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FAR > Inventory Errors > Flashcards

Inventory Errors Flashcards

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Answer the question by plugging numbers into the cost of goods sold equation

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FAR (143 decks)

Conceptual Framework

Assumptions/Accounting Principles

Fair Value Framework

Recognition and Measurement of Fair Value

Fair Value- Inputs and Hierarchy

Fair Value Disclosures

Income Statement

Statement of Comprehensive Income

Statement of Cash Flows

Notes to the Financial Statements

Risks and Uncertainties

Subsequent Events

Exit or Disposal Activities and Discontinued Operations

Ratios- Liquidity/Solvency and Operational

Consolidated Financial Statements

Consolidation at Acquisition

Consolidation Subsequent to Acquisition

Consolidation Less than 100% Ownership

Intercompany Transactions and Balances- Introduction

Intercompany Inventory Transactions

Intercompany Fixed Asset Transactions

Intercompany Bond Transactions

IFRS Consolidations

Combined Financial Statements

Variable Interest Entity

SEC- Role and Standard Setting

Earnings Per Share

Segment Reporting

Interim Reporting Principles

Interim Reporting- Details and IFRS

Cash, Modified Cash, Income Tax

Private Company Council

Bank Reconciliations

Accounts Receivable- Accounting and Reporting

Uncollectible- Direct Write-off and Allowance

Allowance- Income Statement and Balance Sheet Approach

Notes Receivable

Criteria for Sales of Receivables

Factoring, Assignment, and Pledging

Notes Receivable- Impairment

Introduction to Inventory

Periodic Inventory System and Cost-Flow Assumption

Dollar Value LIFO

Gross Margin Method

Retail Inventory Method

Dollar Value LIFO

Subsequent Measurement of Inventory

Inventory Errors

Loss on Purchase Commitments

Categories and Presentation

Capitalized Costs

Valuation of PPE

Interest Capitalization

Interest Capitalization Limits

Post Acquisition Expenditures

Non-Accelerated Depreciation

Accelerated Depreciation Methods

Natural Resources

Impairment of Assets and Assets Held-for-Sale

Commercial Substance

Nonmonetary Exchanges with No Commercial Substance

Equity and Debt Investments

Equity investments at Fair Value

Equity Investments at Cost

Investments using Equity Method Accounting

Debt Investments at Fair Value

Debt Investments at Amortized Cost

Introduction to Intangible Assets

IFRS and Intangibles

Current Liabilities

Specific current liabilities

Payroll and Compensated Absences

AROs and Environmental Liabilities

Contingent Liability Principles

Examples of Contingent Liabilities

IFRS Contingencies

Bond Accounting Principles

Bond Complications

Bond Fair Value Option

Refinancing Short-Term obligations

Debt Retirement

Debt Covenant Compliance

Owner's Equity Basics

Preferred Stock

Stock Dividends and Stock Splits

Dividend Allocation

Stock Rights, Retained Earnings

Book Value Per Share

Five Steps of Revenue Recognition

Determining Transaction Price

Allocating Transaction Price

Special Issues in Revenue Recognition

Contract Modifications

Accounting for Construction Contracts

Pension Principles, Reporting

Pension Expense Basics

Pension Expense Delayed Recognition

Pension Plan Reporting

Postretirement Benefits

Stock Appreciation Rights

Income Taxes- Income Tax basis

Permanent/Temporary Differences

Tax Accrual Entry

Tax Allocation Process

Deferred Tax Asset

Uncertain Tax Positions

Net Operating Losses

Accounting Changes

Accounting Errors- Restatement

Business Combinations

Introduction to Acquisition Method of Accounting

Determining the cost of the business acquired

Recognizing/Measuring Assets, Liabilities, and non controlling interest

Post-Acquisition Issues

Disclosure Requirements

IFRS- Business Combinations

Financial Instrument Introduction

IFRS- Financial Instruments

Financial Instrument Disclosure

Derivative Contracts

Hedging Introduction

Fair Value Hedges/Cash Flow Hedges

Introduction and Definitions

Natural (Economic) Hedge/ Hedging forecasted transactions and Firm Commitments

Hedging Recognized Asset, Liability, Available for Sale, or Foreign Operations

Conversion of foreign financial statements

Short-Term Leases and Operating Leases

Not-For-Profit Entities

Colleges and Universities

Government Organization Accounting

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