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focus Flashcards

1
Q

Balance sheet has what type of information and position

A

Direct; financial

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2
Q

Statement of Earnings and Comprehensive income has what type of information and focus?

A

Direct; entity perfomance

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3
Q

Statement of cash flows has what type of information and focus?

A

Direct; entity cash flows

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4
Q

Financial statements taken as a whole for us entities has what type of information and focus?

A

Indirect; management and preformance

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5
Q

What is the primary users of accounting information?

A

Existing and potential investors, lenders, and other creditors

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6
Q

what are the pervasive constraints for GAAP

A

Benefit out ways cost; decision usefulness

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7
Q

What are the fundamental qualitative characteristics for GAAP

A

Relevance and Faithful Representation

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8
Q

What are the components of relevance?

A

Predictive and confirmatory value

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9
Q

What are the components of faithful representation

A

Complete, neutral, and free from error

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10
Q

What are the enhancing qualitative characteristics?

A

Comparability, verifiable, timeliness, and understandability

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11
Q

What are the fundamental characteristics of IFRS?

A

Relevance and faithful representation

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12
Q

What are the aspects of relevance for IFRS?

A

predictive value; feedback value and materiality

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13
Q

what are the aspects of faithful representation for IFRS?

A

Completeness; neutrality and free from error

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14
Q

What are the enhancing characteristics of IFRS?

A

Comparability; verifiable, timeless, understandability

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15
Q

what is the primary constraints of IFRS

A

Benefit out ways cost

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16
Q

What are the primarily differences between private and public companies?

A

Access to management; investment strategies;

ownership and capital structors; accounting resources,

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17
Q

what are IFRS Elements in accounting?

A

Assets, Liabilities, Equity (include both rev and gains); expenses (includes expenses and losses)

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18
Q

what are the types of revenue recognition?

A

Accrual; installment, cost recovery

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19
Q

what does accrual method focus on?

A

collection reasonably assured; degree of uncollectabilty estimable

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20
Q

what dpes installment sale focus on?

A

collection that is not reasonably assured

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21
Q

what does cost recovery focus on?

A

collection not reasonably assured no basis to determine whether of not collectible

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22
Q

WHAT ARE THE STEPS IN THE INSTALLMENT METHOD FOR DEFERED GROSS PROFIT?

A

INSTALLMENT RECEIVABLES BALANCE X GROSS PROFIT PERCENTAGE

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23
Q

WJERE DOES DEFERRED GROSS PROFIT GO ON?

A

BALANCE SHEET

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24
Q

WHAT IS THE INSTALLMENT SALES METHOD FOR REALIZABLE GROSS PROFIT?

A

CASH COLLECTIONS X GROSS PROFIT COLLECT

25
Q

WHERE DOES REALIZED GROSS PROFIT GO TO?

A

INCOME STATEMENT

26
Q

HOW TO COMPLETE ACCRUAL TO CASH BASIS

A
  • RECEIVABLES; INVENTORY; + PAYABLE
27
Q

HOW DOES IFRS HANDLE CURRENT LIABILITIES

A

SHORT TERM INVESTMENTS = CURRENT - UNLESS NOTED AND CONFIRMED TO BE LONGTERM

28
Q

WHAT IS A PROVISION IN IFRS

A

IS A LIBILITY THAT IS UNCERTIAN IN TIMING AND AMOUNT

29
Q

WHAT HAPPENED WHEN AN OUTCOME IS PROBILE AND MEASURABLE?

A

THE LIAIBILITY IS NO LONGER CONSIDERED A CONTIGENCY

30
Q

WHAT IS THE PERCENTAGE OF PROBABILITY IN IFRS

A

50%

31
Q

IS A CONTINGENCY RECOGNIZED?

A

NOT IT IS DISCLOSED UNLESS PROBABILITY IS REMOTE

32
Q

WHAT ARE THE SPECIAL DISCLOUSRES FOR SIGNIFICANY ACCOUNY POLICY

A

INVENTORY METHOD; DEPRECIATION METHOD; CRETERIA FOR CLASSIFYING INVESTMENTS; METHOD OF ACCOUNTING FOR LONG-TERM CONSTRUCTION CONTACTS.

33
Q

WHAT ARE THE DISCLOSURES FOR RISK AND UNCERTAINTY?

A

NATURE OF THE OPERATION; USE OF ESTIMATE; VULNERABLY DUE TO CONSTRAINTS

34
Q

WHAT ARE EXAMPLES OF RELATED PARTY TRANSACTIONS

A

SALARY, EXPENSE REIMBURSEMENT, ORDINARY TRANSACTIONS

35
Q

WHAT IS PERCENTAGE OF COMPLETIONS METHOD?

A

LONG-TERM CONSTUCTION CONTRACT METHOD OF ACCOUNTING

36
Q

WHEN DO YOU USED PERCENTAGE OF COMPLETION

A

ESTIMATES THE COST ARE REASONABLY DEPENDABLE; ESTAMATE OF PROCGRESS TOWARD COMPLETION

37
Q

HOW DO YOU REPORT PROFT IN THE PERCENTAGE OF COMPLETION METHOD?

A

PROPORTUNIRTLY DURING THE CONTRACT; ADDED TO THE CONSTRUCTION IN PROGRESS

38
Q

WHERE ARE THE AMOUNTS FOR THE PERCENTAGE OF COMPLETION SHOWN?

A

ON THE BALANCE SHEET

39
Q

HOW ARE THE AMOUNTS OF THE PERCENTAGE ON COMPELTION SHOWN?

A

ON THE BALANCE SHEET - CURRENT ASSETS; EXCESS OF COST AND ESTIMTES PROFITS OVER BILLINGS
CURRENT LIABILITY - EXCESS OF BILLINGS OVER THE COST AND ESTIMABLE PROFITS

40
Q

WHAT IS AN COMPLETED CONTRACT?

A

LONG-TERM CONSTRUCTION CONTRACT

41
Q

WHERE ARE THE AMOUNTS FOR THE COMPLETED CONTACT SHOWN

A

ON THE INCOME STATEMENT; AND BALANCE SHEET

42
Q

HOW TO SHOW THE PROFIT AND LOSS OF COMPLETED CONTRACT?

A

PRFOIT - RECOGNIZED ON THE PERIOD OF COMPLETION

LOSS - RECOGNIZED IN EARLIEST PERIOD ESTIMATED

43
Q

WHERE ARE THE PROFITS AND LOSSES FOR A COMPLETED CONTACT SHOWN?

A

INCOME STATEMENT

44
Q

WHERE ARE THE CURRENT ASSETS AND LIABILITIES SHOWN FOR THE COMPLETED CONTRACT METHOD?

A

BALANCE SHEET

45
Q

HOW DO YOU COMPUTE THE CURRENT LIABILITIES AND ASSETS FOR COMPLETED CONTRACT?

A

ASSET - EXCESS COST OVER BILLING

LIABILITY - EXCESS BULLING OVER COSTS

46
Q

DOES IFRS USE THE COMPLETED CONTRACT, AND PERCENTAGE OF COMPLETION METHOD FOR LONG- TERM CONSTRUCTION PROJECTS?

A

THEY DO NOT ALLOW COMPLETED CONTRACT METHOD.

47
Q

HOW DO YOU DETERMINE THE TOTAL COST OF LAND AND BUILDING?

A

PURCHASE PRICE, DELINQUENT TAXES ASSUMED; LEGAL FEES; TITLE INSURANCE

48
Q

HOW ARE THE COST ALLOCATED FOR THE LAND AND THE BUILDING?

A

RELATIVE TO FMV METHOD

49
Q

WHAT IS THE FMV METHOD

A

DETERMINES THE FMX FOR THE LAND AND BUILDING THAT HAVE BEEN PURCHSED

50
Q

HOW IS THE FMV COMPLTED?

A

FMV OF LAND + FMV OF BUILDING = TOTAL FMV

51
Q

HOW TOME COMPUTER THE FMV OF THE LAND

A

FMV OF LAND / TOTAL FMV X TOTAL COST

52
Q

HOW TO COMPUTE THE FMV OF A BUILDING

A

FMV OF BUILDING / TOTAL FMV X TOTAL COST

53
Q

WHAT TYPES OF INTEREST DO YOU CAPITALIZE ON?

A

ASSETS CONSTRUCTED FOR COMPANY USE; ASSETS MANUFACTORED FOR RESALE RESULTING FROM SPECIAL ORDER

54
Q

WHAT TYPES OF INTEREST ARE NOT CAPITALIZED?

A

INVENTORY MANUFACTURED IN THE ORDINARY BUISNESS

55
Q

WHAT IS THE DEBT THAT COULD BE AVOIDED BY REPAYMENT OF DEBT COMPUTER?

A

WEIGHTED AVERAGE OF ACCUMULATED EXPENDITURES.

56
Q

WHEN WOULD YOU CAPITILZE COST AFTER ACQUISTION?

A

BIGGER; BETTER, LONGER?

57
Q

WHAT TYPES OF ITEMS DO YOU NOT CAPITALIZE WHEN YOU AQUIRE

A

REPAIRS AND MAINTANCE TO THE ITEM

58
Q

WHAT ARE THE TYPES OF DEPRECIATION METHODS>

A

STRAIGHT LING; DOUBLE DECLINING; AND SUM OF YEARS DIGITS

59
Q

IF A TRANSACTION LACKS COMMERCIAL SUBSTANCE OR HAS COMMERCIAL SUBSTANCE WHAT IS THE ASSETS VALUED AT?

A

LACKS - BOOK VALUE OF OLD ASSETS

HAS - FV OF OLD ASSEST

focus notes (1 decks)

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