Sample 1 Flashcards

1
Q

How to find goodwill for US Gaap Full goodwill method

A

FV of 100% of sub - FV of sub net assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How to find NCI under full goodwill method?

A

FV of sub x NCI %

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How to find partial goodwill under IFRS?

A

Acquisition price - FV of sub net assets acquired (%)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How to find NCI under IFRS?

A

FV of sub net assets x NCI %

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is contingent consideration?

A

liability for consolidations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How are legal fees treated under consolidations?

A

as an expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

debt to total asset ratio

A

total liabilities/equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How to calculate accretion expense for the year?

A

FV of ARO liability x risk adjusted rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How to calculate ending asset retirement obligation?

A

beg ARO + PV of new ARO + accretion exp - ARO settled during the period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How to calculate sales tax payable and relevant sales rev

A

Rev/1+rate = sales rev , sales rev x sales tax rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How to calculate compensated absence liability

A

of employees x # of days earned (vacation) x $/day

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

how to calculate deferred compensation arrangement?

A

whats promised to be paid in future and allocate it the required period of service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How are gain contingencies recorded in financials

A

they are NOT, info about the potential gain may be provided in the notes if material. gain will be recorded when received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

how are loss contingencies recorded in financials

A

if probable - record contingency of at least the min amount in income st and disclose max
if reasonably possible - simple disclose the range
if remote- nothing required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How to calculate the total interest revenue over the life of a note?

A

Total payments - principal paid at present value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

When is the recoverability test used?

A

for intangible assets that have limited life

17
Q

Which bonds are bonds that mature in installments

A

serial

18
Q

What are debenture bonds

A

unsecured bonds

19
Q

How to calculate interest exp

A

CV x market rate

20
Q

How to calculate interest paid

A

Face value x face rate

21
Q

How to determine the discount amortized

A

interest exp - interest payable

22
Q

how to calculate the the PV of a bond payable

A

PV of stated amount at market raet + PV of interest payments using stated for payment and at the market rate percentage

23
Q

How to calculate the gain/loss on extinguishment of debt?

A

reacquisition price (face x % paid) or FV - unamortized discount + unamortized premium - unamortized bond issue costs