Overview Flashcards
The single source of US GAAP for nongovernmental entities, except for SEC registrants
the Codification
The future cash inflows to be geenerated by an asset less the future cash outflows expected to be necesary to obtain those inflows–NOT discounted and do NOT consider interest charges
Expected future cash flows
Fair value recoveries are allowed (written up) if they are assets that qualify for this purpose, but it is NOT permitted on impaired assets that continue to be used
ARe to be disposed of
The average time intervening betweent eh acquistion of materials or services entering this process andthe final cash realization”
Operating cycle
Excluded from the income statemetn and constitue adjustments of beginning retained earnings discclosed at the top of the reatined earnigns tatement, resulting in “restaed beginning reatined earnings”
Prior Period Adjustments
If a change in accounting estimate is effected by a cahnge in accounting principle, it should be treated as___
A change in estimate
Primary objective of inventory valuation
Proper income determination
The amount due at maturity, adjusted for unamortized premium, discount, and cost of issuance
Net carrying amount
Amount paid on extingui9shment, including a call premium and miscellaneous costs of reacquistion–difference between this andnet carrying amount should be recognzied in income as G/L
REacquisition price
Replacement of debt with other debt
Refunding
APB opinion that states that contra accounts should be deducted from the realted asset accounts
Omnibus opinion
The moment when employee’s right t o receive or retain compensation instruemnts or cash is no longer contingent on performance of additional services
Vesting
An event that significantly reduces the expected years of future service of present employees or eliminates for a signifciant number of employees the accrual of defined benfits for some or all of their future services
Curtailment
