Interim financial reporting Flashcards by mohan sundaram | Brainscape

Q

ASC 270

A

Revenues are recognized in each quarter as earned and realized
Expenses are matched each quarter
Accounting changes are made in an interim period reported to be by retrospective application

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Q

All Quarters

A

Property taxes, bonuses and depriciation

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Q

Inventory losses

A

In that quarter

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Q

Major expenses

A

In that quarter unless benefits accumulates otherwise expense in that quarter

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Q

Discontinued operations

A

In that quarter

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Q

Income tax expenses

A

Is estimated each quarter using that rate

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