Brainscape's Knowledge GenomeTM

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


See full index

FAR NOTES to PASS!!! > Gleim CH 1 - 3 > Flashcards

Gleim CH 1 - 3 Flashcards

1
Q

Realization

A

Gain or losses for cash or claims to cash

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

IFRS Elements of FS

GAAP Elements of FS

A

These five elements are assets, liabilities, equity, income, and expenses and capital maintenance. Gains and losses are not treated as separate elements under IFRS.

Comprehensive Income, Revenue, Expenses, Gains, Losses, Assets, Liabilities, Equity, Investment by Owners, Distributions to Owners

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

Rental Revenue Recognition

A

Recorded Evenly over the period of time rented

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

Form 8-K

A

describing specified material events: (1) changes in control of the registrant, (2) the acquisition or disposition of a significant amount of assets not in the ordinary course of business, (3) bankruptcy or receivership, (4) resignation of a director, and (5) a change in the registrant’s certifying accountant.

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

Salary expense
versus
Commission Expense

A

Salaries are not traceable but commission costs are

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

expense recognition principle of systematic and rational allocation

A

Items that don’t have a direct cause and effect relationship; amortization & depreciation

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

FS valuation for liquidating companies

A

assets and liabilities should be reported as cash proceeds

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

Financial liabilities under IFRS are current

GAAP

A

settled within 12 months even if (1) the original term was for more than 12 months and (2) an agreement to refinance on a long-term basis was completed after the balance sheet date and before the issuance of the financial statements.

Reclassification as long as before the balance sheet

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

For an investment in a limited business activity not conducted in a separate business entity (such as an investment in real estate and a related mortgage), the assets and liabilities must not be presented as

A

net amount. Instead, they should be presented as SEPARATE assets at their estimated current values and SEPARATE liabilities at their estimated current amounts.

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

personal statement of financial condition assets

A

presented at their estimated current values at the date of statement of financial condition

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

Balloon note

A

requires one payment at maturity

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

interest expense classification on income statement

A

other expenses

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

Life Insurance investment value on personal FS

Life Insurance Expense

Life insurance revenue

A

cash surrender - any borrowing against life insurance

Premium paid - increase in surrender value - dividend received

cash collected - cash surrender value

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

Income tax expense or benefit is allocated to

A

(1) continuing operations, (2) discontinued operations, (3) extraordinary items, (4) other comprehensive income, and (5) items debited or credited directly to other components of equity.

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

Noncancelable commitments to pay future sums must be presented at their estimated current amounts as liabilities in personal financial statements if they

A

(1) are for fixed or determinable amounts, (2) are not contingent on another’s life expectancy or the occurrence of a particular event such as disability or death, and (3) do not require the future performance of service by another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If an entity that presents a full set of financial statements has items of other comprehensive income (OCI), it must present comprehensive income either

A

(1) in a single continuous statement of comprehensive income or (2) in two separate but consecutive statements (an income statement and a statement of OCI).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

COGS

A

COGM + BI - EI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

OCI Tax effect

A

net of tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Effective Interest

A

Interest Expense (CV of the bonds w/o accrued interest) - Interest Paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Fair Value Election means

Decision of election

A

change in FV at the date of the balance sheet in comparison to to current value (NOT SELLING PRICE)

cannot be revoke unless and entity changes the type of the investment (trading to afs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

fair value option

VERY IMPORTANT

A

both dividends received and unrealized gains and losses are reported in earnings.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

fair value method

A

same as the cost method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

only time OCI can be reversed out

A

at time of sale; NEVER FOR change in investment to trading or held to maturity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

NSF

BANK

BOOK

A

BANK - already included

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Dividends received after a sale on an equity method investment

A

Percentage Owned before sale * 1 - Percentage Sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Bonds

Cash interest received

Cash interest recognized

A

Interest Paid

Interest Expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Under the cost method how is investment in investee reported

A

At the FMV value of the stock owned

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Unrealized G/L on investments

A

only recognized under the cost method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Note receivable sold before maturity

A

DISCOUNTED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

deferred charge

A

prepaid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Accrued interest

A

always nominal amount * stated rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Allowance for uncollectibles

A

AMOUNT CURRENTLY COLLECTIBLE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Gross

Net

A

Actual discount that can be applied

Everything has been discounted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Bad Debt Expense

A

amount to get to the ending A/R

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Derecognition Criteria

A

Transfer of asset or asset cash flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Assignment versus Factoring

A

Assignment use as collateral and once repaid returned

Factoring is outright sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Purchase Commitment Loss Journal Entry

A 
Unrealized Loss (DR)
Liability (CR)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Goods Available for sale

A

COGS + EI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Perpetual

Periodic

A

Moving average at the end of each sale BACKWARDS from sale

Weighted Average at the end of the period FORWARDS from BI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Relationship between inventory and COGS

A

If inventory is understated COGS is overstated

BI + Purchases - EI = COGS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

interim GAAP inventory

A

unless permanent remains at historical cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Lower of Cost or Market TRICK!!

A

if replacement is the in between but market is lowest go with MARKET

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Cosignor Sales Revenue

A

the amount sold @ the price sold to the cosignee; do not deduct other costs from revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

IFRS & GAAP reversal difference

A

IFRS permit inventory to be written up to the lower of cost and NRV if previously written down. The reversal is permissible only to the extent of the prior write-down

GAAP
However, if the long-lived asset is held for sale, a gain is recognized for a subsequent increase in fair value minus cost to sell. But the gain is limited to the extent of prior write-downs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Depreciation asset life

A

LESSER OF

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Renewal Options and Amortization

A

Lesser of ecomic life or INTENDED TO RENEW renewal term + remaining life

IF UNSURE OF RENEWAL DO NOT INCLUDE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

IFRS fair value method does not require

A

DEPRECIATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

sum of the year

A

ignore accumulated depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

To find CV in depreciation

A

ALWAYS ADD BACK SV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Equivalent Price over purchase price rule

A

The excess of the total cash to be paid over the cash equivalent price of the machinery will be recognized as interest expense, not depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

How to record taxes that benefit property

A

Taxes assessed for local benefit that tend to increase the value of real property, such as sidewalks, are added to the property’s adjusted basis and are not currently deductible as tax expense.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Capitalizing of Interest

A

cannot exceed the interest expense incurred during the year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Capitalizing of Interest can only be recognized

A

in the year that asset is able to be used

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Write down of assets is included in

A

depreciation expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

held for sale assets are carried at

A

lower of cost or FV - cost to sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

involuntary conversion

A

difference between CV + any capitalized costs - insurance proceeds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Value in use

A

is the present value of the future cash flows of an asset or a cash-generating unit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

IFRS investment property held for sale valued at FMV

A

NOT DEPRECIATED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Software costs

A

lesser of NRV or current amortized cost/ remaining sales value - disposal

Depreciation Expense
Write down if NRV is less than CV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Trademark amortization

A

may be amortized but only if they have finite useful lives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Royalties based on gross or net

A

NET

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Direct Response Advertising Costs

A

Capitalized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

IFRS CGU

A

the test for impairment under IFRS is whether the carrying amount of the CGU (including goodwill allocated solely for the purpose of impairment testing) exceeds its recoverable amount. An impairment loss for a CGU is allocated first to reduce allocated goodwill to zero and then pro rata to the other assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

RD development stage capitalization

A

application stage only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Software R&D

A

Costs incurred internally in creating a computer software product are expensed when incurred as R&D until technological feasibility has been established. Afterward, all software production costs incurred until the product is available for general release to customers shall be capitalized and amortized.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if

A

fair value must be determined based on an active market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Under both U.S. GAAP and IFRS, intangible assets with indefinite useful lives

A

are not amortized. They must be tested for impairment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

IFRS interim reporting

A

items must be reported at lower of cost of NRV in the interim even if these are temporary declines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Current Liability of a lease

A

Payment - interest expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Operating Lease Profit

A

Income - depreciation on asset

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Debt guarantees - cosigning

A

disclosed & accrued for

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

IFRS does not disclose if

A

remote only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Gross investment

Net investment

A

Before PV

After PV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

BOND

Issuance Expense

Interest Expense

A

1 - Subtract the number of months between dated and issuance from total months; then multiply issuance/adjusted # of months

2 - issuance date/ total months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

PV over FV

A

FV describes the amount you want to have in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Bonds Accrued interest Rules

A

Purchaser pays then is reimbursed

used at the face * STATED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

warrants are considered

A

EQUITY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

transactions not in the ordinary course of business

A

measured @ PV

79
Q

TRICK transactions with value and interest

A

must PV amount and INTEREST

80
Q

Restructing

1 - ordinary loss
2 - gain or loss on restructing

A

ordinary FV-CV

81
Q

bond issuance costs are

A

amortized and added to CV

unamortized portion is subtracted from CV

82
Q

Discount

Premium

A

when discount is not amortized it is a loss

when premium is not amortized it is a gain

83
Q

Warranties

Expense

Liability

Recognized

A

Expense is what is actually expensed

what has not yet been paid

at sale date

84
Q

A/P encompasses

A

incurred when an entity purchases inventory, supplies, or services on credit.

85
Q

deferred tax asset valuation allowance

A

Under IFRS, a deferred tax asset is recognized for most deductible temporary differences and for the carryforward of unused tax losses and credits, but only to the extent it is probable that taxable profit will be available. Thus, no valuation allowance is recognized. Under U.S. GAAP, a separate valuation allowance must be recognized. This credit equals the amount needed to reduce the asset to the amount more likely than not (the probability exceeds 50%) to be realized.

86
Q

Under IFRS, a deferred tax asset

A

is recognized for most deductible temporary differences and for the carryforward of unused tax losses and credits, but only to the extent it is probable that taxable profit will be available to permit the use of those amounts. Probable means more likely than not. Thus, no valuation allowance is separately recognized under IFRS.

87
Q

tax changes take place

A

enacting date

88
Q

deferred tax asset must be reduced by a valuation allowance

A

more likely

89
Q

permanent differences require

A

no disclosure

90
Q

premium/discount

Effect on
1- interest
2- NI

A

Premium
1 - decreasing
2 - NI is increasing because interest is decreasing

Discount
1 - increase
2 - NI is decreasing because interest expense is increasing

91
Q

TOTAL INCOME TAX EXPENSE

A

Current Tax Expense + Current Deferred Portion

92
Q

Changes in noncurrent/current tax asset and liabilities

A

offset income tax expense

93
Q

IFRS change criteria

A

(1) is required by a new standard or Interpretation or (2) results in reliable and more relevant information about transactions, financial condition, financial performance, and cash flows.

94
Q

Change inventory to a high inventory cost effects NI how

A

lower COGS and higher NI

lower COGS is because inventory is valued at a higher amount

95
Q

IFRS does not require restatement ever for

A

change in estimate

96
Q

discounted operations count gain and losses

A

as long as they are in the same YEAR

97
Q

How to find if EPS is dilute

A

take the basic EPS numerator

98
Q

Proceeds from sale of a machine

A

investing activity

99
Q

Exchange of an asset for a mortgage

A

non-cash financing activity

100
Q

cash flow used includes

A

items that are positive and negative

101
Q

FASB vs prefered CF

A

fasb likes direct even though indirect is preferred by organizations

102
Q

WHEN DEALING WITH CF FOR EXPENSE

A

REVERSE ASSET AND LIABILITY TREATMENT

103
Q

GAAP + IFRS CASH FLOWS

A

DIVIDENDS RECEIVED IS EITHER OPERATING/INVESTING

104
Q

Bond cash flow effect of amortization of a discount/premium

A

discount increases cash flow - because it decreases NI

premium decreases cash flow - because it increases NI

105
Q

financing activities

A

include treasury stock transactions

106
Q

deprecation of an asset sold

A

accumulated depreciation for the sold asset is added to operating expenses

107
Q

Cash Flows affect

A

cash on the balance sheet

108
Q

Cash dividend distributions is taken from

A

RE

109
Q

Difference between equity and stockholder equity

A

equity refers to assets = liabilities

stockholders equity refers to APIC, CS, RE

110
Q

APIC re issuance rule

A

you can only have an APIC balance if you have previously REISSUED APIC

111
Q

After a quasi-reorganization, the retained earnings account

A

dated for a period of 10 years to disclose the quasi-reorganization and the date that it occurred.

112
Q

value of common stock

A

ALWAYS PAR

113
Q

TREASURY STOCK

A

contra asset

114
Q

contributed capital is

A

same thing as APIC

115
Q

when you see a question asking for cash dividends

A

1- subtract preferred dividends in arrears
2 - preferred current dividends
3 - common stock dividends (same % as preferred)
Get that # and multiply by the proportion of CS and preferred

116
Q

restriction

A

only applies to donor

117
Q

Financial reporting by an NFP must provide information about noncash investing and financing activities that affect recognized assets and liabilities.

A

reported in related disclosures.

118
Q

amortization of goodwill

A

tested for impairment no amort.

119
Q

consolidated accounts receivable and accounts payable

A

reciprocal transactions, to find the amount given to one subtract the amount given to the other

Eliminated in their entirety on parent NOT sub

120
Q

deconsolidation

A

cash received + FV of retained investment + NCI prior to switch - purchase price

121
Q

acquisition parent reports only sub dividends

A

that are NCI

122
Q

Consolidated NI, Equity, OCI is reported as

A

portion of parent and portion of subsidiary

123
Q

Revenues, Expense, Gains, Losses (I/S items )

A

combined for the parent

124
Q

% of sales bad debt

A/R bad debt

A

is related only to I/S - doesn’t effect balance sheet; write-offs are irrelevant

is related to the balance sheet & effects uncollectibles

125
Q

Aging accounts receivable

A

based on year end receivables

126
Q

write-off effect on NI/Asset

A

Uncollectibles (DR)
A/R (CR)

NO EFFECT

127
Q

cash surrender value of life insurance

A

subtracted from life insurance

128
Q

When a noninterest-bearing note is exchanged for property, the note, the sales price, and the cost of the property exchanged for the note should be recorded

A

FMV

129
Q

Effective interest versus S/L
1 - Discount
2 - Premium

A

1 - intial S/L has a higher CV

2 - initial S/L has a lower CV

130
Q

Equity transactions goodwill is

A

depreciated over time

131
Q

estimates for sales return effects revenue by

A

decreasing it

132
Q

Unfair, extremely low interest rate on a bond

A

1 - multiple by the interest rate
2 - multiply the interest by the number of years
3 - principle + total interest * PV

133
Q

PV for revenue received immediately

A

PV of the lesser year + initial payment

134
Q

AFS to held to maturity unrealized treatment

A

stays in OCI and is amortized

135
Q

IFRS and GAAP pension OCI

A

only difference is that IFRS does not allow for prior service costs to be amortized

136
Q

Under IFRS, interest income

A

on plan assets is recognized in profit or loss. Under U.S. GAAP, the expected return on plan assets is a component of the minimum required pension expense.

137
Q

equity method only type of dividends paid recognized as income on I/S

A

PREFERRED

138
Q

sick days are accrued only if

A

rights vest

139
Q

stock options are priced at what if options are not fully vested

A

FMV at grant date

140
Q

grant date begins

A

when option period begins

141
Q

stock options are valued at what if stock options are fully vested

A

FMV @ grant date DR
APIC - to reverse prior comp exp DR
CS
APIC for the difference

142
Q

compensation expense is recognized

A

at date when compensation agreement is made to date services are performed

143
Q

intrinsic value is always

A

market - exercise

144
Q

Disclosures

A

Basis of consolidation
Depreciation methods
Amortization of intangible assets (excluding goodwill, which is not amortizable)
Inventory pricing
Recognition of profit on long-term construction-type contracts
Recognition of revenue from franchising and leasing operations
Policy for determining which items are cash equivalent

145
Q

disclose in reporting segment data

A 
Other items typically disclosed include 
revenues from external customers and other operating segments, 
interest revenue and expense, 
depreciation, depletion, amortization, 
unusual items, 
equity in the net income of equity-based investees, income tax expense or benefit, 
extraordinary items, 
and other significant noncash items.
146
Q

risk disclosures need to be at a minimum

A

reasonably possible

147
Q

interim extraordinary items/discontinued/gains/losses are reported as

A

full amount in the interim of loss

148
Q

change in accounting principle interim

A

not allowed to take effect

149
Q

write downs interim IFRS

A

must take place in the interim period

150
Q

market decline
GAAP
IFRS

A

unless permanent last quarter, if permanenent and changes write up to loss

IFRS in the period incurred

151
Q

NPOS record gifts and grants as

A

other revenue

152
Q

interfund transfer

A

a non reciprocal activity; usually the general fund

153
Q

proprietary fund records interfund transfers

A

item below nonoperating revenue and expense

154
Q

Governmental Funds

Propietary/ Fiduciary

A

OFS

DUE

155
Q

capital lease reported in governmental funds

A

expenditure XX

OFS XX

156
Q

general capital assets

A

assets only reported in GW - always at FMV

157
Q

transfers from other funds are recorded as revenue

A

by proprietary and fiduciary only

158
Q

income approach uses

A

values that are current

159
Q

Bonus is subtracted from NI then bonus % is taken

A

B = %(NI-B)

160
Q

contributing partner value

acquisition of an asset value

A

FMV

COST

161
Q

IFRS GAAP segment reporting difference

A

LIABILITIES IFRS

162
Q

IRS REVALUATION

A

ENTIRE CLASS

163
Q

AFS NOT IFRS

A

GAINS OR LOSSES ON DEBT SECURITIES, EXCLUDES UNREALIZED

164
Q

IFRS DEFERRED ASSET/LIABILITY

A

ALWAYS NONCURRENT

165
Q

precentage of completion

A

constant revaluation of income off project

always % completed it total amount done/new cumulative total

166
Q

intangible asset EXCEPT goodwill must have what life to be amortized

A

finite

167
Q

IMPLIED GW

TEST IMPAIRMENT

WRITE DOWN

A

FMV - CURRENT ASSETS + CURRENT LIABILITES

CURRENT FV

168
Q

impairment GAAP

A

CV

169
Q

consildated dividends

A

parent dividends get reported only

170
Q

IFRS parent can exclude from consildation

A

1 - wholly owned and no opposition to consolidation
2 - no publically traded items
3 - parents FS complies w/ IFRS

171
Q

consolidated equity

A

parents NI + NCI

172
Q

required supplementary information

A

part of CAFR, budgetary comparisons info

173
Q

Budgetary comparison schedules must be reported only

A

for the general fund and each major special revenue fund with a legally adopted annual budget.

174
Q

SPGS require

A

statements, MD&A, RSI

175
Q

MD&A

A

RSI that proceeds the basic financial statements

176
Q

State and local governments are required to prepare and publish a comprehensive annual financial report (CAFR)

A

As a minimum, the CAFR should include (1) an introductory section, (2) MD&A, (3) the basic financial statements, (4) required supplementary information in addition to the MD&A, (5) combining and individual fund statements, (6) schedules, (7) narrative explanations, and (8) a statistical section. The basic financial statements should include (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the financial statements. Thus, the statistical section is not a part of the basic financial statements.

177
Q

GW depreciation

A

capital assets that are INEXHAUSTIBLE

178
Q

Legally enforceable right to taxes

When collectible

A

A/R
Deferred Inflow

Deferred Inflows
Rev

179
Q

Bond Anticipation Notes

A

only reported in GW if they have been refinanced

180
Q

GW reports assets at

A

historical

181
Q

1- Derived Revenues

2- Imposed NONEXCHANGE

A

1- sales/income taxes - when exchange occurs

2- as long as time restraints have been met

182
Q

Tuition revenue and discounts

A

reported net of scholarships

183
Q

CAPITAL financing activities

A

only used for proprietary NOT NPO

184
Q

DILUTIVE EPS ADDITIONAL SHARES

A

OF SHARES - (# OF SHARES * EXERCISE/MKT)

185
Q

Software after tech feasibility is the

A

NRV or sales %

186
Q

Cosignor included in inventory

A

anything attributiable to inventory sale

EXCEPT commission which is an expense

187
Q

warranty expense

A

current % of sales

188
Q

remeasurement
Balance Sheet
I/S

A

Balance Sheet
Monetary - current
Non-monetary historical

I/S
Weighted AVG
EXCEPT
Balance sheet items at historical

189
Q

translation
BS
IS

A

BS
Assets/Liabilites - current
CS APIC - historical
RE - rollforward

I/S
Weighted

190
Q

Full NCI Goodwill

Partial NCI GW

A

FV * NCI %

FV of subs assets * NCI

191
Q

Full GW

Partial GW

A

FV of sub - FV of sub NA

Acquistion cost - FV of sub NA ACQUIRED

192
Q

CF

Cash Paid to Suppliers

A 
COGS
\+ Increase in Inventory
- Decrease in Inventory
\+ Decrease in AP
- Increase in AP
193
Q 
IFRS
Interest Received
Dividends Received
Interest Paid 
Dividends Paid
Taxes Paid
A 
1 - CFO CFI (CFO)
2 - CFO CFI (CFO)
3 - CFO CFF (CFO)
4 - CFO CFF (CFF)
5 - CFO CFI CFF (CFO)
194
Q

Difference between a forward and future contract

A

forward is a prvate negotiation between parties

FAR NOTES to PASS!!! (15 decks)

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