Q

These are the type of accounts that close at year-end.

A

Nominal Accounts

Beg Bal is 0 at the beg of the period

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2
Q

These are the type of accounts that don’t close at year-end.

A

Real Accounts

They have beginning balances.

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3
Q

CA, NCA, CL, NCL, Equity, or Notes?

Deficit

A

Equity

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4
Q

CA, NCA, CL, NCL, Equity, or Notes?

Financial Assets at Fair Value through OCI

A

NCA

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5
Q

CA, NCA, CL, NCL, Equity, or Notes?

Revaluation Surplus

A

Equity

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6
Q

CA, NCA, CL, NCL, Equity, or Notes?

Cash Dividend Payable

A

CL

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7
Q

CA, NCA, CL, NCL, Equity, or Notes?

Investment in Associates

A

NCA

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8
Q

CA, NCA, CL, NCL, Equity, or Notes?

Provision for Warranty

A

CL

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9
Q

CA, NCA, CL, NCL, Equity, or Notes?

Sinking Fund

A

NCA

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10
Q

CA, NCA, CL, NCL, Equity, or Notes?

Leasehold Improvement

A

NCA

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11
Q

CA, NCA, CL, NCL, Equity, or Notes?

Long-term Refundable Deposit

A

PAID: NCA
RECEIVED: NCL

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12
Q

CA, NCA, CL, NCL, Equity, or Notes?

Land Held for Future Plant Site

A

NCA

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13
Q

CA, NCA, CL, NCL, Equity, or Notes?

Retained Earnings - Appropriate

A

Equity

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14
Q

CA, NCA, CL, NCL, Equity, or Notes?

Correction of Error

A

Equity
and Notes

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15
Q

CA, NCA, CL, NCL, Equity, or Notes?

Share Dividend Distributable

A

Equity

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16
Q

CA, NCA, CL, NCL, Equity, or Notes?

Treasury Shares

A

Equity

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17
Q

CA, NCA, CL, NCL, Equity, or Notes?

Franchise

A

NCA

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18
Q

CA, NCA, CL, NCL, Equity, or Notes?

Property Dividend Payable

A

CL

19
Q

CA, NCA, CL, NCL, Equity, or Notes?

Fully depreciated machinery

A

NCA + Notes

20
Q

CA, NCA, CL, NCL, Equity, or Notes?

Advances to Affiliated Companies

A

NCA

21
Q

CA, NCA, CL, NCL, Equity, or Notes?

Advances from Affiliated Companies

A

NCL

22
Q

CA, NCA, CL, NCL, Equity, or Notes?

Accrued Interest on Notes Payable

A

CL

23
Q

CA, NCA, CL, NCL, Equity, or Notes?

Customers’ Deposit

A

CL

24
Q

CA, NCA, CL, NCL, Equity, or Notes?

Share Capital

A

Equity

25
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest Income of a Financial Institution

A

Operating

26
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Salaries Expense

A

Operating

27
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Income Tax Expense

A

Income Taxes

28
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest income on a plant asset

A

Investing

29
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest expense on payables arising from purchase of goods and service

A

Financing

30
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest expense on bonds payable issued

A

Financing

31
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest Expense on lease liabilities

A

Financing

32
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Interest expense on DBO?

A

Financing

33
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Depreciation expense of equipment for admin purposes?

A

Operating

34
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Depreciation Expense used for rental purposes

A

Investing

35
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Rental income of building classified as investment property?

A

Investing

36
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Rental income of building reclassified as held for sale

A

Operating

37
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Current and past service cost

A

Operating

38
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Dividend Income from equity investments classified as FVTOCI

A

Investing

39
Q

Operating, Investing, Financing, Income Taxes, or Disc Ops?

Impairment loss due to decrease in FVLCTS of NCAHFS

A

Operating

40
Q

Selling Expense or General Admin Expense from OPEX?

Depreciation Expense - Equipment used in delivery of goods

A

Selling Expense

41
Q

Selling Expense, General Admin Expense, or Investing Expense?

Depreciation Expense - Investment Property

A

Investing

42
Q

Selling Expense, General Admin Expense, or Investing Expense?

Depreciation Expense - Building used in production

A

General & Admin Expense

43
Q

CA, NCA, CL, NCL?

Short-Term Investments

A

CA

44
Q
A

ACYFAR 5 (5 decks)

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