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FAR NEW NOTES > Misc > Flashcards

Misc Flashcards

1
Q

When can you net cash

A

ONLY IF FROM SAME BANK

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2
Q

EQUITY INVESTMENT CHANGES B/C OF A CHOICE TO NO LONGER CONSOLIDATE INTEREST

A

ELECTION DATE BEGINS

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3
Q

POSTDATED CHECKS

A

TREAT AS NOT CASHED

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4
Q

CASH DIVIDEND JE

A

Cash DR

Investment CR

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5
Q

OFF BALANCE SHEET TRANSACTIONS

A

RECOURSE OBLIGATIONS

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6
Q

CONTRA ASSET

A

DIRECT EFFECT OF ACTUAL ASSET

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7
Q

ALLOWANCE BALANCE

A

AR - AGED AR

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8
Q

INCOME BONDS REPORT INTEREST PAYMENT

A

AS EARNED

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9
Q

WHAT EFFECTS SINKING FUNDS

A

PAYMENT IN AND REVENUES EARNED

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10
Q

ZERO COUPON

A

1 - INTEREST AT MATURITY
2 - INTEREST EXPENSE RECORD ONLY
3- NO CASH OUTLAY FOR INTEREST

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11
Q

INTEREST RATE FACTOR

A

PRICE/ANNUITY RATE

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12
Q

DEBT ISSUANCE REGISTRATION COSTS

A

ALWAYS CAPITALIZED AND AMORTIZED SEPERATELY

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13
Q

HOW IS ACCRUED INTEREST FOR ISSUANCE AND DATED RECORDED

A

NEVER DIRECTLY ON BONDS PAYABLE

CREDITED TO INTEREST PAYABLE OR INTEREST EXPENSE ; THEN DEBIT OUT

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14
Q

bond issuance costs

A

always amortized

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15
Q

how to use appropriations

A

always reverse out

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16
Q

TOTAL INCOME TAX EXPENSE

A

CURRENT + DEFERRED EXPENSES

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17
Q

FVO OPTION AND EQUITY METHOD

A

ONE OR THE OTHER

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18
Q

MARKT
COST
INCOME

A

IDENTICAL ITEMS
REPLACEMENT COST
PV OF ITEMS

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19
Q

CONTROL TO NON-CONTROL

A

MUST READJUST TO FMV

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20
Q

DIVIDENDS IN ARREARS

A

DISCLOSED ONLY

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21
Q

WHERE ARE GENERAL CAPITAL ASSETS

A

GOVERNMENTAL FUNDS

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22
Q

RENEWAL PERIOD AMORTIZATION

A

LESSER OF
1 ) LEASE TERM + OPTION
2) USEFUL LIFE

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23
Q

INTANGIBLES ARE ALWAYS EXCHANGED AT

A

FMV

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24
Q

FRANCHISOR RECOVERS FULL AMT IF

A

1 - INTIAL CASH PAYMENT NON-REFUDABLE
2 - NO FRANCHISOR FUTURE SERVICES
3 - NO UNCOLLECTIBLES
4 - MUST HAPPEN BY LAST DAY OF F/S

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25
Q

FRANCHISEE EXPENSE

A

REVENUE % TO FRANCHISOR

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26
Q

DIRECT RESPONSE ADV

A

CAPITALIZED

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27
Q

ACCRUALS EFFECT CF HOW

A

NO EFFECT

MUST BE EXPENSES TO EFFECT

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28
Q

EMPLOYEE ADVANCES

A

ASSET DR

CASH CR

29
Q

PAYABLES

ACCRUALS

A

COMPLETED SERVICES

NOT YET PAID

30
Q

EFFECT TAX RATE

A

TAX EXPENSE / PRETAX INCOME

31
Q

TEMP/ PERM DIF DISCLOSURE

A

NOTHING PERMANENT

32
Q

FORWARD

FUTURE

A

CALL - BUY

PUT - SELL

33
Q

REPLACEMENT COST CAN ONLY BE USED

A

BETWEEN COST AND CEILING

34
Q

PERIOD OF RISING PRICE WHICH HAS THE GREATEST CV

A

PERPETUAL - NOTHING IS REVERSED UNTIL END OF THE PERIOD

35
Q

SINGLE STEP I/S

A

CONTINUING OPERATIONS ONLY

36
Q

FINANCIAL CONDITION VALUATION

A

ALWAYS FMV

37
Q

FINANCIAL CONDITION
1 - BUISNESS ACTIVITY
2 - SOLE PROP.

A

1 - SEPERATE ASSETS/LIABILITIES

2 - COMBINED

38
Q

SEC

FASB

A

DISCLOSURES

PRINCIPLES

39
Q

PHYSICAL CAPITAL

A

REPLACEMENT COST

40
Q

10-K
10-Q
8-K

A

ANNUAL
QUARTERLY
CURRENT 45 DAYS REG; 40 DAYS ACCELERATED

41
Q

NEW INFO REQUIRES

A

PROSPECTIVE TREATMENT

42
Q

RETROSPECTIVE APPLICATION HITS

A

ASSETS
LIABILITIES
RE

  • REMEMBER EFFECTS MUST BE NET OF TAX
43
Q

BEP NUMERATOR

A

INCOME FROM CONTINUING OPERATIONS (NO EXTRA)

44
Q

DILUTIVE

ANTIDILUTIVE

A

MKT > EXERCISE

MKT

45
Q

ITERMIN INVENTORY SALES

A

BASED ON ESTIMATES

46
Q

SUBSEQUENT EVENTS

A

ANYTHING BEFORE FINAL REPORT

47
Q

CONSOLIDATIONS
DEBT ISSUANCE
EQUITY ISSUANCE

A

DEBT AMORT

EQUITY HITS APIC

48
Q

CONSOLIDATED BARGAIN PURCHASE

A

GAIN AT DATE RECEIVED

49
Q

SHAREHOLDERS EQUITY

A

COMBINED ASSETS - COMBINED LIABILITIES - NCI

50
Q

PARENTS EQUITY

A

PARENT EQUITY + BARGAIN + NCI EQUITY

51
Q

GOODWILL WITH NCI

A

INCLUDED FULL AMOUNT OF SUB

52
Q

DECONSOLIDATION

A

FMV OR CASH REC
+ FMV OF RETAINED INTEREST
+ CV OF NCI
- CV OF SUBSIDIARY

53
Q

PURCHASE OF NCI

A

PARENT EQUITY
+ SUB EQUITY
- PAYMENT FOR NCI

54
Q

COMBINED

CONSOLIDATED

A 
SAME PARENT (PARENT NOT IN F/S)
PARENT IN F/S
55
Q

SALE OF ASSETS CONSOLIDATIONS

A

1 - PARENT REPORTS ASSET AT SAME VALUE
1A - PARENT REPORTS DEPRECIATION AS THE SAME
2A - SUB RECEIVES ASSET AT RECEIVING PRICE - PARENT GAIN
2B - GAIN/ ASSET LIFE OFFSETS GAIN IN YEAR AND DEPRECIATION IN FUTURE YEARS

56
Q

INTEREST CAPPED

A

ASSETS HELD FOR USE DURING WORK IN PROGRESS; ONCE COMPLETED EXPENE

HELD FOR SALE IS ALWAYS EXPENSED

57
Q

INTEREST CAPPED LAND

A

IF PART OF BUILDING CONSTRUCTION CAP

58
Q

ASSET HELD FOR SALE MEASURED AT

A

LOWER OF CV OR FMV LESS COST TO SELL

59
Q

LOSS ON IMPAIRMENT IS REPORTED AS

A

PART OF ACCUMULATED DEP.

60
Q

IFRS DOES NOT DEPRECIATED

A

HELD FOR SALE OR INVESTMENT UNDER FMV

61
Q

INVOLUNTARY CONVERSION GAIN

A

PAYMENT - CV

62
Q

REVALUTION IFRS INTANGIBLES NEED TO TO HAVE

A

DEFINITIVE LIFES

63
Q

INTERNAL USE SOFTWARE

A

CAPITALIZED AND AMORTIZED

64
Q

periodic inventory

perpetual inventory

A

weighted average

moving average

65
Q

FOB destinations additional costs to prep item for delivery

A

buyer assumes the payment

66
Q

periodic and perpetual are the same under

A

FIFO only!

67
Q

overstated ending inventory

A

understated COGS current year

following year overstated COGS when reversed out

68
Q

be aware of the relationship between EI and COGS

A

BI + purchases - EI = COGS

69
Q

Cost of Goods Available for sale

A

EI + COGS

FAR NEW NOTES (2 decks)

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