Misc Flashcards
When can you net cash
ONLY IF FROM SAME BANK
EQUITY INVESTMENT CHANGES B/C OF A CHOICE TO NO LONGER CONSOLIDATE INTEREST
ELECTION DATE BEGINS
POSTDATED CHECKS
TREAT AS NOT CASHED
CASH DIVIDEND JE
Cash DR
Investment CR
OFF BALANCE SHEET TRANSACTIONS
RECOURSE OBLIGATIONS
CONTRA ASSET
DIRECT EFFECT OF ACTUAL ASSET
ALLOWANCE BALANCE
AR - AGED AR
INCOME BONDS REPORT INTEREST PAYMENT
AS EARNED
WHAT EFFECTS SINKING FUNDS
PAYMENT IN AND REVENUES EARNED
ZERO COUPON
1 - INTEREST AT MATURITY
2 - INTEREST EXPENSE RECORD ONLY
3- NO CASH OUTLAY FOR INTEREST
INTEREST RATE FACTOR
PRICE/ANNUITY RATE
DEBT ISSUANCE REGISTRATION COSTS
ALWAYS CAPITALIZED AND AMORTIZED SEPERATELY
HOW IS ACCRUED INTEREST FOR ISSUANCE AND DATED RECORDED
NEVER DIRECTLY ON BONDS PAYABLE
CREDITED TO INTEREST PAYABLE OR INTEREST EXPENSE ; THEN DEBIT OUT
bond issuance costs
always amortized
how to use appropriations
always reverse out
TOTAL INCOME TAX EXPENSE
CURRENT + DEFERRED EXPENSES
FVO OPTION AND EQUITY METHOD
ONE OR THE OTHER
MARKT
COST
INCOME
IDENTICAL ITEMS
REPLACEMENT COST
PV OF ITEMS
CONTROL TO NON-CONTROL
MUST READJUST TO FMV
DIVIDENDS IN ARREARS
DISCLOSED ONLY
WHERE ARE GENERAL CAPITAL ASSETS
GOVERNMENTAL FUNDS
RENEWAL PERIOD AMORTIZATION
LESSER OF
1 ) LEASE TERM + OPTION
2) USEFUL LIFE
INTANGIBLES ARE ALWAYS EXCHANGED AT
FMV
FRANCHISOR RECOVERS FULL AMT IF
1 - INTIAL CASH PAYMENT NON-REFUDABLE
2 - NO FRANCHISOR FUTURE SERVICES
3 - NO UNCOLLECTIBLES
4 - MUST HAPPEN BY LAST DAY OF F/S
FRANCHISEE EXPENSE
REVENUE % TO FRANCHISOR
DIRECT RESPONSE ADV
CAPITALIZED
ACCRUALS EFFECT CF HOW
NO EFFECT
MUST BE EXPENSES TO EFFECT
EMPLOYEE ADVANCES
ASSET DR
CASH CR
PAYABLES
ACCRUALS
COMPLETED SERVICES
NOT YET PAID
EFFECT TAX RATE
TAX EXPENSE / PRETAX INCOME
TEMP/ PERM DIF DISCLOSURE
NOTHING PERMANENT
FORWARD
FUTURE
CALL - BUY
PUT - SELL
REPLACEMENT COST CAN ONLY BE USED
BETWEEN COST AND CEILING
PERIOD OF RISING PRICE WHICH HAS THE GREATEST CV
PERPETUAL - NOTHING IS REVERSED UNTIL END OF THE PERIOD
SINGLE STEP I/S
CONTINUING OPERATIONS ONLY
FINANCIAL CONDITION VALUATION
ALWAYS FMV
FINANCIAL CONDITION
1 - BUISNESS ACTIVITY
2 - SOLE PROP.
1 - SEPERATE ASSETS/LIABILITIES
2 - COMBINED
SEC
FASB
DISCLOSURES
PRINCIPLES
PHYSICAL CAPITAL
REPLACEMENT COST
10-K
10-Q
8-K
ANNUAL
QUARTERLY
CURRENT 45 DAYS REG; 40 DAYS ACCELERATED
NEW INFO REQUIRES
PROSPECTIVE TREATMENT
RETROSPECTIVE APPLICATION HITS
ASSETS
LIABILITIES
RE
- REMEMBER EFFECTS MUST BE NET OF TAX
BEP NUMERATOR
INCOME FROM CONTINUING OPERATIONS (NO EXTRA)
DILUTIVE
ANTIDILUTIVE
MKT > EXERCISE
MKT
ITERMIN INVENTORY SALES
BASED ON ESTIMATES
SUBSEQUENT EVENTS
ANYTHING BEFORE FINAL REPORT
CONSOLIDATIONS
DEBT ISSUANCE
EQUITY ISSUANCE
DEBT AMORT
EQUITY HITS APIC
CONSOLIDATED BARGAIN PURCHASE
GAIN AT DATE RECEIVED
SHAREHOLDERS EQUITY
COMBINED ASSETS - COMBINED LIABILITIES - NCI
PARENTS EQUITY
PARENT EQUITY + BARGAIN + NCI EQUITY
GOODWILL WITH NCI
INCLUDED FULL AMOUNT OF SUB
DECONSOLIDATION
FMV OR CASH REC
+ FMV OF RETAINED INTEREST
+ CV OF NCI
- CV OF SUBSIDIARY
PURCHASE OF NCI
PARENT EQUITY
+ SUB EQUITY
- PAYMENT FOR NCI
COMBINED
CONSOLIDATED
SAME PARENT (PARENT NOT IN F/S) PARENT IN F/S
SALE OF ASSETS CONSOLIDATIONS
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
INTEREST CAPPED
ASSETS HELD FOR USE DURING WORK IN PROGRESS; ONCE COMPLETED EXPENE
HELD FOR SALE IS ALWAYS EXPENSED
INTEREST CAPPED LAND
IF PART OF BUILDING CONSTRUCTION CAP
ASSET HELD FOR SALE MEASURED AT
LOWER OF CV OR FMV LESS COST TO SELL
LOSS ON IMPAIRMENT IS REPORTED AS
PART OF ACCUMULATED DEP.
IFRS DOES NOT DEPRECIATED
HELD FOR SALE OR INVESTMENT UNDER FMV
INVOLUNTARY CONVERSION GAIN
PAYMENT - CV
REVALUTION IFRS INTANGIBLES NEED TO TO HAVE
DEFINITIVE LIFES
INTERNAL USE SOFTWARE
CAPITALIZED AND AMORTIZED
periodic inventory
perpetual inventory
weighted average
moving average
FOB destinations additional costs to prep item for delivery
buyer assumes the payment
periodic and perpetual are the same under
FIFO only!
overstated ending inventory
understated COGS current year
following year overstated COGS when reversed out
be aware of the relationship between EI and COGS
BI + purchases - EI = COGS
Cost of Goods Available for sale
EI + COGS
